📰 OPEC Fund and Islamic Development Bank Plan to Help Rehabilitate Electricity in Syria

Director General of the OPEC Fund for International Development, Abdulhamid Alkhalifa, affirmed that the Fund has developed a comprehensive plan to rehabilitate syria/" class="auto-internal-link">syria’s electricity sector, in cooperation with international institutions. Emphasizing the effective role of energy infrastructure in the path of recovery in Syria, Alkhalifa stated that the initial phase of the pan will focus on “rehabilitating existing power stations” before expanding into larger projects based on the Independent Power Producer model. In an interview with CNN Business, on the sidelines of the Arab Coordination group (ACG) Golden Jubilee celebration in Washington, he noted that private sector investment in Syria remains limited at present.

But, Alkhalifa added that the Fund aims, in the medium term, to create an environment conducive to attracting more private investments to ease the burden on the administration in implementing significant projects. Furthermore, muhammad Sulaiman Al Jasser Chairman of Islamic Development Bank (IsDB) Group affirmed that Syria’s return to the Islamic Development Bank’s membership after more than a decade of suspension is a significant step. He emphasized that the Bank is working with the syrian/" class="auto-internal-link">syrian side to find practical solutions that will allow for the reactivation of development projects.

Al-Jasser added that the bank is keen to backing Syria in the development opportunities it has missed over the past years. expressing his hope that “the arrears issue will be resolved soon, allowing the country to regain momentum and contribute to the renaissance of the Syrian economy. ”