Back in the Game: World Bank Returns to Syria after 14 Years
World Bank Preparing to Restart Activities in Syria
Facebook Twitter Whatsapp E-Mail Print Copy Link After a long absence, the World Bank plans to re-engage in Syria's development. The return is made possible by Saudi Arabia and Qatar repaying Syria's $15.5 million debt, enabling the World Bank to restart its operations in the war-torn nation.
The World Bank sees a glimmer of hope for Syria's recovery, stating, "Syria, after years of conflict, is rekindling the path towards growth." To start things off, the first collaborative project with the Syrian government will focus on bolstering the country's power supply, addressing immediate needs and investing in a brighter future.
The World Bank froze its activities in Syria back in 2011, during the height of the civil war. However, with the recent fall of Bashar al-Assad and the establishment of new relationships, Western nations have reconnected with Damascus.
US President Donald Trump announced the lifting of sanctions against Syria earlier this week, paving the way for American businesses to potentially return and aid in Syria's economic recovery. The US Treasury Department commented that this action could jumpstart Syria's economy, financial sector, and infrastructure, hopefully steering the country toward a prosperous and stable future.
Sources: ntv.de, AFP
Notable Points
- Debt Repayment: Saudi Arabia and Qatar have cleared Syria's World Bank debts, amounting to around $15 million, which is essential to restart World Bank support and activities in Syria[2][5].
- Restarting Support: Syria's loan repayment will allow the World Bank to reinitiate its operations in the country, aiming to provide financial aid for various sectors, details of which have yet to be disclosed[2][5].
- Future Loans: Syria is in the process of securing loans from the World Bank, with a loan of $186 million for energy and electricity projects already slated for 2025, and another $300 million planned for 2026[4].
- Economic Obstacles: Despite these developments, Syria's economy still faces numerous challenges due to ongoing international sanctions, mainly from the U.S. and EU, which restrict its access to global financial systems[2][5].
- Capacity Building: The renewed collaboration between the World Bank and Syria is expected to involve technical assistance programs, helping strengthen Syrian institutions and stimulating long-term economic growth. The full scope and timeline of these programs still need to be detailed[5].
The World Bank's return to Syria, facilitated by the repayment of its debt by Saudi Arabia and Qatar, is anticipated to boost efforts in reconstructing Syria's economy and infrastructure, intersecting with the general-news and politics of the region. In light of this, the implementation of community and employment policies, along with business strategies, will necessitate extensive financial resources, aligning with the finance sector in Syria's renewal. As discussions regarding future loans progress, the World Bank's involvement may help address Syria's economic obstacles and contribute to its sustainable growth, thereby being a key player in both business and employment policy matters.
