Saudi Arabia and Qatar to settle Syria’s $15M debt to the World Bank
Agreement aims to restore Syria’s access to international financial support and technical advice
DOHA, Qatar (MNTV) – In a significant move to help stabilize Syria’s economy, Saudi Arabia and Qatar have announced that they will settle the country’s $15 million debt to the World Bank, marking a crucial step in the recovery of a nation battered by years of conflict.
The announcement was made through a joint statement issued by the finance ministries of both Gulf states, confirming their commitment to pay off Syria’s outstanding arrears to the World Bank Group.
The decision comes after Syria’s central bank governor and finance minister attended the International Monetary Fund (IMF) and World Bank spring meetings in Washington for the first time in more than two decades, signaling a renewed push for international cooperation.
“Both the Kingdom of Saudi Arabia and the State of Qatar have committed to settling Syria’s outstanding arrears to the World Bank, totaling approximately $15 million,” the statement read.
This development follows years of strained relations due to the Syrian civil war that began in 2011.
The World Bank had suspended its operations in Syria after the conflict erupted, which led to a halt in financial support and technical advice to the war-torn country.
The settlement of Syria’s debt will pave the way for the World Bank to resume operations in the country after a 14-year hiatus, enabling Syria to access financial resources for critical development projects.
“This commitment will allow the World Bank Group to resume support and operations in Syria, unlocking vital financial support for key sectors,” the statement added.
This move also highlights the growing diplomatic engagement of Gulf Arab states in Syria’s reconstruction efforts following the ousting of Bashar al-Assad in December.
The new interim government, led by President Ahmed al-Sharaa, has been working to rebuild Syria’s diplomatic ties, including with international financial institutions, and to revive its war-ravaged infrastructure.
As part of its reconstruction plan, the interim government seeks to distance itself from the corruption that characterized the previous regime, aiming to create a more transparent system and open up opportunities for international investment in Syria’s recovery.
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