|President orders establishing foundations for investment|
|Syrian President Bashar Al-Assad issued an unprecedented decree on Monday ordering formation of a series of financial and banking and social institutions, partly to fund investment ventures.|
According to the presidential decree, these authorities would be empowered to offer financing for small ventures, indicating that they could be established by Syrian, Arab or foreign authorities.
Foreign applicants for establishing such authorities should seek advance approval from the government, it said.
These establishments will be allowed to offer loans and insurance. Minimum capital for an establishment is set at 250 million Syrian pounds. (One US dollar equals 50 pounds).
Marseille,02 27 2007
The Daily Star