Saudi Arabia and Qatar announced on Sunday that they will jointly settle Syria’s outstanding debt to the World Bank, totaling approximately $15 million, according to a statement released by the Saudi Press Agency.
The move marks a significant step in the ongoing regional efforts to reintegrate Syria into the international community following the ouster of longtime leader Bashar al-Assad in December.
“The Ministries of Finance in the Kingdom of Saudi Arabia and the State of Qatar jointly announce their commitment to settle Syria’s outstanding arrears to the World Bank Group,” the statement said.
The announcement follows Syria’s participation in the International Monetary Fund (IMF) and World Bank spring meetings last week — its first appearance at the global financial forums in more than two decades.
Syria’s re-engagement with international financial institutions comes amid efforts by its new leadership to rebuild a country devastated by 14 years of war, which erupted after a violent crackdown on pro-democracy protests.
The World Bank suspended its operations in Syria at the start of the conflict. Clearing the country’s arrears is expected to reopen access to much-needed financial assistance and technical support.
“This commitment will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than 14 years,” the joint statement said. “It will also unlock Syria’s access to financial support in the near term for the development of critical sectors.”
Syria’s new government is banking on the financial and political backing of wealthy Gulf nations to help reconstruct its shattered infrastructure and revive its struggling economy.
The $15 million payment signals growing Gulf Arab support for Damascus as regional powers reposition themselves amid shifting political dynamics in the Middle East.
AFP
