Saudi Arabia and Qatar have jointly agreed to cover Syria’s arrears of $15 million with the World Bank.
“This commitment will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than fourteen years,” Saudi Arabia’s finance ministry said in a statement, according to UAE state news agency Wam.
It will also unlock Syria’s access to financial support in the near term “for the development of critical sectors”, while providing technical assistance for “institutional rebuilding, capacity development, and policy formulation and reform”, the ministry said.
In February, the United Nations Development Programme said it is seeking to deliver $1.3 billion over three years to support war-ravaged Syria, including by rebuilding infrastructure and backing digital startups.
Syria has suffered from 14 years of conflict that ended when former leader Bashar Al-Assad was ousted by a rebel offensive in December and fled the country.
Investing in Syria is a “global public good”, Abdallah Dardari, UNDP’s assistant secretary general told Reuters at the time.
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