DAMASCUS, October 23 (RIA Novosti) - Syria will host an international conference in Damascus in mid-November to discuss the global financial crisis and its affect on Arab economies, the official SANA news agency said.

The event will gather around 500 economic, financial and banking experts representing commercial and investment banks, financial institutions, ministries and chambers of commerce worldwide.

The conference will examine the role of the financial institutions in attracting investment, supporting and financing investment institutions and the role of the private sector and free economic zones in developing the national economies, the news agency said.

The current global credit crunch started in the United States and quickly spread to Asia and Europe, leading to record losses on global financial markets and a liquidity shortage.

On November 15, Washington will also host an international summit on the global financial crisis, bringing together leaders from the world's top economies.