Syria, World Bank Discuss Tools to Support Syrian Economic Recoveryhttps://english.aawsat.com/business/5133217-syria-world-bank-discuss-tools-support-syrian-economic-recovery
Syria, World Bank Discuss Tools to Support Syrian Economic Recovery
People wait their turn in a queue outside an ATM in Damascus on April 16, 2025. (Photo by LOUAI BESHARA / AFP)
Members of the Syrian government and a delegation from the World Bank discussed in Damascus tools to support Syria's economic recovery, the Syrian foreign ministry said on Wednesday.
Sources told Reuters on Saturday that Syrian officials are planning to attend the annual spring meetings held by the International Monetary Fund and World Bank in Washington, D.C. this month, which would be the first such visit in at least two decades.
Syria has around $15 million in arrears to the World Bank which must be paid off before the international financial institution can approve grants and provide other forms of assistance.
But Damascus is short of foreign currency and a previous plan to pay off the debts using assets frozen abroad did not materialize, according to two people familiar with the matter.
A technical delegation from the World Bank met with Syria's Finance Minister Mohammed Yosr Bernieh on Monday, according to the Syrian state news agency Sana.
The meeting, which was the first public meeting between the Syrian government and the World Bank, included discussions on strengthening financial and economic ties between the two sides.
Bernieh also highlighted the negative effects of the international sanctions imposed on Syria and policies of the former regime on the country's financial and banking sector.
Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiativeshttps://english.aawsat.com/business/5165747-berlin-eyes-partnership-riyadh-expo-2030-climate-cooperation-hydrogen-initiatives
Berlin Eyes Partnership with Riyadh in Expo 2030, Climate Cooperation, Hydrogen Initiatives
Saudi and German flags fluttering - File Photo/Asharq Al-Awsat
A senior German official affirmed his country’s commitment to strengthening cooperation with Saudi Arabia across various fields, noting that bilateral trade relations continue to grow steadily, with trade volume reaching around 7 billion Euros.
Speaking to Asharq Al-Awsat, German Ambassador to Saudi Arabia Michael Kindsgrab said: “The sectors driving this growth—chemicals, machinery, and transport—reflect the strong industrial connections we share. These are areas where German expertise is making a real difference in Saudi Arabia’s development.”
He added: “Looking ahead, there is much to be excited about. Expo 2030 is an incredible opportunity for us to further deepen our collaboration, showcase the best of what both Saudi Arabia and Germany have to offer, and inspire future generations to continue building on this remarkable partnership.”
German Ambassador to Saudi Arabia Michael Kindsgrab - Asharq Al-Awsat
Renewable Energy
On climate cooperation, the official said: “As for climate cooperation, we have just launched a relevant study on the Saudi labor market in the renewable energy sector, which was reviewed by the National Labor Observatory and discussed with experts of KAPSARC, KaCare and PSU. This is a great example of our close and meaningful partnership, tackling the challenges of today with an eye on the future.”
Blossoming Relations
Kindsgrab noted that Saudi-German relations are truly blossoming, saying: "I am proud to see our partnership becoming deeper and stronger across so many areas. From a personal perspective, it is inspiring to witness the growing bonds between our two countries. These ties span a wide range of sectors, including energy, transport, architecture, health, education and culture—creating a solid foundation for the future.”
“One of the most exciting aspects of our cooperation is in the area of energy transition. German innovation is at the heart of NEOM’s green hydrogen projects, with Thyssenkrupp Nucera playing a key technological role in making the vision of decarbonization of industry a reality,” he affirmed.
“Beyond energy, we’re also seeing significant progress in transport, where Siemens’ delivery of metro wagons helped to shape the modern infrastructure of Saudi cities. And let’s not forget the impact of German architecture in megaprojects such as King Salman Park or the design of Expo 2030, which I believe will be a landmark event for both our countries, ” added Kindsgrab.
“In the health sector, the collaboration with Charité in Berlin is another example of how our nations are working together to improve lives.”
Accelerated Cultural Cooperation
“And now, I am particularly excited to see the acceleration of cultural cooperation, such as the recently launched museum initiative between the Saudi Museums Commission and the Prussian Cultural Heritage Foundation of Germany,” the German ambassador stressed.
“This cooperation emerged as part of our shared efforts to strengthen people-to-people ties and will play an enriching role for the cultural relations, as it includes a loan program for artworks, joint curatorship and training programs to support talent development,” he concluded.
