On the sidelines of the Islamic Development Bank's annual meetings in Baku, Azerbaijani Minister of Finance Mohamed Yusr Barnieh discussed with a delegation from the European Union Commission headed by Henrike Trautmann, Director of Middle East Affairs at the Commission, ways to enhance economic and development cooperation to support the recovery in Syria and accelerate the implementation of priority projects.

The two sides also discussed preliminary preparations for an investment conference that the European Commission intends to hold in Damascus in the coming months, with the aim of attracting European investments, contributing to supporting recovery projects and revitalizing the Syrian economy, in addition to simplifying and expanding the EU's contribution to multi-sectoral development programs, and addressing the structural challenges facing the work of European financial institutions and banks in Syria to ensure the unhindered flow of investments.

The Minister of Finance stressed the importance of the role of the European Union as a key development partner, pointing out that the Syrian government aspires to enhance joint cooperation in the fields of the financial sector, facilitate transactions and intra-regional financial transfers, and stimulate the industrial sector in a way that directly contributes to the revitalization of trade exchange and economic diplomacy between Syria and Europe.

Preliminary European mission to Damascus

During the meeting, Trautmann pointed out that the European Commission has officially decided to send a specialized European mission to the capital Damascus during the second half of next July, with the aim of holding in-depth technical talks on public financial management and a number of financial and economic files, as well as coordinating the logistical and technical files of the investment conference to be held.

The representative of the European Commission stressed the full EU's keenness to ensure that all their future investment and development interventions in Syria are in line with the priorities of the Syrian government and the adopted recovery plan, in order to ensure the maximum mutual benefit to support stability and development.

The Path of Syrian-European Economic Relations

On May 11, 2026, the European Union decided to fully reactivate the Joint Economic and Trade Cooperation Agreement with Syria, after a long official suspension of nearly 15 years due to the practices of the former regime against civilians. High-level diplomatic sources in Brussels said that this executive step represented a clear and bold political signal from the European community that affirms the full commitment to re-engage constructively with the Syrian transitional authorities and support the country's economic and financial stability in its new phase.

At the opening of the 9th EU Conference on Supporting the Future of Syria and the Region, European Commission President Ursula von der Leyen pledged to provide a huge financial package of up to €2.5 billion to cover 2025 and 2026, with the aim of supporting the socio-economic recovery efforts of Syrians at home and in neighboring countries.

In its latest published estimates, the World Bank estimated that the total cost of rebuilding Syria's destroyed infrastructure and infrastructure will reach about US$216 billion, requiring concerted international efforts to make domestic development plans a success.

Specialized reports broadcast by Al Jazeera Net indicated that European financing directed at reconstruction and early recovery will directly contribute to the rehabilitation of vital cities and public institutions, and the creation of sustainable job opportunities that will gradually ensure the dismantling of the accumulated living crises and the stabilization of the pillars of the national economy.

The European Union has formally suspended previously imposed sanctions packages on key and vital economic sectors, including the energy sector, air and land transport, as well as facilitating bank transactions and transfers to facilitate capital flows.