The World Bank announced on Friday that Syria’s $15.5 million in outstanding debt has been cleared, thanks to payments from Saudi Arabia and Qatar. This move makes Syria eligible to apply for millions of dollars in grants for reconstruction and budget support.
In April, Saudi Arabia and Qatar pledged to cover Syria’s arrears with the World Bank, allowing the country to access new grant programs subject to the bank’s operational policies. This development follows U.S. President Donald Trump’s surprise announcement that he would lift all sanctions on Syria, a country struggling to rebuild after 13 years of civil war.
The United States is expected to start providing some sanctions relief in the coming weeks. As of May 12, Syria has cleared its outstanding balances with the International Development Association, the World Bank’s fund for the poorest countries.
The World Bank expressed its satisfaction with the clearance, stating, “We are pleased that the clearance of Syria’s arrears will allow the World Bank Group to re engage with the country and address the development needs of the Syrian people. After years of conflict, Syria is on a path to recovery and development.”
The bank plans to collaborate with other countries to mobilize public and private financing for programs that can help the Syrian people build better lives and stabilize the country and region. Its first project with Syria will focus on improving access to electricity, enabling economic progress and delivering essential services like healthcare, education, water, and livelihoods.
The World Bank added that this project is the first step in a planned increase in support designed to address Syria’s urgent needs and invest in long-term development, marking a significant step towards the country’s recovery.
