Syria and World Bank agree multi-donor trust fund for recovery

Syria and the World Bank announced on Sunday, 18 October 2026, that they had agreed to establish a multi-donor trust fund for the country's recovery and reconstruction, following Syria's participation in the IMF and World Bank annual meetings in Bangkok, Thailand, the National reported. The announcement came as Canadian Secretary of State (International Development) Randeep Sarai participated in the same 2026 Annual Meetings, according to Global Affairs Canada.

The Syria Recovery and Reconstruction Trust Fund, or “Start”, is intended to provide concessional financing, investment guarantees and technical assistance, while also building trust, according to the joint statement. It will help support the delivery of basic services, strengthen institutional capacities and expand economic opportunities. The statement said partners in the US, Europe and the Middle East expressed support for the initiative, but gave no individual donor contribution amounts.

Ousmane Dione, World Bank vice president for the Middle East, North Africa, Afghanistan and Pakistan, said the bank looked forward to working with all partners on a comprehensive and sustainable recovery path. The World Bank estimated in 2025 that Syria's reconstruction would cost about $216 billion, one of the most expensive rebuilding efforts in history. Infrastructure accounted for 48 per cent, or $52 billion, of total war damage, followed by residential buildings at $33 billion and non-residential buildings at $33 billion.

Norway has expressed interest in contributing to the trust fund, Sana reported. Qatar has offered financing for projects to rehabilitate Syria's electricity grids, water networks, public services and Damascus International Airport, separate from the trust fund. Some reconstruction pledges have already begun moving to implementation, including DP World's $800 million towards Tartus Port.

About 50 US companies, including Baker Hughes, Caterpillar and Visa, visited Syria last month to explore economic ties, weeks after the US delisted Syria as a state sponsor of terrorism, the National reported. Syria will also return to the Arab group at the IMF from 1 November, leaving the Russian-led group it joined in 2012, the Finance Ministry said on Telegram. The IMF has not held an Article IV consultation with Syria since 2009.

Syrian officials have attended the Bangkok meetings since the fall of Bashar Al Assad's regime in December 2024, the National reported. Damascus is continuing to rebuild after a civil war that lasted more than a decade and destroyed the country's infrastructure. Meanwhile, on the Canadian side, Sarai announced $130 million for five Indo-Pacific projects covering agriculture, entrepreneurship and financial institutions, according to Global Affairs Canada. The department also said the World Bank Group mobilised a record US$112 billion in fiscal year 2026, of which C$900 million came from Canadian companies and financial institutions.