Saudi Arabia And Qatar Clear Syria’s World Bank Debt To Aid Economic Recovery

Saudi Arabia and Qatar have jointly clarified their decision to clear Syria’s overdue debt to the World Bank, totaling approximately $15 million, according to an official statement released by the Saudi Press Agency.

The initiative, they explained, aims to assist Syria’s fragile economy in recovering after years of devastating conflict. Both Gulf nations have increasingly engaged with Syria’s newly established interim government following the overthrow of longtime president Bashar al-Assad in December.

The ministries of finance from both Saudi Arabia and Qatar confirmed their collaborative effort to resolve Syria’s outstanding financial obligations to the World Bank Group.

“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, totaling around $15 million,” the joint statement emphasized on Sunday.

The announcement came shortly after Syrian officials, including the central bank governor and finance minister, attended the International Monetary Fund (IMF) and World Bank spring meetings for the first time in over two decades — a significant diplomatic milestone.

The World Bank had previously halted its operations in Syria following the outbreak of civil unrest during the Arab Spring protests in 2011. The country’s conflict spiraled into a prolonged war, isolating it from much-needed international financial assistance.

By addressing Syria’s arrears, Saudi Arabia and Qatar are facilitating the country’s re-engagement with the World Bank. This move will enable Syria to access financial assistance and technical expertise vital for rebuilding critical sectors, including healthcare, education, and infrastructure.

According to the Saudi Press Agency, “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. It will also unlock Syria’s access to financial support in the near term for the development of critical sectors.”

LMSINT MEDIA earlier reported that President Bashar al-Assad was overthrown last December during a swift campaign led by the opposition group Hay’at Tahrir al-Sham, marking a turning point in Syria’s political landscape.

The settlement of Syria’s World Bank debt marks a crucial step towards the country’s economic reintegration and reconstruction efforts, backed by strong regional support.