World Bank Gets Back in Business with Syria After Decade and a Half
World Bank Set to Resume Syrian Projects After Years of Pause
Toss out the old and make way for the new! The World Bank is resurfacing in Syria after a lengthy absence of 14 years. You guessed it - Saudi Arabia and Qatar footed the bill, clearing Syria's debt of around $15.5 million (roughly €14 million) this week [1][2][4]. With this financial clean-slate, Syria is now eligible for fresh financial assistance from the World Bank, starting from May 12, 2025.
So, what's on the agenda? It's all about electrifying the nation! The World Bank's primary objective is to bolster the country's economic activity and support essential services such as healthcare, education, and water supply [2]. Exact details about the project are yet to be revealed.
"After years of turmoil, Syria is gearing up for recovery and development," the World Bank announced. Their initial venture with the Syrian government centers around boosting the electricity supply to address rapid needs and invest in the nation's long-term development [3]. This initiative aims to stabilize the country and the region.
The World Bank first pulled out of Syria at the outbreak of the civil war in 2011. With the fall of Bashar al-Assad to the extremist HTS militia and its allies last December [5], Western nations have rekindled their ties with Syria's government.
US President trumpeted the lifting of US sanctions against Syria on Tuesday. According to the US Treasury Department, this action could potentially revitalize Syria's economy, financial sector, and infrastructure and pave the way for a prosperous, stable future [6].
[Sources]1. ntv.de2. AFP3. The World Bank4. Deadline News5. The Washington Post6. US Treasury Department
The World Bank's community policy, intertwined with employment policy, will aim to strengthen the workforce in Syria, particularly focusing on critical sectors like healthcare, education, and water supply, facilitating long-term development. In the realm of politics and general-news, this re-engagement by the World Bank signifies a significant shift, potentially bringing stability and improved economic conditions to the region. Finance, hand-in-hand with business, will play a pivotal role in this transformation as the World Bank offers fresh financial assistance following Syria's debt clearance.
