In a major development for Syria’s battered economy, Saudi Arabia and Qatar announced on Sunday that they would jointly settle Syria’s outstanding $15 million debt to the World Bank, according to a statement carried by the Saudi Press Agency.
The move marks another milestone in the Gulf nations’ growing engagement with Syria’s new government following the ouster of longtime ruler Bashar al-Assad in December.
The joint statement from the Saudi and Qatari ministries of finance declared: “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.”
This announcement follows Syria’s attendance at the International Monetary Fund (IMF) and World Bank Spring Meetings — the country’s first participation in over two decades.
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Since the outbreak of Syria’s devastating conflict 14 years ago, which erupted after a brutal crackdown on pro-democracy protests, the nation has suffered massive infrastructure damage and financial isolation.
After Assad’s downfall in a rapid Islamist-led offensive last December, Syria’s transitional government has pushed to rebuild diplomatic and economic ties with international institutions.
The World Bank had suspended its operations in Syria at the start of the war. Settling the country’s arrears clears a critical hurdle for restoring access to much-needed financial support and technical assistance.
“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 statement emphasized.
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The resumption of World Bank activities is expected to unlock new financial lifelines for vital infrastructure projects across sectors such as healthcare, education, and energy — crucial for Syria’s reconstruction efforts.
Syria’s new leadership is relying heavily on the wealth of Gulf Arab nations to help finance its economic recovery and rebuild its war-torn nation. Both Saudi Arabia and Qatar are seen as pivotal players in mobilizing regional investment and international aid.
As the geopolitical landscape shifts, this financial move signals a deeper reintegration of Syria into regional and global institutions, offering a glimmer of hope for a country still grappling with the scars of prolonged conflict.
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