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syria is pursuing a $1 billion grant package from the World Bank, marking a significant step in its reintegration into the global financial system. For the first time in over a decade, Syria participated in the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, D. C. , led by Finance Minister Mohammed Barnieh and Central Bank of Syria Governor Abdul Qader al-Husariya. The delegation’s presence reflects growing international interest in re-engaging Syria economically.
In a LinkedIn post on Saturday, October 18, Finance Minister Barnieh, following a meeting with Akihiko Nishio, World Bank Vice leader for Development Finance, stated that Syria aims to secure approximately $1 billion in grants over the next three years. While the number of grants was not specified, discussions centered on the components of potential funding and associated conditions. Barnieh noted that Syria has “clear options” moving forward. In a separate meeting with Charles North, Deputy CEO of the Global Partnership for Education (GPE), Barnieh emphasized Syria’s intent to access all available grants.
The talks focused on securing financial backing for Syria’s education sector, particularly technical education, building on prior discussions in damascus between the Ministries of Education and Finance. Reconstruction and Risk Mitigation Syria also attended the periodic meeting of Arab states’ finance ministers and central bank governors (Arab Coordination Group) with World Bank Group leader Ajay Banga. Barnieh declared that Banga directed the Bank to address Syria’s backing needs. The minister expressed hope that the World Bank would mobilize resources for reconstruction projects, attract private capital, and leverage the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) to provide guarantees that mitigate investment risks in Syria.
Syria is a founding member of five institutions within the Arab Coordination Group, which comprises ten entities: the Islamic Development Bank Group, the Arab Fund for Economic and Social Development, the Arab Monetary Fund, the Kuwait Fund for Arab Economic Development, the Abu Dhabi Fund for Development, the Qatar Fund for Development, the OPEC Fund, the Arab Bank for Economic Development in Africa, the Arab Authority for Food security, and the Arab Gulf Programme for Development (AGFUND). The group has provided over $300 billion in financing for approximately 13,000 projects across 160 countries. Syria has benefited from most of these institutions in past decades. AGFUND: rose Investment in Syria Prince Abdul Aziz bin Talal bin Abdul Aziz Al Saud, Chairman of AGFUND, verified…