Damascus, (SANA) – Governor of Central Bank of Syria Adib Mayaleh discussed on Monday with Director General of the Arab Monetary Fund (AMF) and Chairman of the Board of the Arab Trade Funding Program Jassim al-Mannai means of developing cooperation between the program and Syrian banks.

Mayaleh called on banks in Syria to benefit from the program and the convenient credit lines it provides, noting that the law on raising the capitals of banks allows for increasing loans.

In turn, al-Mannai underlined the developments witnessed in the Syrian banking sector, saying that these developments will reflect positively soon on Syrian banks and allow them to receive higher credit lines from the program to finance large commercial deals between Syria and other countries.

Al-Mannai also reviewed the facilitations provided by the program to traditional and Islamic banks, affirming the desire to improve the level of benefits that Syrian banks receive from the program and welcoming all suggestions that may increase the efficiency of cooperation.

The Arab Trade Funding Program provides around USD 800 to 1 billion in funds for supporting inter-Arab trade and trade between Arab and foreign countries, in addition to financing the process of manufacturing goods for export.

Al-Mannai pointed out that the program provided USD 330 million in credit lines for financing external trade in Syria, and that it signed six agreements with a value of USD 31 million.

The meeting also discussed various issues related to the process and duration of financing, risk-sharing, cost, prices, competitiveness, and the role of accredited national agencies, which amount to five in Syria.

The Arab Trade Funding Program is a standalone loaning establishment within the AMF with a capital of USD 500 million. It has over 190 national agencies in Arab countries, in addition to five agencies in foreign countries.

H. Sabbagh / Mazen