Riyadh:
Saudi Arabia and Qatar announced on Sunday that they would resolve Syrian debts totaling around $15 million, according to a statement released by Saudi media outlets.
Both Gulf countries have played a key role in diplomatic outreach to new Syrian rulers since the long-standing expulsion of Strongman Bashar al-Assad in December.
“The Kingdom of Saudi Arabia’s Treasury Ministry and Qatar have jointly announced their commitment to the World Bank Group to resolve Syria’s outstanding arrears, with a total of around $15 million,” the statement said.
The statement comes days after the Governor of Syria and the Minister of Finance in the Syrian Central Bank attended the IMF and World Bank spring meeting for the first time in more than 20 years.
Much of Syrian infrastructure was destroyed by a 14-year war.
Assad was exiled in December by a lightning strike by Muslim-led rebels, and the new Syrian government tried to rebuild the country’s diplomatic relations, including international financial institutions.
The World Bank halted operations in Syria when the war began. Delinquent settlements provide access to bank financial support and technical advice.
“This commitment will pave the way for the World Bank Group to resume support and operations in Syria after more than 14 years of suspension,” the statement said.
“We will also unlock access to Syria’s financial support in the short term for the development of critical sectors.”
Syrian authorities rely on wealthy Gulf Arab countries to fund the reconstruction of war-torn states and play a pivotal role in reviving their economies.
(Except for the headline, this story has not been edited by NDTV staff and is published by Syndicate Feed.)
