DAMASCUS: Syria’s economy minister sat down with the Middle East director of the World Bank on Monday to discuss resuming cooperation with the lender, which was suspended under the toppled government of Bashar Assad, state media reported.
Since ousting Assad in December, Syria’s new rulers have been trying to restore ties to international institutions to support the country’s reconstruction and revive its sanctions-hit economy.
“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.”
He added that “the nature of the financing granted by the bank will determine the type of projects that will be financed,” pointing to the energy, agriculture, industry and infrastructure sectors in particular, SANA said.
Abdel Hanan also said there was a need for “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.”
The World Bank had previously supported Syria with technical assistance and development advice, but suspended all of its operations after the civil war broke out in 2011.
Since the fall of Assad, Syria has been urging the international community to drop sanctions imposed on the former government.
The European Union on Monday eased sanctions on the energy, transport and banking sectors in a bid to help the country’s reconstruction.
Syrian Foreign Minister Asaad Al-Shaibani called the move “a step toward alleviating the suffering of our people.”
A UN report published last week found that 90 percent of Syrians live in poverty — three times as many as before the war — while 75 percent rely on humanitarian aid.
The country is expected to form a transitional cabinet on March 1.
