Syria’s economy minister discusses resuming cooperation with World Bank

According to state media, Syria’s economy minister met with the World Bank’s Middle East director on Monday to talk about resuming collaboration with the institution, which was halted under Bashar al-Assad’s overthrown regime.

The new leaders of Syria have been working to reestablish connections with foreign organizations since overthrowing Assad in December in an effort to aid in the nation’s rehabilitation and boost its economy, which has been severely impacted by sanctions.

“The minister of economy, Mr Bassel Abdel Hanan, discussed with World Bank’s director for the Middle East, Jean-Christophe Carret, the resumption of relations between the bank and Syria as well as the prospects for their development,” the official SANA news agency said.

Abdel Hanan proposed the establishment of a “joint committee between the ministry and the bank to evaluate a new start”.

“The type of projects that will be financed will depend on the nature of the financing granted by the bank,” he continued, referring specifically to the energy, agricultural, manufacturing, and infrastructure sectors, according to SANA.

Abdel Hanan additionally stated that it was necessary to provide “loans to manufacturers whose facilities have been destroyed so they can resume their activities, and raised the possibility of creating an investment fund to support industry, provided the (bank) offers sanctions in this area” .

After the civil conflict in Syria began in 2011, the World Bank, which had previously provided technical aid and development guidance, halted all of its operations.

Syria has been pleading with the international community to lift sanctions placed on the former regime ever since Assad was overthrown.

In an effort to aid in the nation’s rehabilitation, the European Union on Monday loosened sanctions on the banking, transportation, and energy industries.

The action was described as “a step toward alleviating the suffering of our people” by Syrian Foreign Minister Asaad al-Shaibani.

According to a UN report released last week, 75% of Syrians depend on humanitarian help, and 90% of them live in poverty, which is three times more than it was prior to the conflict.

On March 1, the nation is anticipated to create a transitional cabinet.