Saudi Arabia and Qatar announced today that they will repay Syria's debt to the World Bank, which amounts to about $15 million, according to a joint statement carried by the Saudi news agency SPA.
"The Finance Ministries of Saudi Arabia and Qatar jointly announce their commitment to resolve Syria's debts to the World Bank, which amount to approximately $15 million," the statement said.
The announcement came days after the governor of the Syrian central bank and the Syrian finance minister participated in the spring meetings of the International Monetary Fund (IMF) and the World Bank (WB), for the first time in more than 12 years.
"This commitment will pave the way for the resumption of World Bank support and operations in Syria, after a suspension of more than 14 years," the statement added, adding that it would also allow Syria access to short-term financial support for the development of critical sectors.
Much of the country's infrastructure has been destroyed during nearly 14 years of war, sparked by ousted President Bashar al-Assad's repression of the population's pro-democracy aspirations.
Toppled from power in a lightning offensive by an Islamist coalition in December, Assad handed over power to a new government that is now working to restore Syria's international relations, long isolated during his rule.
The new authorities are also working to reconnect with international institutions to support the country's reconstruction, revive the economy, and secure the lifting of sanctions.
The World Bank suspended its operations in Syria at the start of the conflict.
Syrian authorities are counting on wealthy Persian Gulf states to help rebuild the country.
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