3 days ago
Syria welcomes Japan's decision to lift sanctions on four banks
Syria has welcomed Japan's decision to lift sanctions and unfreeze assets on four Syrian national banks, calling it a 'positive step' toward the country's economic recovery and reconstruction.
Japanese broadcaster NHK World-Japan had reported that its government had decided to partially lift sanctions that had been imposed on Syria.
As part of the move, sanctions were lifted on The Industrial Bank, Popular Credit Bank, Savings Bank and Agricultural Cooperative Bank.
In a statement issued on Friday, the Ministry of Foreign Affairs and Expatriates said the move to ease restrictions would help bolster financial and economic cooperation between the two nations.
'This decision is a step in the right direction toward achieving stability and prosperity, and advancing Syria's reconstruction process,' the statement said.
It added that the lifting of sanctions will facilitate the implementation of development projects across various sectors and help alleviate the hardships faced by the Syrian people.
"Syria hopes that this step will pave the way for further openness and constructive cooperation with friendly Japan, based on mutual respect and common interests," it further said in the statement.
On May 24, the United States lifted comprehensive economic sanctions on Syria on Friday, marking a dramatic policy shift following the end of Bashar al-Assad's regime and opening the door for new investment in the war-torn country.
