Latest news with #Saudi-Qatari
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
Saudi Arabia pledges reconstruction support for Syria as ties deepen
Saudi Gazette report DAMASCUS — Saudi Arabia's Foreign Minister Prince Faisal bin Farhan affirmed on Saturday from Damascus that the Kingdom will be at the forefront of nations supporting Syria's reconstruction and economic revival. Speaking alongside his Syrian counterpart, Asaad Al-Shibani, the minister also announced a joint Saudi-Qatari initiative to fund public sector salaries in Syria. 'Saudi Arabia will remain one of the leading countries standing beside Syria in its journey of reconstruction and economic revival,' Prince Faisal said during a joint press conference in Damascus. He confirmed that Riyadh and Doha will provide financial support for Syrian civil servants, signaling a new phase in bilateral cooperation. The visit follows U.S. President Donald Trump's recent announcement in Riyadh to lift economic sanctions on Syria, clearing the way for long-delayed economic recovery efforts after 14 years of devastating Faisal, who led a high-level Saudi economic delegation, met with Syrian President Ahmed Al-Sharaa and visited the Umayyad Mosque in Damascus alongside Al-Shibani, where the two performed foreign minister expressed gratitude for the Kingdom's role in lobbying for the lifting of U.S. sanctions, calling it 'instrumental in opening the door to economic normalization.'Al-Shibani confirmed that the two countries are entering a 'strong phase of joint investment and economic cooperation,' including infrastructure rebuilding, agricultural revival, and job part of the growing economic engagement, Saudi investors are expected to visit Damascus soon, with discussions underway on potential trade, investment, and development a significant financial gesture, Saudi Arabia and Qatar have also jointly cleared Syria's outstanding $15 million debt to the World is banking on this renewed regional backing to launch its economic recovery, following a war that killed over half a million people and crippled its to a February report by the United Nations, the cumulative GDP losses due to the conflict are estimated at $800 sanctions, imposed largely in response to the former Assad regime's crackdown on peaceful protests in 2011, had severely restricted Syria's access to international markets and funding. With those restrictions now lifted, Syria is seeking to reintegrate into regional economic frameworks with help from Gulf partners.
Nahar Net
28-04-2025
- Business
- Nahar Net
Saudi Arabia and Qatar to pay back Syria's debt to the World Bank
by Naharnet Newsdesk 28 April 2025, 14:51 Saudi Arabia and Qatar said Sunday they will pay Syria's outstanding debt to the World Bank, a move likely to make the international institution resume its support to the war-torn country. A joint statement by the finance ministries of Saudi and Qatar said the decision to pay Syria's nearly $15 million debt to the World Bank was made during this month's meetings in Washington by the World Bank and IMF. Syria's Foreign Ministry thanked the two oil and gas-rich nations for paying the debt saying it opens the way for activating cooperation toward recovery and reconstruction after a 14-year conflict that killed half a million people and caused wide destruction in the country. Since the fall of Bashar Assad's government in early December, when insurgent groups led by the Islamist Hayat Tahrir al-Sham stormed his seat of power in Damascus, Saudi Arabia and Qatar have been main backers of the country's new leadership. The United Nations in 2017 estimated that it would cost at least $250 billion to rebuild Syria. Some experts now say that number could reach at least $400 billion. The joint Saudi-Qatari statement said the payment of Syria's loans will facilitate the resumption of World Bank support and activities in Syria that have been stalled for more than 14 years. The statement added that the loan payment will allow Syria to take allotments from the World Bank in the near future for "vital sectors." It did not elaborate. Syria's infrastructure suffered wide destruction during the conflict that broke out in March 2011. Last month, Qatar began supplying Syria with natural gas through Jordan to ease the long hours of electricity cuts that are common in much of the country. A main obstacle for development projects in Syria are Western sanctions that were imposed on the country more than a decade ago mainly targeting Assad's government and officials. The Trump administration has yet to formally recognize the new Syrian government led by president and HTS leader Ahmad al-Sharaa. HTS remains a U.S.-designated terrorist organization, and the sanctions imposed on Damascus under Assad remain in place. However, Washington has eased some restrictions. The U.S. Treasury in January issued a general license, lasting six months, that authorizes certain transactions with the Syrian government, including some energy sales and incidental transactions. The European Union, meanwhile, has begun to ease some energy and transport sanctions and banking restrictions against Syria, suspending measures targeting oil, gas and electricity as well as transport, including the aviation sector. The British government said Thursday it was lifting sanctions against a dozen Syrian entities, including government departments and media outlets.
