Syria Talks to World Bank About Working Together Again
Syria is discussing with the World Bank about working together again after their cooperation was stopped during Bashar Al Assad’s government, according to the SANA news agency.
Cooperation with the World Bank
Syrian Economy Minister Bassel Abdel Hanan spoke with Jean-Christophe Carret, the World Bank’s Director for the Middle East, about restarting ties between Syria and the bank and exploring development opportunities.
The minister suggested creating a joint committee to plan a fresh start.
He said the type of funding from the bank would determine which projects receive support, mentioning key sectors like energy, agriculture, industry, and infrastructure.
Abdel Hanan also stressed the need for loans to help rebuild damaged factories. He suggested setting up an investment fund for industry, but this would depend on the bank finding solutions to sanctions.
Before suspending its work in 2011 due to the civil war, the World Bank had provided Syria with technical and development support.
EU Sanctions Eased
On Monday, the European Union eased sanctions on energy, transport, and banking to help Syria’s reconstruction.
Syrian Foreign Minister Asaad al-Shaibani called this move “a step toward easing our people’s suffering.”
However, Western sanctions on Syria’s banking sector are still blocking key investments, despite growing interest from both local and foreign investors since Al Assad’s fall, according to Syrian Investment Agency chief Ayman Hamawiye.
A UN report last week found that 90% of Syrians now live in poverty—three times more than before the war—while 75% rely on humanitarian aid.
What’s Next?
Syria is expected to form a transitional government on March 1.
Published: 25th February 2025
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