Syrian President Bashar al-Assad has signed a law ratifying a fresh $1 billion credit line from top regional ally Iran, Syria's state news agency SANA said in a newsflash on Wednesday, July 8, according to Reuters.

The credit line agreement was between two state-owned banks, the Syrian Commercial Bank and Export Development Bank of Iran, it said.

SANA reported on Tuesday that the deal was signed on May 19 and approved by the Syrian parliament. The money would be used for funding imports of goods and commodities and implementing projects, it said, without giving details.