Saudi Arabia and Qatar Agree to Pay Off Syria’s $15 Million World Bank Debt Amid Reconstruction Efforts
The agreement sets the stage for international support for Syria's reconstruction, while a Syrian delegation engages with global financial institutions to rebuild the country’s economy post-Assad.
Watan-In exclusive remarks, Syria’s Central Bank Governor, Abdel Qader Housriya, revealed that Saudi Arabia and Qatar have agreed to pay off Syria’s $15 million debt to the World Bank.
Speaking on the sidelines of the Spring Meetings of the International Monetary Fund (IMF) and World Bank in Washington, Housriya explained that Syria’s participation in these meetings marks the beginning of the country’s integration into the global financial system and the start of its economic transformation.
He added, “We have taken serious steps to reform Syria’s financial institutions to align with international financial standards, enhance transparency, and support sustainable development.”
Saudi Arabia and Qatar Commit to Settling Syria’s Debt, Paving the Way for Reconstruction Support
A few days ago, Reuters reported that Saudi Arabia was considering settling Syria’s $15 million debt to the World Bank, paving the way for approval of millions of dollars in grants for the country’s reconstruction and to support its struggling public sector. Observers believe that Gulf Arab support could open the door for Syria’s reconstruction, though U.S. sanctions remain an obstacle to Syria’s financial recovery efforts.
A Syrian official delegation, led by Finance Minister Mohammad Yasser Bernia, participated in the Spring Meetings of the IMF and World Bank for the first time in over two decades. This is part of a broader plan aimed at re-engaging Syria with the global financial system and starting the reconstruction process after the fall of Bashar al-Assad’s regime in December 2024.
Housriya revealed that during the meetings, international institutions and donors agreed to provide a $150 million grant for Syria’s energy sector. He also confirmed an agreement on a comprehensive work plan over the next two years, which includes programs supported by grants to reform the energy sector, enhance transparency, reform public institutions, strengthen financial markets infrastructure, and reform the banking sector. The goal is to begin a well-planned economic transition with international partners.
Housriya also confirmed that influential international financial actors have called for the lifting of international sanctions on Syria to aid in its reconstruction and help the government and people overcome the current difficult situation.
