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BEIRUT – Syria’s official news agency says Iran is extending a credit line to make up for market needs and reports that the two countries have signed several agreements in the fields of electricity, industry, oil and investment.
The new credit was announced Tuesday during a visit to Damascus by Ali Akbar Velayati, a top aide to Iran’s supreme leader, Ayatollah Ali Khamenei.
Iran is a top ally of Syrian President Bashar Assad and is believed to have supplied his government with billions of dollars since the Syrian conflict began in March 2011. Tehran extended a $1 billion credit line to Syria to help support the local currency in June 2013.
The new credit — it was not clear how much — comes as the Syrian pound’s depreciation has accelerated.