Saudi Arabia and Qatar have agreed to settle Syria’s $1.2 billion debt to the World Bank. This announcement was made by Saudi Arabia’s Finance Minister Mohammed Al-Jadaan during the annual session of the International Monetary Fund (IMF) and World Bank in Washington. According to him, the decision was made after consultations with international financial institutions, reports the Baltimore Chronicle, citing Bloomberg.
In 2011, following the onset of the civil war in Syria, the World Bank suspended funding for projects in the country. The debt situation complicated the implementation of initiatives aimed at supporting the Syrian people, including infrastructure restoration and humanitarian aid projects. Representatives of financial institutions stated that settling the debt will help revitalize programs to support the Syrian economy and expand aid to affected regions.
Qatar joined the initiative at Saudi Arabia’s invitation. Qatar’s Finance Minister Ali bin Ahmed Al-Kuwari emphasized that the country seeks to support regional efforts to restore Syria, provided that international standards and humanitarian principles are followed. The exact contributions of each country have not been disclosed.
The decision to settle the debt is part of broader diplomatic efforts aimed at normalizing relations between Arab countries and Damascus. Amid growing ties with the Syrian government, several Arab states are advocating for Syria’s gradual return to regional organizations and financial projects.
Earlier we wrote that Syrian leader again refuses to shake hands with Baerbock.