Economic Update: Syria’s Membership Reactivated
On March 16, 2025, at the request of the Syrian government, the Council of Executive Directors of the Islamic Development Bank (IDB) made a significant decision to reactivate Syria’s membership in the bank. This follows Syria’s reinstatement in the Organization of Islamic Cooperation (OIC) on March 8, 2025, concluding a thirteen-year hiatus in membership.
The reactivation of Syria’s membership in the Islamic Development Bank Group marks a pivotal milestone. This step is poised to facilitate the bank’s support for Syria’s recovery efforts and reconstruction initiatives, thereby contributing meaningfully to the nation’s social and economic development.
Syria initially became a member of the Islamic Development Bank in September 1975. By the end of December 2024, the IDB had made substantial financial interventions in Syria, amounting to approximately $632 million. This funding included $415.5 million allocated specifically for various projects through the bank.
The IDB also extended support to the private sector, totaling around $68.5 million, along with $111.1 million from other bank group funds, and trade financing valued at $37 million. Additionally, the Islamic Investment and Export Credit Corporation facilitated insurance operations amounting to $277.5 million.
In a statement, the Islamic Development Bank Group reiterated its strong commitment to supporting Syria during this crucial period. The bank aims to aid in realizing the country’s economic recovery and advancing sustainable growth, ultimately benefiting the Syrian populace.
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