Since President Bashar al-Assad’s ouster in December, both Gulf countries have been instrumental in promoting diplomatic relations with Syria’s new interim government.
The Kingdom of Saudi Arabia and Qatar’s finance ministries jointly commit to paying roughly $15 million in outstanding arrears to the World Bank Group, according to a statement released on Sunday.
The statement was made just days after the first time in more than 20 years that Syria’s central bank governor and finance minister had attended the spring meetings of the International Monetary Fund and World Bank.
When the Syrian civil war broke out, operations at the World Bank had been suspended. It will be able to resume receiving bank technical assistance after its debt has been settled.
After being suspended for more than 14 years, the Saudi statement stated that “this commitment will allow the World Bank Group to resume support and operations in Syria.”
“It will also allow Syria to receive immediate financial support for the development of crucial sectors.”
Nearly 14 years of a ruinous civil war, which started with a brutal crackdown on pro-democracy protests during the Arab Spring in 2011, has destroyed a large portion of Syria’s infrastructure.
Syria’s new government has attempted to reestablish its diplomatic ties, including with international financial institutions, following Al-Assad’s ouster in a lightning attack by Islamist-led rebels in December.
The wealthy Gulf Arab states are a key player in funding Syria’s government’s reconstruction and revitalizing its economy.
The interim president, Ahmed al-Sharaa, wants to leave the corrupt system that presided over the al-Assad family’s control of key industries and gave al-Assad loyalists exclusive access to government contracts.
Source: Aljazeera
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