Head of the Investment Commission: Sanctions on Syrian Banks Hinder Investment

The head of the Syrian Investment Commission, Ayman Hamweah, stressed that Western sanctions on the banking sector hinder the implementation of important investments into the economy, and currently have only an impact on the Syrian people, whose suffering is increasing.
“We receive dozens of applications every day, mostly from Syrian, Turkish, Gulf and some European companies, who have shown interest in projects ranging from building hospitals, establishing wind plants, and developing real estate,” Hamweah said in an interview with Reuters.
Hamweah explained that all these investors stressed the difficulty of investing as long as the Syrian banking sector remains under the Western sanctions. “You cannot come with millions of euros in your bag. This is not a way to make investments and do business in today’s world.” He said.
Hamweah considered the steps taken so far on the lifting of sanctions insufficient, stating that everyone has an interest in passing transactions through a banking system that enjoys supervision and transparency rather than through informal transfer networks.