Syria and IsDB Discuss Settling Dues to Resume Financing

Finance Minister Mohammad Yosr Barnieh discussed with Islamic Development Bank (IsDB) Group President Mohammed Al Jasser and senior bank officials a proposal to settle outstanding financial obligations to the bank, and agreed on the elements of an acceptable settlement. Both sides stressed the need to speed up work on the file, in support of the bank resuming financing of infrastructure projects in Syria.

The Ministry of Finance said on its Telegram channel that the meeting took place on the sidelines of the IMF and World Bank annual meetings in Bangkok. Yousef Al Fares of the Ministry of Foreign Affairs and Expatriates took part.

Sectors and Projects

The two sides discussed identifying shared priority sectors and setting a framework to address and complete earlier projects, as well as new projects in the following sectors:

• Sanitation
• Transport
• Health
• Energy

Trade and Private Sector Finance

The meeting covered support for trade financing, including oil derivatives, and the need to support the private sector through the Islamic Trade Finance Corporation. They also discussed continued cooperation on a poverty reduction and livelihoods strategy for Syria, and contributing to the development of Islamic financial services and sukuk markets.

Technical Cooperation

The minister expressed the Syrian government's appreciation for the IsDB's continued support, particularly in technical assistance, advisory work and project follow-up, stressing the importance of continuing this cooperation.

Visit by the Bank President

Minister Barnieh welcomed a visit to Syria by the bank's president, who said he was ready to visit before the end of this year and to prepare for signing agreements and projects that contribute to development impact.

Barnieh had earlier told the ministerial meeting of the Group of Twenty-Four (G24) that unfavourable geopolitical developments place increasing pressure on developing countries, particularly those emerging from conflict such as Syria.