Saudi Arabia and Qatar to Pay Off Syria’s Debt to the World Bank

It also opens the door to activating cooperation with international institutions to serve the issues of recovery and reconstruction,

the Foreign Ministry said in a statement

There was broad recognition of the urgent challenges facing the Syrian economy and a collective commitment to support the authorities’ efforts for recovery and development,

the statement added

It will also unlock Syria’s access to financial support in the near term for the development of critical sectors, as well as technical assistance that will contribute to institutional rebuilding, capacity development, and policy formulation and reform to drive development,

the statement said

Joint Arab cooperation is the best way to address the current challenges.”

It said

This commitment will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than 14 years,

the Saudi statement said

The ministries of finance in the kingdom of Saudi Arabia and the state of Qatar jointly announce their commitment to settle Syria’s outstanding arrears to the World Bank Group, totalling around $15 million,

the statement said on Sunday