EU and Syria to hold investment forum in Damascus — The National
The European Union is seeking to strengthen investment ties with Syria through the Syria Partnership Coordination Forum, which will take place in Damascus next week. The event will be co-chaired by Syrian Foreign Minister Asaad al-Shibani and European Commissioner for the Mediterranean Dubravka Šuica, The National reports.
Preparations for a business conference
The forum is intended to lay the groundwork for a possible EU-Syria business conference in 2027. Participants do not plan to announce financial commitments: the meeting's main goal is coordination.
The European Investment Bank will be represented at the forum by Vice-President Gelsomina Vigliotti. This will mark the bank's first return to Syria in 15 years. Representatives of the EU, Gulf states, international development banks and UN agencies are also expected to attend the meeting.
The World Bank will present the recently established multi-donor START fund to support Syria's recovery and reconstruction.
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Recovery and foreign influence
The EU severed relations with Bashar al-Assad's regime in 2011 after the brutal suppression of protests that later escalated into a civil war. Al-Assad's removal by rebels in December 2024 opened the way for Syria to normalize relations with other countries.
An internal European External Action Service document reported by Reuters says that the EU wants to step up engagement with Syria, including to limit the influence of the Russian Federation, an aggressor state, and other foreign actors. The document states that Moscow's influence has diminished since al-Assad's removal, but its military presence and economic influence remain a matter of concern.
Reconstruction funding
Among the key challenges for Syria's reconstruction is establishing links between the country's banking sector and the West. Europe is assisting the Syrian central bank with reforms, but the process is progressing slowly, according to the publication.
The EU has already pledged €175 million to Syria for 2024-2025 and another €280 million for 2026-2027. The day after the forum in Damascus, a major business forum is due to take place in Aqaba, Jordan, with more than 100 companies from the EU and 300 European participants.
