UN estimates that Syria requires around USD400 billion for reconstruction

(MENAFN) The United Nations has estimated that Syria requires around $400 billion for reconstruction, based on field studies and assessments from specialized committees. Experts predict that the Syrian government will rely on domestic revenue sources and international financial support from donor countries to fund the reconstruction process. Natural resources play a crucial role in Syria’s economy and could help drive reconstruction. Oil, one of the country’s most important resources, holds vast potential but faces significant challenges. Syrian oil reserves, estimated at 2.5 billion barrels, are under the control of the Syrian Democratic Forces, and the sector is hampered by international sanctions. Additionally, oil production infrastructure needs rebuilding, which requires international cooperation.

Another key source of income is phosphate, with reserves estimated at 1.8 billion tons. Syria produces 3.5 million tons annually, making it one of the top producers globally. The export value of phosphate ranges from $250 to $300 million per year. Syria’s strategic geographical location also presents opportunities for financial growth. Positioned at the crossroads of Asia and Europe, Syria can play a significant role in international trade routes, particularly through the Indo-Middle East European Road project and the Silk Road, generating income from transit traffic between Turkey, the Arab Gulf, and Europe.

Frozen state assets in international banks also represent potential revenue, though accessing these funds is difficult. Syrian state funds in Lebanese and Swiss banks, estimated at between $40-60 billion and $112 million respectively, remain inaccessible due to international sanctions and technical restrictions. Legal efforts to unlock these funds will be essential for reconstruction. Lastly, Syrian expatriates investing abroad, particularly in the Arab Gulf, Turkey, Egypt, and the EU, represent another potential source of funding. Encouraging these investors to repatriate their investments could provide much-needed capital for reconstruction, with incentives and tax exemptions serving as an effective strategy to attract them.

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