Syria and World Bank to set up recovery and rebuilding fund

Syria and the World Bank have agreed to establish a multi-donor trust fund aimed at the country's recovery and reconstruction efforts. This joint statement was made on Sunday, following Syria's participation in the International and World Bank annual meetings in Bangkok, Thailand. The fund, known as the Syria Recovery and Reconstruction Trust Fund, or "Start," aims to provide concessional financing, investment guarantees, and technical assistance to rebuild the country's infrastructure, as stated in the announcement.

Syrian Finance Minister Yisr Barnieh highlighted the agreement as a foundation for a new phase of cooperation with Syria's international partners. The World Bank estimated that Syria's reconstruction would cost approximately $216 billion, making it one of the most expensive rebuilding efforts in history. The fund will assist in delivering basic services, strengthening institutional capacities, and expanding economic opportunities.

Syrian officials expressed their gratitude for the support from partners in the US, Europe, and the Middle East. The World Bank's vice president for the Middle East, North Africa, Afghanistan, and Pakistan, Ousmane Dione, expressed optimism about working with all partners to support a comprehensive and sustainable recovery path.

Syria's transitional government has been actively seeking investment commitments to aid in rebuilding the country's infrastructure, with some pledges moving into the implementation phase. Notable investments include DP World's $800 million contribution to Tartus Port and a $2 billion Saudi Arabian investment package for two airports in Aleppo.

In August, the International Monetary Fund agreed on a technical assistance program for Syria after a staff-level visit in July, marking the IMF's return to the Arab group it had left in 2012.