Saudi Arabia to fund $1.5 billion in Syrian development projects

Syria and Saudi Arabia are discussing a total funding package of approximately $1.5 billion for various development projects. The Syrian Ministry of Finance announced that the board of the Saudi Fund for Development has approved an initial phase of $406 million in concessional loans. This first package is expected to be signed within days and will target sectors including electricity, water, health, housing, emergency services, and digital transformation.

These discussions took place in Bangkok on the sidelines of the IMF and World Bank annual meetings. Syrian Finance Minister Mohammad Yusr Barnia stated that the funding aims to support the “Syria without camps” vision by improving infrastructure and essential services to facilitate the return of displaced persons to their homes.

In addition to Saudi support, the International Finance Corporation (IFC) is currently reviewing five to six projects in Syria, with three nearing readiness for signing. These projects focus on energy, transport, logistics, agriculture, and food security. Furthermore, preparatory work has begun with the Multilateral Investment Guarantee Agency (MIGA) to provide investment risk guarantees, marking a significant step in Syria's efforts to re-engage with international financial institutions.