Syria’s Economy Minister, Bassel Abdel Hanan, met with Jean-Christophe Carret, the World Bank’s director for the Middle East, on Monday to explore the possibility of resuming collaboration between the international lender and Syria, according to state media reports. This marks a significant step for Syria’s new leadership as they seek to restore international partnerships following the removal of Bashar al-Assad.
Since Assad’s ousting in December, Syria’s transitional government has been actively working to re-establish ties with global institutions to aid in the country’s reconstruction and alleviate the economic strain caused by years of conflict and international sanctions. According to the official SANA news agency, discussions between Abdel Hanan and Carret focused on reopening relations with the World Bank and evaluating potential areas of cooperation.
Abdel Hanan suggested the creation of a joint committee between the ministry and the World Bank to assess how best to move forward. He emphasised that the scope of financial assistance provided by the bank would dictate the types of projects that could be supported, with priority given to sectors such as energy, agriculture, industry, and infrastructure.
Additionally, he highlighted the need for loans targeted at manufacturers whose operations were destroyed during the war, enabling them to restart production. He also proposed the establishment of an investment fund for industrial recovery, contingent on the bank providing necessary exemptions in relation to existing sanctions.
The World Bank had previously offered Syria technical support and development guidance, but all cooperation was suspended when the country descended into civil war in 2011. With Assad’s departure, Syria has been pressing the international community to lift the sanctions imposed on the former regime.
In a related development, the European Union announced on Monday a relaxation of sanctions on Syria’s energy, transport, and banking sectors in an effort to facilitate reconstruction. Syrian Foreign Minister Asaad al-Shaibani welcomed the decision, calling it “a step toward alleviating the suffering of our people.”
Despite these diplomatic advances, Syria remains in deep economic distress. A recent UN report revealed that 90% of the population now lives in poverty—three times the pre-war figure—while 75% of Syrians rely on humanitarian aid. The country’s transitional government is expected to form a new cabinet on 1 March, a key milestone in efforts to stabilise the nation and attract foreign support for rebuilding efforts.
