The Central Bank of Syria (CBS) and the Abu Dhabi-based Arab Monetary Fund (AMF) on Sunday signed a US$45-million loan agreement to facilitate the second project of structural banking and financial reform in Syria. According to SANA, the agreement, signed by the CBS Governor Dr. Adib Mayyaleh and the AMF Director General Dr. Jassem al-Manai, aims to support these reforms as part of the implemented reforms over the past few years.
The loan will be drawn on two equal payments with each will having a two-year period of grace and repaid within four years from the date of drawing. Dr. al-Manai said in a statement following the signing of the loan that the agreement reflects his financial institution support to the countries which adopt a reform program.
For his part, Dr. Mayyaleh said the agreement mirrors importance of restructuring and organizing the CBS and support of the underway reforms in the banking and financial sectors in Syria.
