Finance Minister: All World Bank grants are "fully free" and reflect growing confidence in the Syrian economy
Syrian Finance Minister Mohamad Yasser Baruni affirmed that all grants provided by the World Bank to Syria thus far are “fully grant-based,” imposing no financial burdens on the public treasury. He noted that gaining the trust of international financial institutions resulted from a robust methodology that emphasized transparency and governance in managing previous developmental financing provided by the World Bank.
The World Bank announced two days ago that its Board of Executive Directors approved a new grant of $100 million from the International Development Association (IDA) to support Syria in building the foundations of a modern, secure, and digitally reliant financial sector.
Commenting on the World Bank’s decision, Minister Baruni, in a special statement to the Syrian Arab News Agency (SANA) yesterday, emphasized that investment in financial infrastructure represents the cornerstone for developing the financial sector and enhancing stability and financial inclusion. He pointed out that the primary focus rests on sound implementation and prudent financial management, ensuring the maximization of the developmental impact of economic activities and opening avenues for attracting further financing packages in the future.
He noted that previous developmental financing covered vital sectors, including electricity with $146 million, health with $75 million, water with $150 million, and public financial management with $20 million.
Minister Baruni confirmed the continuation of efforts to attract new grants from the World Bank in the coming months, targeting the education, agriculture, transport, social protection, and environmental management sectors, bringing the total grants from the Bank to approximately $1 billion over three years.
The Finance Minister expressed his gratitude to the World Bank for its responsiveness, commending the efforts of the International Cooperation Administration at the Ministry of Foreign Affairs and Expatriates in this regard.
With this new grant, the fifth in the series, the Syrian government has raised the total developmental grants provided by the World Bank to $491 million. This contributes to breaking financial isolation, facilitating cash flows for trade and investment, and creating conditions for reconnecting Syria to international financial channels, in accordance with the highest standards of transparency and integrity.
