Saudi Minister of Finance: We are putting the final touches on many investments economy

Saudi Finance Minister Mohammed Al-Jadaan said yesterday, Friday, that the international community stands with Syria, and that many investments are currently being finalized, after the overthrow of President Bashar al-Assad last December.

Al-Jadaan, who chairs the International Monetary Fund’s steering committee, stressed to reporters that it is the duty of the international community to provide support to Syria after decades of isolation.

Al-Jadaan – who is visiting Washington to attend the annual meetings of the International Monetary Fund and the World Bank this week – added, “We stand by Syria. We believe that they are serious about their work and sincere in their efforts to do what is right for their people.”

He pointed out that the lifting of sanctions by the United States and the European Union helped pave the way for private sector investments.

He continued, “I can say that many investments are now heading in this direction…and from my personal knowledge, I know that many of these investments are already being finalized.”

For her part, Director General of the International Monetary Fund, Kristalina Georgieva, confirmed that the Fund is working closely with the Syrian authorities and the World Bank to help build vital institutions, such as the Central Bank, that will contribute to consolidating development and growth.

She added, “We are now cooperating closely with Syria, and a team from the International Monetary Fund has already visited Damascus to discuss the issue of strengthening the central bank’s ability to perform the necessary tasks and be a pillar of stability.”

A team from the International Monetary Fund visited Syria last June for the first time since 2009 to assess the country’s economic and financial conditions.

Georgieva said that the Syrian Minister of Finance invited her to visit the country, expressing her happiness to travel there once the “institutional building” that is currently being worked on is completed.

Necessary repairs

Last Wednesday, Syrian Finance Minister Muhammad Yusser Barneyah confirmed, during his participation in the annual meetings of the International Monetary Fund and the World Bank in Washington, that his country would not wait for help from international financial institutions to implement the necessary reforms.

Bernieh said, “We need the World Bank and the International Monetary Fund. They play a key role, and without them it is difficult for us to move forward, but if they delay too much, we will continue to work without them.”

The day before yesterday, Thursday, the Minister of Finance discussed with Riccardo Poletti, Vice President of the International Finance Corporation (IFC), which specializes in financing the private sector, the institution’s role in encouraging private investment in Syria, according to the Syrian SANA Agency.

Bernieh indicated that the Foundation will consider participating in financing giant energy and infrastructure projects in Syria, while there is communication from a number of investors wishing to invest in them.

The two sides discussed the corporation’s participation in supporting investment in the financial sector, and Bernieh stressed that the return of the International Finance Corporation’s investments and financing to Syria will have a significant impact in encouraging investment.