'We stand with Syria,' Saudi Finance Minister says

Mohammed Al Jadaan says many investments are being finalised for Damascus

Saudi Finance Minister Mohammed Al Jadaan on Friday said many investments were being finalised for Syria, as Damascus seeks to reconnect with the global financial system following the toppling of the Bashar Al Assad regime in December.

“We stand with Syria,” he said in response to a question from The National at a news conference during the International Monetary Fund and World Bank annual meetings in Washington. “We believe that they really mean business, and they are genuine in their efforts to actually do the right thing for the people.”

Mr Al Jadaan, who chairs the International Monetary Finance Committee, said it is the international community's duty to support Syria as it seeks to revitalise its economy that was destroyed by a nearly 14-year civil war.

Syria's central bank governor, economy and finance ministers were out in force during this year's annual gatherings, seeking to drum up support from the international community to unlock foreign investment. It marked the first time the semi-annual autumn gathering hosted a Syrian delegation since the outbreak of the civil war.

Finance Minister Yisr Barnieh said Damascus was ready to move quickly to rebuild its economy.

“My message is: Do not wait … It will take quite some time, but then the opportunity will be missed,” he said during a panel discussion on the meeting's sidelines.

The US has lifted most of its sanctions on Syria since President Donald Trump's announced the decision in Riyadh in May. Mr Al Jadaan thanked the US for taking the steps, while also noting the European Union's involvement in helping pave the way for private sector investments.

“A lot of investments are now going into that direction. So, from first-hand knowledge, I know that a lot of investments are actually being finalised with Syria,” Mr Al Jadaan said.

Saudi Arabia, the UAE, Qatar and Turkey have all made significant investment commitments to Syria in recent months.

In August, the Syrian government announced a $14 billion investment deal that included a $4 billion commitment from Qatar's UCC Holding for Damascus's airport, a $2 billion metro project with support from the UAE and a package of investment and partnership deals with Saudi Arabia valued at $6.4 billion.

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Syria has also signed a $7 billion energy deal with a Qatar-led consortium to boost the country's power supply, an $800 million deal with the UAE's DP World to develop the port of Tartus, and an agreement with Saudi Arabia to boost and protect bilateral investments.

The Syrian Finance Minister also said the country is working with the US Treasury and IMF on a one-year compliance strategy to tackle money-laundering and terrorism-finance concerns, although he did not elaborate on the plan's outline.

Mr Barnieh, a member of the Syrian transitional government set up earlier this year by President Ahmad Al Shara, said the country “cannot move ahead” without support from the IMF and other international financial institutions.

He added the country needs capacity building, technology, knowledge transfer and the institutions' expertise. His remarks echoed that of Syrian Economy Minister Mohammed Al Shaar, who said the country lacks the knowledge and expertise to address the major reforms needed to rebuild its institutions.

“We've been distant, unfortunately, for the last 60 years, specifically the last 15 years, from the whole world. We lost technological advancements. We lost human, social advancements. We were completely deprived of everything,” he said during a think tank event on Tuesday.

IMF managing director Kristalina Georgieva said the fund was working closely to help rebuild the central bank and other institutions to be an anchor of stability.

“We have defined a programme of work that includes identifying capacity development needs and delivering support for Syria on an accelerated basis,” she said, speaking alongside Mr Al Jadaan, adding that the World Bank also remains firmly engaged with Damascus.

The IMF has re-engaged with Syria since the formation of the new government this year, sending a mission to Damascus in June for the first time since 2009.

“The [Syrian] minister invited me to go, and I said … let's get to that point in which we have achieved this institutional building and, at that time, I will be happy to come,” Ms Georgieva said.