Syria needs at least $1 trillion to rebuild its economy, the country’s Minister of Economy and Industry said, cautioning that the World Bank’s estimate of $400 billion is insufficient.

Axar.az reports, citing Al Arabiya, “We need at least $1 trillion to reconstruct and rebuild a new Syria,” Mohammad Nidal al-Shaar said.

His comments came on the sidelines of the Arab Media Summit in Dubai on Wednesday, according to reports from the UAE’s official press agency (WAM).

The minister said he anticipates a resurgence of diplomatic ties and investor confidence as Europe and the US lift sanctions on Syria.

“Very soon, you will see foreign embassies opening again in Syria,” he said. “We are now able to talk about the new Syria and to build new partnerships.”

Al-Shaar also said his country expects the return of Syrian funds held abroad. However, he cautioned that much of Syria’s foreign-held assets were retrieved by the previous regime, leaving only a small portion.

He said: “Right now, for us, any amount is important, whether it is $20 million or $100 million.”