Saudi Arabia Plans to Pay Off Syria’s $15 Million Debt to the World Bank
Saudi Arabia is reportedly planning to pay off Syria’s debts to the World Bank, potentially enabling the approval of millions of dollars in grants aimed at reconstruction and supporting the country’s struggling public sector, according to a Reuters report.
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First Known Instance of Saudi Financing for Syria
This initiative, which has not been previously disclosed, would mark the first known instance of Saudi Arabia providing financial support to Syria since the ousting of former president Bashar Al Assad by rebel forces last year.
It signals a significant shift in Gulf Arab support for Syria, which has been largely absent amid uncertainty over US sanctions.
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Context of Gulf Support
Last month, Qatar announced a plan to supply Syria with gas through Jordan to help improve the country’s inadequate electricity supply.
Earlier plans, including an initiative to fund salaries, faced delays due to concerns over sanctions.
Financial Details
Syria reportedly owes about $15 million in arrears to the World Bank, which must be settled before the institution can approve grants or provide other forms of assistance.
However, the Syrian government is currently short on foreign currency, and a previous plan to address these debts using frozen assets abroad did not come to fruition.
Potential for Reconstruction Funding
World Bank officials have discussed options for financing the reconstruction of Syria’s power grid, which has suffered significant damage during the years of civil war, as well as supporting public sector salaries.
Upcoming High-Level Delegation
Syria is set to send a high-level delegation to Washington for the annual spring meetings of the World Bank and IMF later this month.
This visit will be the first by Syrian officials to the US since the overthrow of Mr. Al Assad. It remains unclear whether the delegation will meet with any US officials.
Despite the potential thaw in relations, tough US sanctions imposed during the Assad regime continue to be in effect.
In January, the US granted a six-month exemption for certain sanctions to facilitate humanitarian aid, but its impact has been limited.
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Gulf Trick
