Russian firms to help rebuild destroyed Syrian cities

Damascus, Oct 31: With the Islamic State pushed out of its last stronghold of Raqqa, the Syrian government is focussing on rebuilding its destroyed cities - with some Russian help.

Several construction companies are preparing to storm the Syrian business market, the official website of Dracul reported on Tuesday.

The Syrian government has provided facilitation to Russian businessmen to enter the construction sector after a meeting between the two sides in the Russian Black Sea resort of Sochi earlier this month.

A Russian businessman called Artour Deripaska said his company (Gigan) has been assigned several pieces of land for constructing apartments in Lattakia, Tartous, and Homs. Deripaska said that construction plans are ready in which 70 percent land will be constructed within the cities in the form of 40-story towers for the first time in Syria, with more than 200 apartments within each tower. The cost would be lower than the market price by 50 percent so that citizens can pay half the price of the finished apartment and get loans from Russian banks, which will open in Syria next year, according to a press release from the Embassy of the Syrian Arab Republic in New Delhi.

"In this way, we can help that citizen who lost their homes or who are unable to buy one. Our investments are approximately 60,000 housing units," said Nebraska.

Syrian President Bashar Al Assad last month told the country's embassy in Russia that preferential treatment should be given to Russian entrepreneurs wanting to do business in Syria.

Syria's Ambassador to Russia Riyad Haddad explained the new policy at a meeting of the Syrian-Russian business council in Moscow.

According to the ambassador, Russia and other countries which helped Syria to fight terrorism "have the right to be at the forefront" of those restoring the country's economy, RT.com reported.

He said Syria has started moving from military operations to reconstruction. The Ambassador acknowledged that all areas of the country's economy and public life have been severely damaged.

The World Bank estimates that apart from the human capital lost in the war, the country will need billions of dollars to support reconstruction. Funding might prove a challenge considering the economic sanctions placed on the Syrian government by the West.

Last year, Moscow and Damascus signed an agreement to create 'green customs corridor' for agricultural products. The deal followed a move by Syria to be part of a free trade zone with Russia three years ago.