According to a statement released by the Saudi Press Agency, Saudi Arabia and Qatar declared on Sunday that they will pay the World Bank around $15 million to settle Syria’s debt. Since long-time leader Bashar al-Assad was overthrown in December, both Gulf governments have been instrumental in diplomatic outreach to Syria’s new leaders.
In a joint statement, the finance ministries of the Kingdom of Saudi Arabia and the State of Qatar declared their intention to pay the World Bank Group about $15 million in unpaid Syria’s arrears. The 14-year conflict in Syria, which started with a brutal assault on pro-democracy demonstrations, has heavily damaged the country’s infrastructure.
Following the overthrow of Assad in December by Islamist-led rebels, Syria’s new administration has worked to mend diplomatic connections, particularly those with foreign financial institutions. At the start of the conflict, the World Bank halted its activities in Syria. It will be allowed to resume using the bank’s financial assistance and technical advice once its debts are settled.
The World Bank Group will be able to restart activities and support in Syria following a more than 14-year hiatus, thanks to this commitment,” the statement stated. Soon, it will also enable Syria to secure financial assistance for the development of vital industries. The affluent Gulf Arab nations are expected to be crucial in helping the Syrian government finance the restoration and economic revival of their war-torn country.
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