Syria asks the Islamic Bank Group to resume financing infrastructure projects

Listen to the article. The audio text is automated, generated by an automated system

The Syrian Minister of Finance, Muhammad Yusser Barneyah, discussed with the Chairman of the Islamic Development Bank Group, Muhammad Al-Jasser, and senior officials in the bank, the proposal to settle the existing financial obligations to the bank, and agree on the elements of the acceptable settlement, while stressing the need to expedite the processing of the file, in a way that serves the bank’s resumption of financing of infrastructure projects in Syria.

The Ministry of Finance explained that the two sides discussed, during the meeting held on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Bangkok, identifying common priority sectors, setting a framework for addressing and completing previous projects, in addition to discussing new projects in the sanitation, transportation, health, and energy sectors.

The meeting discussed support for trade financing, including oil derivatives, and the need to support the private sector through the Islamic Trade Finance Corporation, as well as continuing cooperation in preparing a strategy to combat poverty and improve livelihoods in Syria, and contributing to the development of Islamic financial services and sukuk markets, according to the Syrian News Agency, SANA.

The Minister of Finance expressed the Syrian government's appreciation for the continued support provided by the Islamic Development Bank, especially in the areas of technical support, consultations, project follow-up, and understanding of reconstruction needs and priorities, stressing the importance of continuing this cooperation.

At the conclusion of the meeting, Bernieh welcomed the visit of the Bank’s President to Syria, who expressed his readiness to visit it before the end of this year, and to prepare to sign agreements and projects that would contribute to achieving a development impact.