Saudi Arabia and Qatar Resolve Syria's Arrears, Unlocking New Financial Aid

Saudi Arabia and Qatar have agreed to settle Syria's $15 million arrears to the World Bank. This move is expected to facilitate grants for Syria's reconstruction and support for its public sector, marking Saudi Arabia's first known financial involvement in Syria since the fall of Bashar al-Assad.

Saudi Arabia and Qatar have announced a joint agreement to settle Syria's outstanding arrears of approximately $15 million to the World Bank. This development is anticipated to trigger the disbursement of new grants aimed at reconstructing Syria and revitalizing its ailing public sector.

As reported first by Reuters, this financial pledge marks the first known instance of Saudi support since Islamist-led rebels ousted Bashar al-Assad last year. It highlights a potential onset of Gulf Arab nations backing Syria after earlier plans were stalled due to U.S. sanctions concerns.

In a shared statement, both countries emphasized that this commitment would enable the World Bank Group to reinitiate its assistance in Syria after a 14-year hiatus, unlocking crucial financial access for Syria's critical sectors. The call was extended to international financial bodies to expedite their developmental efforts in Syria.

(With inputs from agencies.)