Damascus, Aug. 8 (SANA) Finance Minister Mohammed Yisr Barnieh said that all World Bank grants provided to Syria so far are non-repayable and impose no financial burden on the public treasury, attributing growing confidence among international financial institutions to an approach based on transparency and good governance in managing previous development financing provided by the World Bank.
The World Bank announced on Friday that its Board of Executive Directors had approved a new $100 million grant from the International Development Association (IDA) to support Syria in establishing the foundations of a modern, secure and digitally enabled financial sector.
Cornerstone for financial sector development
In an exclusive statement to SANA on Saturday, Barnieh said that investment in financial infrastructure constitutes a cornerstone for developing the financial sector and strengthening financial stability and inclusion.
He stressed that sound implementation and financial management are essential to maximizing the development impact of economic activities and opening the way for attracting additional financing packages in the future.
Barnieh noted that previous development financing covered vital sectors, including $146 million for electricity, $75 million for health, $150 million for water and $20 million for public financial management.
Efforts to secure new grants
Barnieh said efforts to secure new World Bank grants would continue in the coming months, targeting sectors including education, agriculture, transportation, social protection and environmental management.
He said the grants could bring the total value of World Bank grants to nearly $1 billion over the next three years.
The Finance Minister expressed his gratitude to the World Bank for its response and praised the efforts of the International Cooperation Department at the Ministry of Foreign Affairs and Expatriates in this regard.
With the latest grant, the fifth approved for Syria, the total value of World Bank development grants to the country would reach $491 million.
Barnieh said the financing would help ease Syria’s financial isolation, facilitate financial flows for trade and investment, and create conditions for reconnecting Syria with international financial channels in accordance with high standards of transparency and integrity.
The World Bank provides financing to member countries through institutions of the World Bank Group. The International Development Association (IDA) is one of these institutions and provides grants and concessional financing to eligible low-income countries to support development, reduce poverty and promote economic growth.
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