Syria Approves $1 Billion Credit From Iran

President accepts $1 billion agreement from Tehran in an attempt to ease the economic impact of the four-year war

President Bashar al-Assad signed a law on Tuesday ratifying a $1 billion credit line agreement between Syria and Iran.

The initial agreement was signed in Damascus on May 19 between the Commercial Bank of Syria and the Export Development Bank of Iran for funding imports of goods and commodities and implementing future reconstruction projects.

Tehran's financial aid is seen as pivotal to the Syrian government and economy, but has shrunk by more than half since the crisis erupted, analysts say.

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