The EU is aiming to bolster investment ties with Syria, at a major forum in Damascus next week, as part of a wider effort to help stabilise the country and curb the influence of Iran and Russia, allies of the former Assad regime.
Europe is putting in "serious work and funding into rebuilding Syria", an EU official told The National.
"If Syria can develop its own prosperity and security and project that to the neighbourhood, we, as the EU, as well as the broader region, have a lot to gain."
Syrian Foreign Minister Asaad Al Shibani and EU Commissioner for the Mediterranean Dubravka Suica will on Tuesday co-chair the Syria Partnership Co-ordination Forum.
The event is aimed at laying the groundwork for a possible EU-Syria business conference in 2027. There will be no pledges, the primary objective being to build co-ordination.
It will mark the return to Syria of the European Investment Bank, represented by vice-president Gelsomina Vigliotti, for the first time in 15 years.
Representatives of EU and Arabian Gulf states, as well as international development banks and UN agencies, will also attend, The National understands.
The World Bank will present the recently unveiled START trust fund, a multi-donor fund supporting recovery and reconstruction in Syria.
'Malign influence'
The EU broke ties with Bashar Al Assad's regime in 2011 over its brutal crackdown on protests that later morphed into a civil war. Al Assad's ousting by rebels in December 2024 paved the way for the country to normalise relations with the rest of the world. Neighbouring Turkey as well as the Gulf states have moved quickly to support the country's new rulers as Moscow's and Tehran's footholds have weakened.
An internal document prepared by the EU's diplomatic service, the EEAS, before next week's forum in Damascus, said the bloc was seeking to step up its engagement with the country to limit "the malign influence of Russian and other foreign actors on Syria", Reuters reported.
The document said Moscow's influence had diminished post-Assad, but its continued military presence and economic leverage remained a concern.
The Kremlin has been trying to secure a new deal with the current authorities to preserve access to the Tartus naval base and Hmeimim air base, assets that underpin its military reach in the region.
The EEAS also recognised that "challenges remain high and accelerated progress is needed" on issues such as economic recovery, national reconciliation, and the reintegration of internally displaced people and refugees.
Among the biggest challenges faced by Syria today in order to finance its reconstruction is the issue of connecting its banking sector to the West.
Europe has been assisting the Syrian central bank in carrying out reforms but progress has been slow. The first high level EU-Syria dialogue took place in May in the presence of Mr Al Shibani. The EU pledged €175 million for Syria in 2024-25 and €280 million for 2026-27.
Relations between Damascus and Washington have warmed in parallel. The US Caesar Act, which imposed sanctions against parties involved in construction in Syria, was lifted by Washington last year. In August, the US rescinded Syria's designation as a state sponsor of terrorism.
The Damascus forum comes as the EU boosts its presence in the region and one day before a major business forum in Aqaba, Jordan, which will be attended by more than 100 EU corporations and 300 European participants. Jordan is also viewed as a launchpad for Syria's reconstruction.
