Assad pays his war-debts: Phosphate, telecom concessions to Iran
Assad pays his war-debts: Phosphate, telecom concessions to Iran
An Iranian delegation led by assistant economy minster Farhard Zargar discussed in Damascus Thursday with Bashar al-Assad's prime minister a mechanism for repayment of Iranian debt to the Syrian regime
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Assad owes Iran billions of dollars borrowed during the course of his war [AFP]
An Iranian delegation led by assistant economy minster Farhard Zargar discussed in Damascus on Thursday with Bashar al-Assad's prime minister a mechanism for repayment of Iranian debt to the Syrian regime, sources told The New Arab.
The debts, offered through credit lines, are reportedly worth $5.4 billion.
The sources, speaking on condition of anonymity, said the Syrian government led by Imad Khamis agreed to grant Iran a controling stake in Syria's phosphate resources through a joint company, in addition to allowing Iran to create a new, third mobile phone operating company in Syria as part of the debt repayment.
The Iranian delegation requested the Syrian side implement agreements signed since May 2015 to fulfill obligations towards Iran and repay debt.
In July, the two sides signed seven agreements during a meeting of a joint economic committee chaired by Syrian former prime minister Wael al-Halqi and Syrian businessman Rustom Qassemi.
The agreements covered power generation, transportation, water resources, grains, energy, food supplies, machinery, communication, and agriculture in addition to other sectors.
In February, reports suggested Assad was handing over oil assets to Russia also as part of debt repayment to Moscow.
According to official estimates, Syria has a massive reserve of phosphate, concentrated in the eastern Homs province near Palmyra, held by the Syrian regime since March.
The agreements would give Iran near total control of Syria's economy, according to Imad al-Din Musbih, economist, "because the Assad regime has granted them access to the most lucrative sectors like oil, power and foodstuffs."
"Iran is attempting to recover the funds given to Bashar al-Assad during the war to cover his military and financial needs," he told The New Arab.
The debts, offered through credit lines, are reportedly worth $5.4 billion.
The sources, speaking on condition of anonymity, said the Syrian government led by Imad Khamis agreed to grant Iran a controling stake in Syria's phosphate resources through a joint company, in addition to allowing Iran to create a new, third mobile phone operating company in Syria as part of the debt repayment.
The Iranian delegation requested the Syrian side implement agreements signed since May 2015 to fulfill obligations towards Iran and repay debt.
In July, the two sides signed seven agreements during a meeting of a joint economic committee chaired by Syrian former prime minister Wael al-Halqi and Syrian businessman Rustom Qassemi.
The agreements covered power generation, transportation, water resources, grains, energy, food supplies, machinery, communication, and agriculture in addition to other sectors.
In February, reports suggested Assad was handing over oil assets to Russia also as part of debt repayment to Moscow.
According to official estimates, Syria has a massive reserve of phosphate, concentrated in the eastern Homs province near Palmyra, held by the Syrian regime since March.
The agreements would give Iran near total control of Syria's economy, according to Imad al-Din Musbih, economist, "because the Assad regime has granted them access to the most lucrative sectors like oil, power and foodstuffs."
"Iran is attempting to recover the funds given to Bashar al-Assad during the war to cover his military and financial needs," he told The New Arab.
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