For the first time in over ten years, Syria is taking part in the IMF and World Bank Annual Meetings in Washington, D.C., with a delegation led by Finance Minister Mohammed Yosr Bernieh and Central Bank Governor Abdul Qader Hasriyeha, signaling growing international interest in reintegrating Syria into the global financial system.

In LinkedIn posts on Saturday, October 18, Bernieh said that in a meeting with Akihiko Nishio, the World Bank’s Vice President for Development Finance, Syria is seeking roughly 1 billion dollars from the Bank in the form of grants over the next three years. Discussions focused on the “components of the grants Syria could obtain in the coming period and the associated conditions,” which Bernieh said Damascus approaches with “clear options.”

Bernieh: pursuing all available grants

In a separate meeting with Charles North, Deputy CEO of the Global Partnership for Education (GPE), the minister said Syria is “working to benefit from all available grants.” Talks addressed funding to support Syria’s education sector, especially technical education, following earlier preliminary discussions in Damascus between the Education and Finance ministries.

Reconstruction and risk guarantees

Syria also joined the periodic meeting of Arab finance ministers and central bank governors (the Arab Coordination Group) with World Bank Group President Ajay Banga, who, according to Bernieh, instructed his teams to “respond to Syria’s support needs.” The minister voiced hope for the Bank’s help in mobilizing resources for reconstruction projects, attracting private capital, and activating the roles of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) to provide guarantees that reduce investment risk in Syria.

Syria is a founding member of five of the Arab Coordination Group’s ten institutions, including the Islamic Development Bank Group, the Arab Fund for Economic and Social Development, the Arab Monetary Fund, the Kuwait Fund for Arab Economic Development, and the Abu Dhabi Fund for Development. The group has extended facilities and commitments exceeding 300 billion dollars to about 13,000 projects in roughly 160 countries, from which Syria benefited over the past decades.

“AGFUND”: more investment in Syria

Prince Abdulaziz bin Talal bin Abdulaziz Al Saud, Chairman of the Arab Gulf Program for Development (AGFUND), told Bernieh there is a new orientation toward Syria for further investment in microfinance and higher education. Bernieh said, “Syria receives unprecedented interest and welcomes wherever it is present.”

Syrian talks with the U.S. Treasury

Bernieh also met Eric Meyer, U.S. Deputy Assistant Secretary of the Treasury for the Middle East, to discuss support for Syrian reforms and capacity-building in public finance and the financial sector, noting “significant development” in bilateral financial cooperation.

The finance minister said in all of his meetings that the World Bank is “mobilizing technical support for Syria” and laying the groundwork for a comprehensive, strategic cooperation that spans all Bank institutions and covers every sector in Syria.

Planned World Bank programs in Syria revolve around:

• Public finance collaboration, public financial management, and strengthening economic and fiscal forecasting and modeling
• Human development, including health, education, social protection, and poverty reduction
• The financial and banking sector, including support for developing payment systems and financial infrastructure
• Infrastructure cooperation in energy, transport, and housing, plus mortgage finance
• Digital transformation and support for the digital economy
• Sustainable development, environmental support, water management, and afforestation
• Private sector support and improving the investment climate

According to Bernieh, a comprehensive framework document with specific objectives and timelines across these tracks will be prepared, with World Bank missions working alongside Syrian ministries and institutions, coordinated by the International Cooperation team at the Ministry of Foreign Affairs and Expatriates.

With the IMF, Damascus agreed on the next-phase policy priorities, including:

• Disciplined fiscal policies
• Limiting the rise in public debt
• Strengthening central bank independence
• Encouraging digital transformation while monitoring systemic risks
• Continuing structural reforms to improve the investment climate and combat corruption
• Reinforcing the global financial safety net