(Ha'aretz) Zvi Bar'el - Russia's economic takeover of Syria has pushed Iran to the fringes of the economic projects it hoped to claim in return for its sacrifice of lives as well as military and civilian investment. Syria received from Iran credit lines topping $7 billion, but its colossal debt to Tehran is estimated at $34 billion - and Syria has no way to repay. Iran holds agreements to open branches of Iranian banks in Syria and a Syrian commitment to grant Iranian companies land and permits to build tens of thousands of apartments. But given Iran's dire economic situation, it's unlikely that Tehran has the wherewithal to open new Iranian banks or do massive construction. Meanwhile, last week Syrian President Bashar Assad said he offered China six investment projects as part of its Belt and Road Initiative.
2019-12-24 00:00:00Full ArticleBACK Visit the Daily Alert Archive