Syria signs World Bank deal to establish recovery and reconstruction fund
Syria has signed an agreement with the World Bank to create a trust fund supporting recovery and reconstruction, as officials discuss boosting exports and industry.
Key Takeaways
AISyria signed an agreement with the World Bank on Sunday to establish a trust fund aimed at supporting recovery and reconstruction efforts.
Mazzen Derwan, President of the Federation of Syrian Chambers of Industry, met with a delegation from the United Nations Development Programme (UNDP) in Syria, led by Hassan Falahah, to discuss ways to boost Syrian exports and develop external marketing channels. The talks also covered expanding financing programs for damaged industrial facilities and supporting entrepreneurship.
In a statement on Sunday, the Federation said Falahah reviewed the UNDP's activities in Syria, particularly projects related to sustainable development, energy, environment, climate, and governance. He noted that current initiatives include projects to support electricity in Syrian industrial cities.
Falahah explained that the program is working on projects to finance entrepreneurship and provide viable loans to help restart affected facilities. Preparations are also underway to launch a specialized export academy to strengthen the capabilities of Syrian producers and improve access to international markets, according to the Syrian Arab News Agency (SANA).
Derwan expressed appreciation for the UNDP's support for manufacturers and proposed appointing a liaison between the Federation and the program, in cooperation with Syrian industrial chambers, to ensure more effective delivery of financing programs to beneficiaries. He also confirmed the Federation's readiness to participate in the export academy's activities.
The meeting also addressed the outcomes of a recent private sector conference organized by the UNDP and preparations for an upcoming conference in collaboration with Syrian private sector entities.
On June 1, 2023, the Ministry of Economy and Industry launched the first National Private Sector Dialogue Conference for 2026, in partnership with the UNDP and the Government of Japan. The initiative aims to empower the private sector to help shape a shared vision for Syria's economic future, set recovery priorities, and chart a path toward a competitive and sustainable economy based on effective public-private partnerships.