Syria's Debt Cleared: A New Era of Reconstruction and Support
The World Bank announced that Syria's $15.5 million debt has been cleared with payments from Saudi Arabia and Qatar. This development allows Syria to apply for new grants for reconstruction and budget support through the World Bank, marking a milestone for the nation.
- Country:
- United States
The World Bank has officially cleared Syria's outstanding debt of $15.5 million, following payments made by Saudi Arabia and Qatar. This crucial financial resolution enables Syria to qualify for new grant programs aimed at reconstruction and budget support, as confirmed by the World Bank.
The eligibility for these grants, however, remains subject to the World Bank's operational policies. The announcement followed the April declaration by Saudi Arabia and Qatar, which committed to covering Syria's arrears, facilitating this debt clearance.
As of May 12, Syria is reported to have no outstanding balances with the International Development Association, the World Bank's fund dedicated to supporting the world's poorest countries, marking a significant turning point in its economic recovery journey.
ALSO READ
-
World Bank Backs Tonga’s Push for Better Jobs and Business Growth With $15M Grant
-
Clean Energy’s $2 Trillion Funding Challenge Puts People and Nature in the Spotlight
-
World Bank Approves $110 Million to Rebuild Sri Lanka’s Cyclone-Hit Roads and Lives
-
Vienna’s Vegetable Garden Shows Why Local Voices Matter in Climate Adaptation Plans
-
World Bank’s $1.5 Billion Sustainable Development Bond Draws Strong Global Demand
Google News