DAMASCUS, (SANA) Syrian Investment Authority (SIA) signed, on behalf of the under construction Syrian Finance House (SFH), a memorandum of understanding with Gulf Finance House (GFH), as to develop an economic region and projects related to energy and phosphate exploration in Syria.

Syria's SIA's Chairman, Dr. Ahmad Abdulaziz stated in a press conference that the memorandum aims at benefiting from the promising investment opportunities in the interest of the Syrian economy.

GFH's Administration Council Chairman, Issam Janahi, asserted the importance of making use of the ''huge growth witnessed by private banks in Syria during the last five years as far as projects finance, and infrastructure development in Syria', highly lauding the 'positive results' of Syria's economic reform program.

The under-construction Syrian Finance House capital stands at 333 million USD; of which 30 percent is to be for subscriptions, after obtaining final authorization. 10 percent of the capital would be financed by local partners, and the Gulf Finance House is to finance the remaining percent.

Al-Ibrahim