Syria is negotiating with Saudi Arabia to secure funding for development projects worth approximately $1.5 billion. Officials plan to sign an initial agreement for the first tranche within a few days.
Syrian Finance Minister Mohammed Yasser Baranieh disclosed the figures on the sidelines of the International Monetary Fund and World Bank meetings in Bangkok. He spoke during an interview alongside colleague Noor Ammasha.
Preliminary talks with the Saudi Development Fund cover projects that will be implemented gradually over the coming months. Baranieh stated that the first package is valued at $406 million and represents the initial phase of the cooperation.
Another batch of projects is under active study by officials from both countries. The financing involves easy and gracious loans aimed at reviving key sectors across the war-torn nation.
The funds will target energy, health, housing, infrastructure, and roads. Part of the money will prepare conditions for displaced Syrians to return from camps to their hometowns by establishing schools, hospitals, and basic services.
Baranieh described the economic cooperation with Riyadh as strategic and thanked the kingdom for supporting Syria’s engagement with international financial institutions. This push forms part of a wider effort by Damascus to attract investments for post-war reconstruction.
Alongside the Saudi agreements, the International Finance Corporation is reviewing five or six ventures in Syria. Three of these private sector initiatives are nearly ready for formal signing and financing.
Those projects concentrate on energy, transportation, logistics, agriculture, and food security. Private Syrian and Arab sector projects under consideration by the International Finance Corporation total roughly one billion dollars.
Preparatory work has also began with the Multilateral Investment Guarantee Agency to cover investment risks. Syria and its partners have begun setting up a multilateral trust fund to coordinate recovery efforts and pool donor resources.
Baranieh expects the trust fund to be established within a few weeks. The European Union, Arab countries, and various development agencies have shown interest in participating or providing support.
