Syria Today | Syria not benefiting equally from Arab Trade Finance Programme

Syria not benefiting equally from Arab Trade Finance Programme

Syria signed a cooperation agreement with the Arab Trade Finance Programme (ATFP) on February 6.

The agreement was signed during a seminar on trade finance sponsored by the Ministry of Economy and Trade and held in Damascus.

Newly appointed Minister of Trade and Economy Lamia Aasi welcomed the agreement, describing it as a valuable opportunity which would help facilitate inter-Arab trade and exchange. She added that the government-backed Export Promotion and Development Agency would put the necessary tools in place for building an infrastructure and culture conducive to exporting.

Central Bank of Syria Governor Adib Mayaleh also met with ATPF Chairman Jasim al-Manai, who called for Syrian banks to take advantage of the ATFP and new credit lines it is opening, particularly in light of the recent increase in banks’ capital requirements.

“Not all countries have benefited equally from the fund, and Syria is one of those countries to have benefited less,” Manai said.

The ATFP is an independent Arab financial institution which aims to develop intra-Arab trade. It has a capital of some SYP 23bn (USD 500m).