Fund established by Syria for financing post-conflict reconstruction projects
On September 4, 2023, President Ahmad al-Sharaa announced the launch of the Syrian Development Fund, a vow to restore the war-ravaged nation and enhance the lives of its citizens following the collapse of the Bashar al-Assad's regime last December.
The focus of the Syrian Development Fund is to bring displaced Syrians back to their communities and restore farmland, as well as to heal the wounds of Syria and rebuild it. The fund is expected to be highly transparent, with all money spent on strategic projects disclosed.
The high-profile ceremony for the Syrian Development Fund took place at the Damascus Citadel. Four luxury cars from Assad's collection were auctioned, including a Mercedes SL 65 AMG and a Ferrari F50. These cars are being referred to as being "given back to the public."
The auction of these cars, announced in August 2023, generated an estimated worth of $20 million for the fund. This was just the beginning, as donations poured in from businessmen, corporate owners, and tribal sheikhs from Syria and other Arab countries.
Within minutes of the launch, donations exceeded $30 million. An hour later, the total had risen to $60 million. Numerous ministers made contributions to the fund during the ceremony.
President Ahmad al-Sharaa emphasized that the fund is not for charity, but a reminder of the duty of this moment. He stated that the ousted regime is responsible for the destruction of Syria's economy, plundering of money, destruction of homes, and displacement of its people. The Syrian Development Fund will be used to rebuild what was destroyed by the deposed regime.
A single family pledged $1 million to the Syrian Development Fund, joining the many others who have contributed to this important cause. The Syrian Development Fund is a significant step towards rebuilding Syria and providing a brighter future for its citizens.
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