Saudi Fund Approves $406 Million in Loans for 6 Syria Projects

Finance Minister Mohammad Yosr Barnieh held talks in Bangkok with the Saudi and Kuwaiti development funds on supporting recovery and development in Syria, on the sidelines of the annual meetings of the International Monetary Fund and World Bank Group. According to the Ministry of Finance, the talks took place on Friday.

Saudi Financing for Six Projects

The ministry stated that the board of the Saudi Fund for Development approved, in a first phase, financing for six projects in Syria worth $406 million in concessional loans. The sectors covered are:

• Electricity
• Water
• Health
• Housing
• Emergency response
• Digital transformation

The ministry said the projects are due to be signed soon with the Syrian government.

Syria Without Camps Vision

The minister met the Saudi Fund's chief executive, Sultan Abdulrahman Al-Marshad, and senior fund officials. They discussed strengthening development cooperation under the "Syria Without Camps" vision, including directing funded projects toward multi-sector initiatives that help create suitable conditions for displaced people to return from camps.

Preparations for financing further projects in health, education, housing, agriculture and livelihoods were also discussed, along with the possibility of amending previously submitted projects to align with this vision.

Opportunities for Saudi Companies

According to the ministry, the Syrian delegation confirmed Syria's openness to cooperation and partnership with Saudi companies in implementing projects and benefiting from their expertise in priority sectors.

Talks with the Kuwait Fund

The minister also met Rashid Ali Al-Badr, acting director general of the Kuwait Fund for Arab Economic Development, to discuss strengthening cooperation. The talks focused on finding equitable solutions to outstanding arrears, paving the way for the fund to resume financing infrastructure and priority development projects, and on moving projects from preparation to implementation.

Al-Badr, according to the ministry, referred to the depth of the fund's relations with Syria and its commitment to continued cooperation.

Meetings with Japanese Banks

Earlier the same day, the minister discussed available investment opportunities in Syria in two separate meetings with representatives of Japan's Sumitomo Mitsui (SMBC) and Mitsubishi UFJ (MUFG) financial groups.