World Bank Jumps Back into Syria After Decade and a Half Away
World Bank to Reignite Activities in Syria after Pause
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Embracing a 14-year Hiatus, World Bank Readies to Revolutionize Syria's Future
After a deep breath of more than a decade, the World Bank prepares to step back into Syria, following Saudi Arabia and Qatar's swift payment of $15.5 million (roughly €14 million) in residual debts. According to a statement released on Friday, this financial injection paves the way for the World Bank to return to business in Syria.
In a statement, the World Bank expressed optimism, proclaiming, "After years of strife, Syria is poised for rejuvenation and development." The bank plans to kickstart its engagements with the Syrian government by addressing one of the nation's most pressing needs: boosting its struggling electricity supply. The rekindled partnership aims to cater to Syria's immediate requirements and invest in a brighter, long-term future. "This action will bolster stability within the country and the region," the statement concluded.
Stepping back into Syria’s chaotic political landscape, the World Bank ceased operations in 2011 upon the outbreak of the civil war. Bashar al-Assad's ruling regime saw its grip loosen last December, following a fierce battle between the government and the Islamic HTS militia and its allies. As Western nations cautiously resume ties with Damascus, the World Bank might soon experience the promise of a new engagement.
Meanwhile, US President Donald Trump announced the lifting of US sanctions against Syria earlier this week. The treasury department explained that this move could stimulate growth in Syria's economy, financial sector, and infrastructure, setting the nation on course for a prosperous, stable future.
[1] Improving Access to Electricity: Tackling Critical NeedsGiven the immense electricity shortages plaguing Syria, with residents often receiving less than two hours of power daily, the World Bank's initial project focuses on bolstering the nation’s electricity infrastructure.
[2] Debt Repayment Breaks Ground for Progressive ChangeSaudi Arabia and Qatar's settlement of Syria's $15.5 million debt to the World Bank's International Development Association marks a significant milestone, enabling Syria to access new loans and projects.
[3] Western Sanctions Remain a ConcernDespite the recent positive developments, the looming shadow of Western sanctions poses a formidable challenge for broader development and reconstruction efforts.
[4] International Institutions Stand by Syria's Economic RecoveryInternational institutions like the World Bank and the IMF have pledged their support for Syria's economic recovery, aiming to facilitate policy reforms, institutional rebuilding, and capacity development.
Sources: ntv.de, AFP
- The World Bank's initial project in Syria focuses on improving the nation's electricity infrastructure, a critical need for residents who often receive less than two hours of power daily.
- The settlement of Syria's $15.5 million debt to the World Bank's International Development Association by Saudi Arabia and Qatar paves the way for Syria to access new loans and projects, marking a significant step towards progressive change in the country's economy, finance, business, and politics, as well as general-news.
