Sanctions on Syria's banks choke recovery hopes, investment chief says

Western sanctions on Syria's banking sector are preventing critical investments in the war-ravaged economy despite huge interest from Syrian and foreign investors since the fall of Bashar al-Assad, the country's investment chief said.

"Sanctions have stopped everything. Right now, they are primarily on the Syrian people and are increasing their suffering," Ayman Hamawiye, the 36-year old head of the Syrian Investment Agency, said in an interview at his office.

Hamawiye said he was fielding dozens of requests per day from mostly Syrian, Turkish and Gulf Arab businesses, but also some Europeans, interested in projects ranging from building hospitals to establishing wind power and developing real estate.

"But they all say that it is difficult (to invest) given the banking sector remains under sanctions. You can't show up with millions of euros in your suitcase. That is not a way to do business in today's world," Hamawiye said.

"The steps taken so far on sanctions are inadequate," said Hamawiye.

"In my opinion, everyone has an interest in these transactions going through a banking system with oversight and transparency rather than through informal transfer networks," he said.

Reuters