Saudi Arabia and Qatar Settle Syria’s Debts with the World Bank

The finance ministries of Saudi Arabia and Qatar announced the settlement of Syria’s outstanding debts with the World Bank Group, amounting to approximately $15 million. This step is part of the efforts to support the recovery of the Syrian economy.

In a joint statement, the ministries explained that this payment would enable the resumption of the World Bank’s activities and support for Syria, after a suspension of over fourteen years.

The statement further highlighted that this move would allow Syria to benefit from the financial allocations provided by the World Bank in the near future, aimed at supporting vital sectors, enhancing the technical assistance necessary for rebuilding institutions, developing capacities, and formulating and implementing the reforms needed to accelerate development.

In this context, both Saudi Arabia and Qatar called on international and regional financial institutions to expedite the resumption and expansion of their developmental work inside Syria. They emphasized the need for joint efforts to support the aspirations of the Syrian people in achieving a promising future, ensuring a dignified life, and contributing to the stability and prosperity of the region.

For its part, the Syrian Ministry of Foreign Affairs expressed gratitude to Saudi Arabia and Qatar for their support in settling the World Bank dues. The ministry stressed that Arab cooperation is the most effective way to face current challenges.

The foreign ministry also confirmed Syria’s openness to strengthening relations with both brotherly countries, moving towards effective partnerships that serve the interests of the peoples and consolidate stability in the region.