Damascus, March 12 (SANA) The World Bank has approved a $20 million grant for Syria aimed at improving public financial governance, Syrian Finance Minister Mohamed Yisr Barnieh said Thursday.
The funding, approved by the World Bank’s Board of Executive Directors and provided through the International Development Association (IDA), marks what Barnieh described as a new step in rebuilding relations between Syria and the World Bank Group after decades of interruption.
In a statement posted on Facebook, Barnieh said the grant, the second financial package provided to Syria by the World Bank, will focus on strengthening transparency, efficiency and accountability in the management of public funds.
A key component of the project will be the creation of a Financial Assistance Management Section (SEAFS) within Syria’s Ministry of Finance. The unit will oversee coordination between national institutions and international partners and improve oversight of aid funds delivered through various channels.
He added that Damascus hopes Syria will be included in discussions at the upcoming meeting of the World Bank’s Board of Governors, where more than $1 billion in potential grant-funded projects across multiple sectors could be reviewed in coordination with Syria’s Ministry of Foreign Affairs and Expatriates.
In June, the World Bank approved its first grant to Syria worth $146 million, aimed at improving electricity supply and supporting the country’s broader economic recovery.
