Syrian Finance Minister Mohammed Yisr Barnieh has said all World Bank grants to the Syrian Arab Republic are non-repayable and create no financial burden for the country’s treasury TurkicWorld reports via arabnews.
He attributed international trust to Syria’s transparent and well-governed management of prior development funds.
On Friday, the World Bank’s board of executive directors approved an additional $100 million grant from the International Development Association.
The money will support Syria in building a modern, secure, and digital financial sector.
Barnieh said that investment in financial infrastructure constituted a cornerstone for developing the financial sector and strengthening financial stability and inclusion.
He stressed that sound implementation and financial management are essential to maximize the development impact of economic activities and attract additional financing packages in the future.
Barnieh noted that previous development financing covered vital sectors, including $146 million for electricity, $75 million for health, $150 million for water and $20 million for public financial management.
Barnieh said efforts to secure new World Bank grants would continue in the coming months, targeting sectors including education, agriculture, transportation, social protection and environmental management.
He said the grants could bring the total value of World Bank grants to nearly $1 billion over the next three years.
The finance minister expressed his gratitude to the World Bank for its response and praised the efforts of the International Cooperation Department at the Ministry of Foreign Affairs and Expatriates.
With the latest grant, the fifth approved for Syria, the total value of World Bank development grants to the country would reach $491 million.
Barnieh said the financing would help ease Syria’s financial isolation, facilitate financial flows for trade and investment, and create conditions for reconnecting Syria with international financial channels in accordance with high standards of transparency and integrity.
The World Bank provides financing to member countries through institutions of the World Bank Group.
The International Development Association is one of these institutions and provides grants and concessional financing to eligible low-income countries to support development, reduce poverty, and promote economic growth.
