Syria and World Bank Launch Major Reconstruction Fund Amidst Ongoing Rebuilding Efforts

Syria and the World Bank have announced the establishment of a multi-donor trust fund dedicated to the nation's recovery and reconstruction. This joint statement, released on Sunday, comes as Damascus continues its extensive rebuilding process following over a decade of civil war that devastated the country's infrastructure.

The newly formed Syria Recovery and Reconstruction Trust Fund, nicknamed “Start,” is designed as a multi-donor initiative to offer concessional financing, investment guarantees, technical assistance, and foster trust, according to the statement. This agreement follows Syria's participation in the International and World Bank annual meetings held in Bangkok, Thailand. These gatherings marked the latest attendance by Syrian officials since the fall of president Bashar Al Assad's regime in December 2024.

Syrian Finance Minister Yisr Barnieh described the agreement as laying the groundwork for a new era of cooperation with Damascus's international partners. The statement also noted expressions of support for the initiative from partners in the US, Europe, and the Middle East. Mr. Barnieh shared on X that this is "An important milestone in Syria’s recovery and reconstruction journey."

In 2025, the World Bank estimated the cost of Syria's reconstruction at approximately $216 billion, positioning it as one of the most expensive rebuilding efforts in history. The World Bank characterized this figure as its most “conservative” estimate. The breakdown of damages indicated that infrastructure accounted for 48 percent, or $52 billion, of the total war-related damage, with residential buildings and non-residential buildings each costing $33 billion to repair. The multi-donor trust fund is intended to support the delivery of essential services, enhance institutional capabilities, and broaden economic opportunities.

"We look forward to working with all partners to support a comprehensive and sustainable recovery path," stated Ousmane Dione, World Bank vice president for the Middle East, North Africa, Afghanistan and Pakistan. Syria's transitional government has been actively seeking investment commitments to aid in rebuilding the nation's infrastructure. Some of these commitments are already in the implementation phase, such as DP World's $800 million investment in Tartus Port.

The country has also secured agreements with other Gulf partners, including an $2 billion Saudi Arabian investment package for the development of two airports in Aleppo, alongside other projects in the energy, real estate, and telecommunications sectors. During the recent gatherings in Thailand, Mr. Barnieh also engaged in discussions with Qatari Finance Minister Ali Al Kuwari regarding support for recovery and development initiatives, as reported by the state-run news agency Sana. Norway has also indicated interest in contributing to the trust fund, according to Sana. Qatar has further offered financing for projects aimed at rehabilitating Syria's electricity grids, water networks, public services, and the Damascus International Airport.

A delegation of approximately 50 US companies, including Baker Hughes, Caterpillar, and Visa, visited Syria last month to explore and strengthen economic ties, occurring weeks after the US removed Syria from its list of state sponsors of terrorism. Additionally, Syria will rejoin the Arab group at the International Monetary Fund starting November 1, transitioning from the Russian-led group it joined in 2012, as announced by the Finance Ministry on Telegram. The IMF resumed communications with Syria in 2025 and agreed to a technical assistance program in August following a staff-level visit in July. The IMF has not conducted an Article IV consultation with Syria since 2009.