Saudi Arabia and Qatar have pledged to settle Syria’s $15m World Bank debt, clearing a major obstacle to the country’s recovery.
The Gulf nations announced on Sunday that they would jointly pay Syria’s outstanding $15 million debt to the World Bank, describing the move as a step towards supporting the country’s recovery and rebuilding efforts.
In a joint statement, the two nations said that clearing Syria’s arrears would immediately unlock access to World Bank development funds. They stressed that the repayment would also allow Syria to benefit from technical assistance, helping the country rebuild critical sectors shattered by years of conflict.
“This step will contribute to strengthening Syria’s capacity for reform, development, and economic growth,” the statement read. “It will also aid in the reconstruction of institutions, enhance policymaking capabilities, and promote stability in the region.”
The governments of Saudi Arabia and Qatar called on international and regional financial institutions to accelerate their development work inside Syria. They urged organisations to combine their efforts and focus on projects that serve the aspirations of the Syrian people for a future of peace and prosperity.
Damascus welcomed the move warmly, describing it as a “brotherly” act that would help alleviate economic pressures facing the Syrian population.
“The Syrian government extends its deep thanks and appreciation to Qatar and the Kingdom of Saudi Arabia for this generous initiative to settle Syria’s arrears,” the Syrian Foreign Ministry said in a statement.
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The ministry added that joint Arab cooperation remained the most effective way to overcome the challenges facing the region.
It said that Syria looked forward to building stronger ties with its Arab brothers through genuine partnerships that prioritise development, stability and mutual respect.
The Syrian government also expressed hope that this initiative would encourage other Arab and international partners to increase their engagement with Damascus.
It said the support would create fresh opportunities to rebuild war-damaged infrastructure, revive key economic sectors, and enhance social welfare for ordinary Syrians.
Earlier this week, senior Syrian officials attended the International Monetary Fund and World Bank Spring Meetings in Washington, marking the country’s first participation in more than two decades. The meetings were seen as a symbolic step towards re-establishing Syria’s ties with global financial institutions after years of sanctions and isolation.
International Monetary Fund Managing Director Kristalina Georgieva said the IMF was prepared to assist Syria in rebuilding its institutions and reintegrating into the global economy. She noted that technical assistance, policy advice, and capacity development would be key areas of support in the initial stages.
The developments come amid significant political changes in Syria. Bashar al-Assad, who ruled Syria for nearly 25 years, fled to Russia in December, ending the Baath Party’s decades-long grip on power since 1963. Following his departure, a transitional administration was formed in January, dissolving the country’s constitution, armed factions, parliament and security services.
The transitional authority has pledged to embark on sweeping political and economic reforms aimed at restoring stability, promoting national unity, and rebuilding the country’s devastated economy.
Observers say the settlement of Syria’s World Bank debt by Saudi Arabia and Qatar may mark the beginning of a broader Arab-led effort to reintegrate Syria into regional and international frameworks, provided that reforms continue to move forward.
