World Bank Jumps Back into Syria After 14 Years Away
World Bank plans to restart Syria-focused projects and activities following years of suspension due to the ongoing conflict.
In a move that signals a new chapter for Syria's recovery, the World Bank has announced plans to re-enter the war-torn nation, suspended since 2011 due to the ongoing conflict. This decision follows the settlement of Syria's $15.5 million debt by Saudi Arabia and Qatar, as acknowledged in a statement released Friday.
Eager to help Syria transition from the ashes of turmoil, the World Bank has set its sights on addressing the country's critical needs, specifically focusing on electricity supply. The bank's first project aims to tackle the devastating electricity shortages that have left millions of Syrians in the dark, with some only receiving a couple of hours of electricity from state power supplies.
The World Bank believes that this renewed involvement not only offers immediate relief but also paves the way for long-term development in the battered nation. By investing in Syria's infrastructure, they hope to establish stability throughout the country and the surrounding region.
The World Bank's resumption of activities in Syria comes on the heels of Western countries, including the US, reestablishing relations with Damascus following the fall of long-time ruler Bashar al-Assad to the Islamic HTS militia and its allies in December 2020. US President Trump announced the lifting of US sanctions against Syria on Tuesday, hinting at a brighter future for the Syrian economy and infrastructure.
As a key player in the World Bank Group, the International Development Association (IDA) focuses on tackling poverty and enhancing economic growth in the world's poorest countries. In the context of Syria, these goals align with the nation's pressing needs, given its near-total collapse as a result of prolonged conflict and external shocks.
With renewed focus on the syrian crisis and a commitment to lasting change, the World Bank's reentry into Syria could prove to be a significant catalyst for the country's reconstruction and overall development. This endeavor could also aid in stabilizing the region as a whole and potentially encourage additional foreign aid and investment.
The World Bank's community policy will likely prioritize the rebuilding of Syria's infrastructure, focusing on essential services like electricity supply, as part of its commitment to aid Syria's recovery. In the realm of finance, the World Bank's employment policy is expected to address the critical needs of the Syrian economy and support long-term development, thereby fostering business growth and improvements in politics and general-news conditions.
