JPMorgan Chase, alongside Gulf-based financial institutions, is participating in a $7 billion loan package for Syria’s reconstruction, according to Al Jazeera, citing Bloomberg. The operation underscores the country’s gradual reintegration into global financial markets following the fall of Bashar al-Assad in December 2024.

The financing brings together JPMorgan, Qatar National Bank (QNB), and Abu Dhabi Commercial Bank (ADCB) in a deal structured for a consortium led by Power International Holding, a Qatari conglomerate linked to the Al-Khayyat family of Syrian origin.

The five-year facility is expected to be guaranteed by QNB, itself backed by the Qatar Investment Authority, one of the region’s largest sovereign wealth funds. It would reportedly be fully drawn at closing.

The funds are intended to support strategic infrastructure projects, particularly in energy and transport, including an airport development, seen as essential for reviving the war-damaged economy. Syria, home to around 26 million people, is seeking foreign investment after more than a decade of conflict.

Since the political transition, Syrian authorities have been working to re-enter international financial markets, supported by a gradual easing of US and European sanctions.

The deal also highlights the expanding role of Power International Holding via its subsidiary UCC Holding, as Gulf investors increasingly compete for infrastructure contracts in Syria. In February, the World Bank estimated reconstruction needs at around $216 billion, roughly ten times Syria’s current annual GDP.

Sources: Al Jazeera (citing Bloomberg), Bloomberg, World Bank.