Syria’s Economy Minister met with World Bank officials to discuss collaboration prospects, indicating efforts to restore international ties post-Assad’s removal. They explored potential cooperation in priority sectors like energy and agriculture. The EU has also eased sanctions to support reconstruction, although economic distress remains high with 90% of the populace living in poverty.
Syria’s Economy Minister, Bassel Abdel Hanan, recently held talks with Jean-Christophe Carret, the World Bank’s Middle East director, to discuss the resumption of collaboration. This meeting signifies a pivotal moment for Syria’s transitional leadership, who aim to rebuild international connections after the ousting of Bashar al-Assad in December.
The transitional government is striving to strengthen ties with global institutions to facilitate reconstruction and mitigate economic distress caused by prolonged conflict and sanctions. Discussions between Abdel Hanan and Carret centered on reopening relations and identifying potential collaboration areas with the World Bank.
Abdel Hanan proposed forming a committee with the World Bank to evaluate effective strategies. He indicated that the availability of financial assistance would influence project types supported, emphasizing energy, agriculture, industry, and infrastructure as priority sectors.
He also highlighted the necessity for loans to revive manufacturing sectors devastated by the war and suggested creating an industrial recovery investment fund, contingent upon the World Bank’s provisions related to existing sanctions.
Previously, the World Bank offered Syria technical support, which was halted during the civil unrest that began in 2011. With Assad’s removal, the new government is urging the international community to reconsider sanctions imposed on the former regime.
In a related move, the EU announced a relaxation of sanctions on Syria’s energy, transport, and banking sectors to support reconstruction efforts. Syrian Foreign Minister Asaad al-Shaibani praised this decision as a significant action to alleviate suffering in the country.
Regardless of these positive diplomatic strides, Syria continues to face severe economic challenges. A recent UN report indicates that 90% of the population now lives in poverty—triple the pre-conflict level—with 75% relying on humanitarian assistance. The transitional government aims to unveil a new cabinet by 1 March, enhancing stability and attracting foreign support for reconstruction.
Syria’s recent engagement with the World Bank signals a critical step in its quest for international collaboration as it seeks to overcome the economic challenges resulting from the civil conflict. The establishment of a joint committee for assessing cooperation opportunities and proposals for prioritizing sectors like energy and agriculture reflect the government’s structured approach. Additionally, the easing of EU sanctions may assist in facilitating this reconstruction effort, although severe poverty levels persist among the population.
Original Source: newscentral.africa
