In a major step toward Syria’s economic reintegration, Saudi Arabia and Qatar have jointly pledged to settle the country’s outstanding $15 million debt to the World Bank, according to a statement released by the Saudi Press Agency.
The announcement marks a significant milestone in efforts to reverse Syria’s economic collapse following years of war and international isolation. The financial commitment comes amid growing Gulf-led diplomatic outreach to Syria’s new interim government, which took office after the ousting of President Bashar al-Assad in December 2024.
“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,” the statement read.
Resuming World Bank Support
This payment will enable the World Bank to resume financial and technical operations in Syria for the first time in over 20 years. The bank had suspended its activities after the outbreak of the Syrian civil war in 2011, when the Assad regime launched a brutal crackdown on pro-democracy protesters during the Arab Spring.
According to the joint statement, the debt settlement will “unlock Syria’s access to financial support in the near term for the development of critical sectors.”
The move follows Syria’s participation in the recent IMF and World Bank Spring Meetings—its first such appearance in more than two decades, which signals a growing willingness from the international financial community to reengage with Syria under its new leadership.
Gulf States Take the Lead
Both Riyadh and Doha have emerged as key players in backing Syria’s political transition and economic recovery. The support reflects a broader shift in regional priorities, as Gulf states emphasize stabilization, reconstruction, and regional integration.
The interim government, led by President Ahmed al-Sharaa, has expressed a strong commitment to dismantling the corrupt economic system that defined the Assad era. It has also called on international partners to help rebuild the country’s war-torn infrastructure and institutions.
International Implications
The financial support from Saudi Arabia and Qatar may serve as a catalyst for wider international engagement with Syria, even as Western sanctions remain in place.
Earlier this month, a senior UN official urged the international community not to delay support for Syria’s economic recovery while waiting for sanctions relief, noting the urgent need to restore basic services and rebuild livelihoods.
As Syria reopens its diplomatic and economic channels, the Gulf-led payment of its World Bank arrears stands as both a symbolic and practical turning point—potentially marking the beginning of a long road to recovery.
Source: Al- Jazeera