Oslo, April 15 (SANA) Norway plans to lift a ban on investments in Syrian government bonds by its $2.2 trillion sovereign wealth fund, marking a significant step in Syria’s reintegration into the global financial system.
The decision, revealed in a government document obtained by Reuters, signals international support for the administration of President Ahmed al-Sharaa, who assumed power in late 2024. President al-Sharaa has been working to rebuild state institutions, revive the economy, and restore international trade relations after more than a decade of war, sanctions, and financial isolation. The move comes after the United States lifted its most stringent sanctions against Syria in December.
Concurrently, Norway plans to prohibit the world’s largest sovereign wealth fund from investing in Iranian government bonds. This adjustment is largely symbolic, given the extensive sanctions already imposed on Iran.
Shift in Investment Policy
The Norwegian Government Pension Fund Global, which invests the nation’s oil and gas revenues in stocks, bonds, real estate, and renewable energy projects abroad, currently holds 26.5% of its portfolio in fixed-income assets, primarily in the United States, Japan, and Germany.
While the Norwegian government maintains a list of countries whose government bonds are excluded from the fund’s investments due to ethical concerns or international sanctions, this list is subject to regular review. According to minutes from a January 28 meeting between the Finance Ministry and the fund’s Council on Ethics, a new assessment was conducted regarding the exemption list.
“The Ministry… informed that a new assessment has been made of which states are covered by the government bond exemption,” the minutes stated. “Iran is included on the list of countries covered by the government bond exemption, and Syria is removed.”
This change reflects a shift from the 2025 white paper presented to parliament, which listed North Korea, Syria, Russia, and Belarus as excluded jurisdictions. The latest white paper, presented on March 27 and yet to be debated, lists Iran, North Korea, Russia, and Belarus. Both documents emphasize that the government regularly assesses the exclusion list in light of current international sanctions.
A Signal of Confidence
Syria’s return to the global financial fold has gained momentum, highlighted by the reactivation of the Central Bank of Syria’s account at the Federal Reserve Bank of New York for the first time since 2011. This development paves the way for expanded international banking ties, aiming to attract foreign investment and support post-war reconstruction efforts.
Although the lifting of the ban does not guarantee immediate investment by the Norwegian fund, which currently holds no fixed-income assets in any Middle Eastern country, it serves as a strong signal of confidence in the policies of President al-Sharaa’s government.
As one of the world’s most influential investors, the fund’s decisions often set precedents for other institutional investors, similar to its previous moves to divest from companies heavily reliant on coal production.
M.F/ABD
