RIYADH: Syria and the World Bank Group have agreed to establish a multi-donor trust fund to support the country’s economic recovery and reconstruction, attract investment and encourage private-sector financing to advance sustainable development. The Syria Recovery and Reconstruction Trust Fund, known as START, will provide concessional financing, investment guarantees, technical assistance and capacity-building support, according to a statement by Syria’s Ministry of Foreign Affairs and Expatriates. Syria faces major reconstruction challenges The World Bank estimated in October 2025 that rebuilding Syria after its near-14 year civil war will cost $216 billion, with damage to infrastructure, residential buildings and non-residential structures making up the bulk of the reconstruction needs. The figure is nearly 10 times the country’s projected 2024 gross domestic product, underscoring the scale of financing and international coordination needed for recovery. The newly released statement said: “The World Bank will administer the fund in coordination with donors, development institutions and partners in Syria, in line with priorities set by the Syrian state. “The fund is expected to help mobilize international support and coordinate assistance and financing, accelerating economic recovery, reconstruction and institutional reforms.” Syria commits to transparency, accountability Finance Minister Mohammad Yisr Barnieh said the agreement marks a new phase of cooperation with international partners, helping direct resources efficiently toward the country’s recovery and reconstruction priorities. He reaffirmed Syria’s commitment to integrity, transparency, accountability and good governance, saying these principles would strengthen international partners’ confidence and support sustainable development outcomes for Syrians. Qutaiba Kadish, director of the International Cooperation Department at the Ministry of Foreign Affairs and Expatriates and Syria’s alternate governor at the World Bank Group, said the agreement followed extensive coordination with international financial institutions to align efforts and mobilize resources for national economic recovery. He added that the fund would operate under a clear governance framework to build confidence among partners and donors. The fund’s goals, governance structure and planned operating mechanisms were discussed during a high-level roundtable on Syria’s recovery and reconstruction, held alongside the 2026 annual meetings of the World Bank Group and the International Monetary Fund in Bangkok, Thailand. Development partners from the Arab region, the European Union, the US, financial institutions and development agencies at the national, regional and international levels voiced support for the initiative and expressed readiness to contribute. The International Monetary Fund expects Syria to record double-digit economic growth in 2026, with strong development continuing into 2027, supported by improvements in agriculture, hydrocarbon production, and electricity supply, as well as trade and services, according to its August assessment.