Syria and World Bank Agree on International Trust Fund for Reconstruction
Syria and the World Bank agreed to establish an international trust fund to finance post-war reconstruction, aiming to coordinate global donations and investments.
Syria and the World Bank have agreed to establish an international trust fund to pool donations from various countries and entities for the reconstruction of the country following over a decade of civil war and widespread infrastructure destruction. The move aims to centralize international aid, coordinate among donor nations, and direct resources toward projects aligned with the priorities of the Syrian government.
World Bank Partnership and Strategy
During the annual meetings of the World Bank and the International Monetary Fund in Bangkok, Thailand, Syrian Finance Minister Mohammad Yaser Barnieh addressed the initiative. In a meeting with World Bank President Ajay Banga, the minister welcomed the establishment of the new fund and preparations for a partnership strategy between Syria and the bank.
Barnieh emphasized the need to expand international support for economic recovery and encourage private investment. Banga expressed optimism regarding the future of the Syrian economy and its regional impact.
International Engagement and Funding
Simultaneously, Damascus is engaging with potential donor nations. In a meeting with Qatari counterpart Ali bin Ahmed Al-Kuwari, Barnieh discussed Doha's participation in the new financing mechanism. Norway has also expressed interest, with International Development Minister Osmund Aukrust discussing potential funding focused on the healthcare sector.
The initiative builds on existing World Bank operations in Syria. According to the Damascus finance ministry, the country has already received 493 million dollars in grants from the International Development Association for six key areas, including electricity, health, water, and education.
