Iran and Syria have reached an agreement to form a joint bank that will boost economic ties, aid investors and provide services to pilgrims. The joint bank, which has no name yet, is expected to have a capital of $30 million, with Iran holding 60 percent ownership, according to a report by Press TV, Iran’s official news agency. The reported deal culminates negotiations that have been ongoing since 2008. Both countries signed a number of economic agreements to promote mutual investments in industry, technology and trade which is expected to reach $5 billion a year. The plans to set up a joint bank have been ongoing since 2008 with the aim of providing financial services in Syria to Iranian businessmen and investors. While Syria and Iran maintains close political ties the level of economic cooperation between the two countries has not flourished. The new bank, which is to be located in Syria, is expected to provide financial services in Syria to Iranian businessmen and investors. In addition it will also provide services to the estimated one million Iranian pilgrims that visit Syria every year.
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