by Temitope Oladeji
15/4/2025
Saudi Arabia is preparing to pay off Syria’s outstanding debt to the World Bank, according to three sources familiar with the matter, in what would be a huge step towards unlocking critical international funding for reconstructing and revitalizing Syria’s crippled economy.
The initiative, which has not been previously reported, would be the first known instance of Saudi Arabia’s financial support for Syria since the fall of former President Bashar al-Assad last year at the hands of Islamist-led rebel forces.
The move signals the potential emergence of long-awaited Gulf Arab backing for Syria’s recovery, following years of uncertainty and hesitation, largely due to United States sanctions.
While the Saudi Ministry of Finance declined to confirm the plan, stating, “We do not comment on speculation, but make announcements, if and when they become official,” the development comes as regional momentum builds toward aiding Syria’s recovery.
Syria reportedly owes the World Bank approximately $15 million in arrears, a sum that must be cleared before the institution can approve grants or other assistance.
Sources said previous efforts to settle the debt using assets frozen abroad failed to materialize, leaving the country struggling amid a severe shortage of foreign currency.
The World Bank has been in several discussions about financing projects aimed at rebuilding Syria’s war-ravaged power grid and supporting the salaries of public sector employees.
A technical delegation from the World Bank met with Syrian Finance Minister Mohammed Yosr Bernieh on Monday, in what was the first publicly acknowledged engagement between the institution and the Syrian government.
According to Syria’s state news agency Sana, the meeting focused on strengthening financial and economic cooperation.
However, Bernieh emphasized the adverse impact of international sanctions and the fiscal mismanagement of the former regime on Syria’s economy and banking system.
In a related development, Qatar recently announced plans to supply Syria with gas via Jordan to help alleviate the country’s dire electricity shortage.
Prodesq News gathered that Damascus is preparing to send a high-level delegation to Washington for the upcoming World Bank and International Monetary Fund spring meetings.
The trip would be the first official Syrian visit to the United States since Assad’s ouster and is expected to further discussions on international cooperation and economic recovery.