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    Residents inspect damages after an airstrike on the rebel held al-Maysar neighborhood in Aleppo, Syria, April 11, 2016.

    World Bank to Play Critical Role in Rebuilding Syria Despite Low Oil Prices

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    Middle East
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    World Bank Group President Jim Yong Kim said that bank will play an important role in rebuilding Syria.

    WASHINGTON (Sputnik) The World Bank will play an important role in rebuilding Syria due to the negative impact of low oil prices on the Gulf countries that would normally donate to reconstruction efforts, World Bank Group President Jim Yong Kim said at a press conference on Thursday.

    "This traditional group of donors is facing such [low oil price] difficulties. I think that’s another reason why the demand for World Bank services is at a record high, because we’re going to have to play a major role in that [Syrian] rebuilding effort," Kim said.

    The World Bank chief explained that the region’s oil-producing countries require high oil prices to maintain a financial balance in their own economies.

    "Many of the traditional donors in this region are going into fiscal deficit," due to the current low prices, Kim added.

    The estimates to rebuild Syria could be as high as $150 to $180 billion, the president said.

    Syria has been mired in civil war since 2011, with government forces loyal to Syrian President Bashar Assad fighting numerous opposition factions and extremist groups, such as the Daesh and the Nusra Front, both outlawed in Russia.


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