Bernia: Launching Financing with Sovereign and Foreign Guarantees Reveals Arab and Foreign Investment Workshops
Minister of Finance Mohamed Yusr Barnieh revealed that a comprehensive review of the tax system in Syria has been conducted with the aim of easing the burden on economic activities, announcing the imminent launch of a new financing program in partnership between public and private banks and with sovereign guarantees.
In statements to Al-Modon, Barnia explained that the new program will be directed directly to support the rehabilitation of industrial production lines and the modernization of technology used in economic facilities.
Barnia pointed out that the aging of equipment and production structures represents one of the most prominent structural challenges facing the country's economic recovery path .
Economic diplomacy
In this context , the Director of International Cooperation at the Ministry of Foreign Affairs, Qutaiba Kadesh, said that a new phase of economic openness between Syria and many Arab and foreign countries has begun to take shape recently, driven by the launch of joint projects since last year with a number of countries, in addition to the existence of advanced discussions on soft loans and possible financing from international financial institutions, part of which is expected to be allocated directly to support the private sector.
In a similar statement, Cádiz pointed out that these moves will be represented in raising the pace of opening, revitalizing economic movement, and expanding the fields of foreign investment until the end of this year.
He explained that the Ministry of Foreign Affairs is currently preparing a series of conferences and workshops during the next phase in partnership with national economic entities, with the aim of bringing together representatives of the private sector from chambers of industry, commerce and business councils with their counterparts in Arab and foreign countries that have shown a tangible interest in participating in investment and reconstruction opportunities in Syria.
He pointed out that these meetings will constitute an essential platform for building partnerships and securing lines of credit and logistical support for local partners.
World Bank Finances 11 Syrian Projects
These structural developments in the Syrian business environment intersect with a significant expansion of technical and financial cooperation between the Syrian government and the World Bank in recent months, as the Bank approved in late April the financing of two vital projects within a broader package of 11 projects under preparation and review.
The new funding included a $150 million water and sanitation project and a $75 million primary health care support project.
This growing financing package builds on previous approvals approved by the World Bank for the restoration of the service sectors, including a $146 million national electricity transmission network reform project, as well as a $20 million allocation to support the Public Financial Management Project.