Syria closes the file of debts with Russia
Syria-Russia, Economics, 5/30/2005
Syria and Russia on Sunday signed in Damascus an agreement provided for ending the file of the Russian debts that tolled USD 13.4 billion accumulated in Syria since 30 years.
The Syrian finance minister who signed the agreement with his Russian peer Alexy Kudrin said in a joint press conference that the signing of the agreement will be a new era of wide prospects between the two countries.
The Syrian minister said that the Russian government abrogated 73% of the Russian debts will the Syrian government will refund, the other 27% of the debts, estimated at USD 3.6 billion. Al-Hussein explained that the agreement states to use parts of the remains assets in holding joint projects in Syria or in Russia, adding that these projects will be in the sectors of oil, gas, waters and industry.
"$ 1.5 billion will be paid to Russia during the coming ten years, in addition, the Syrian side will transfer 150 syrian billion to a private account for Russia in the Central Bank of Syria as annual payments in two parts by Syrian pounds pricing 11,20 for each dollar," the agreement provided for.
In accordance with the agreement, this amount will finance Russian investments in Syria and Syrian exports to Federal Russia.
"Signing this agreement opens a new era of wide economic relations between Syria and Federal Russia," Finance Minister Mohammed al-Hussin said in a joint press conference with his Russian counterpart Alexei Kudrin after signing the agreement in the Syrian Capital, Damascus.
The Minister pointed out that the Russian side is interested in some economic sectors for investments in Syria as oil, energy, tourism, and industry, saying "Syria welcomes this issue and offers all required facilities in this regard." For his part Kurdin expressed hope that his country will launch many big investments in Syria through joint cooperation with Syrian interested sides and sectors.
"Such projects enjoy a great support from both Syrian and Russian governments, this will encourage us to invest amount of the debts designed for investment in an active way," Kurdin added.
The Mmnister expressed confidence over the two countries' future relations, "we already have a joint strong base of cooperation the matter which provides the required experience to establish joint projects in both countries," he said.
"Russia would work for Syria to be the gate that Russia enters through to the region's markets by several investments in different scales as oil, gas, and other industries," Kurdin underlined.
Russia, during the 4-day visit of President al-Assad to Moscow, agreed to drop $ 9.8 billion representing 73% of the Syrian debts which amounted $ 13.4 billion dating back to the Soviet Union.
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