World Bank: Syria's Rebuilding Needs USD 216 Billion, 10 Times 2024 GDP

Damascus, Oct 21 (AP) – An extensive assessment by the World Bank projects that Syria's reconstruction, following over ten years of civil unrest, will demand approximately USD 216 billion. This figure is nearly tenfold Syria's projected gross domestic product for 2024.

The Syrian civil war ignited in 2011, originating from widespread protests against President Bashar Assad's administration. The protests were violently suppressed, eventually evolving into a full-scale conflict, culminating in Assad's ousting last December due to a swift rebel advance.

The war inflicted widespread devastation, ravaging vast areas and crippling essential infrastructure, notably the electrical grid. The World Bank's analysis suggests restoration costs could range between USD 140 billion and USD 345 billion, their moderately cautious estimate being USD 216 billion.

Addressing infrastructure alone is forecasted at USD 82 billion, while residential and non-residential building damages are valued at USD 75 billion and USD 59 billion, respectively. Areas severely impacted, such as Aleppo province and the Damascus outskirts where intense conflicts occurred, will necessitate substantial investment, as per the report.

Jean-Christophe Carret, World Bank’s Middle East Director, expressed readiness to collaborate with the Syrian populace and global partners to facilitate recovery and reconstruction. “The ensuing challenges are formidable, but the World Bank remains committed to aiding Syria's resurgence,” he noted in a statement.

Despite reestablishing diplomatic relations with Western nations and securing multibillion-dollar investment agreements with Gulf states post-Assad’s removal, Syria continues grappling with severe financial hardships. Although the U.S. and European countries have alleviated numerous sanctions imposed during Assad's reign, on-the-ground effects remain minimal to date.

Additionally, reductions in international aid have exacerbated living conditions, with the United Nations reporting around 90% of Syria's population now endures poverty. (AP) SKS SKS

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