World Bank Jumps Back into Syria After 14 Years Away
World Bank Intends to Reaccept Syrian Projects Following Suspension
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After a decade and a half of absence, the World Bank gears up to rekindle its involvement in Syria following the payment of the nation's overdue debts by Saudi Arabia and Qatar worth around $15.5 million (€14 million). As reported by the World Bank on Friday, this debt repayment paves the way for the commencement of activities in Syria.
"Syria is finally treading the path of restoration and development," the World Bank stated, announcing that the initial project with the Syrian administration will focus on enhancing the electricity supply. The World Bank aims to address Syria's urgent needs and invest in its long-term development through these new activities, thus contributing to regional stability.
The World Bank ceased its operations in Syria at the outset of the civil war in 2011. The ousting of former dictator Bashar al-Assad by the Islamic HTS militia and its affiliated groups last December spurred Western nations to re-establish ties with Damascus.
U.S. President Donald Trump declared the removal of U.S. sanctions on Syria on Tuesday. The U.S. Treasury Department suggested that this decision could aid Syria in revitalizing its economy, financial sector, and infrastructure, guiding the country towards a bright, prosperous, and stable future.
Salient Points:
- Saudi Arabia and Qatar have paid off Syria's outstanding debts of approximately $15 million to the World Bank, paving the way for the resumption of the World Bank's activities in Syria.
- The primary focus of the World Bank's initial project is to boost Syria's electricity supply.
- The World Bank's objectives for Syria include economic recovery, capacity building, and targeting critical needs.
- Additional objectives involve addressing Syria's infrastructure damage, stimulating long-term economic growth, and creating a national economic recovery strategy.
- International cooperation is encouraged as a means to expand development engagement in Syria.
Challenges:
- International sanctions, particularly those imposed by the U.S. and EU, continue to pose a hindrance to a full recovery.
- The ultimate aim is to secure stability and dignity for Syria, contributing to regional prosperity.
Source: ntv.de, AFP
Enrichment Data: The debt payment of $15 million has allowed the World Bank to resume its support and activities in Syria, including technical assistance programs focused on capacity building and policy reforms. Both Saudi Arabia and Qatar have appealed to international and regional financial institutions to expedite and expand their development cooperation in Syria. The primary objective of the World Bank's involvement is to support Syria's economic recovery, with a focus on capacity building, targeting critical needs, and stimulating long-term economic growth. Additional objectives include addressing Syria's infrastructure damage, developing a national economic recovery strategy, and targeting vital sectors essential for the country's stability and development. International sanctions, particularly those imposed by the U.S. and EU, remain a significant obstacle to a full recovery, though there have been some easing of restrictions in areas like energy and transport.
- The resumption of World Bank's activities in Syria, following the debt repayment by Saudi Arabia and Qatar, opens avenues for policy reforms and technical assistance programs to boost the nation's economy.
- As Syria rebuilds, the World Bank's focus on business sectors, such as electricity supply, reflects its aim to foster economic growth and contribute to regional stability.
- In the realm of general news and politics, the resumption of the World Bank's involvement in Syria's development plans could potentially shape employment policies and community infrastructure, impacting war-and-conflicts resolution and the nation's finance sector in the long run.