Arab Times
28-04-2025
- Business
- Arab Times
Saudi Arabia and Qatar to pay back Syria's debt to the World Bank
BEIRUT, April 28, (AP): Saudi Arabia and Qatar said Sunday they will pay Syria's outstanding debt to the World Bank, a move likely to make the international institution resume its support to the war-torn country. A joint statement by the finance ministries of Saudi and Qatar said the decision to pay Syria's nearly $15 million debt to the World Bank was made during this month's meetings in Washington by the World Bank and IMF. Syria's Foreign Ministry thanked the two oil and gas-rich nations for paying the debt saying it opens the way for activating cooperation toward recovery and reconstruction after a 14-year conflict that killed half a million people and caused wide destruction in the country. Since the fall of Bashar Assad's government in early December, when insurgent groups led by the Islamist Hayat Tahrir al-Sham stormed his seat of power in Damascus, Saudi Arabia and Qatar have been main backers of the country's new leadership. The United Nations in 2017 estimated that it would cost at least $250 billion to rebuild Syria. Some experts now say that number could reach at least $400 billion. The joint Saudi-Qatari statement said the payment of Syria's loans will facilitate the resumption of World Bank support and activities in Syria that have been stalled for more than 14 years. The statement added that the loan payment will allow Syria to take allotments from the World Bank in the near future for "vital sectors.' It did not elaborate. Syria's infrastructure suffered wide destruction during the conflict that broke out in March 2011. Last month, Qatar began supplying Syria with natural gas through Jordan to ease the long hours of electricity cuts that are common in much of the country. A main obstacle for development projects in Syria are Western sanctions that were imposed on the country more than a decade ago mainly targeting Assad's government and officials. The Trump administration has yet to formally recognize the new Syrian government led by president and HTS leader Ahmad al-Sharaa. HTS remains a U.S.-designated terrorist organization, and the sanctions imposed on Damascus under Assad remain in place.
Yahoo
28-04-2025
- Business
- Yahoo
Saudi Arabia and Qatar to repay Syria's debts to the World Bank
Saudi Arabia and Qatar revealed on Sunday that they would be paying Syria's outstanding debt to the World Bank, a move likely to make the international institution resume its support to the war-torn country. A joint statement by the finance ministries of Saudi and Qatar said the decision to pay Syria's nearly $15 million (€13.2m) debt to the World Bank was made during this month's meetings in Washington by the World Bank and International Monetary Fund (IMF). Syria's Foreign Ministry thanked the two oil and gas-rich nations for paying the debt saying it opens the way for activating cooperation toward recovery and reconstruction after a 14-year conflict that killed half a million people and caused wide destruction in the country. Since the fall of Bashar Assad's government in early December, when insurgent groups led by the Islamist Hayat Tahrir al-Sham stormed his seat of power in Damascus, Saudi Arabia and Qatar have been the main backers of the country's new leadership. The United Nations in 2017 estimated that it would cost at least $250 billion (€220.4bn) to rebuild Syria. Some experts now say that number could reach at least $400bn (€352.6bn). The joint Saudi-Qatari statement said the payment of Syria's loans will facilitate the resumption of World Bank support and activities in Syria that have been stalled for more than 14 years. The statement added that the loan payment will allow Syria to take allotments from the World Bank in the near future for 'vital sectors.' It did not elaborate on which sectors these may be or when exactly the country might start taking these allotments. Syria's infrastructure suffered wide destruction during the conflict that broke out in March 2011. Last month, Qatar began supplying Syria with natural gas through Jordan to ease the long hours of electricity cuts that are common in much of the country. A main obstacle for development projects in Syria are Western sanctions that were imposed on the country more than a decade ago, mainly targeting Assad's government and officials. The Trump administration has yet to formally recognize the new Syrian government led by president and HTS leader Ahmad al-Sharaa. HTS remains a US-designated terrorist organization, and the sanctions imposed on Damascus under Assad remain in place. However, Washington has eased some restrictions. The US Treasury in January issued a general license, lasting six months, that authorises certain transactions with the Syrian government, including some energy sales and incidental transactions. The European Union, meanwhile, has begun to ease some energy and transport sanctions and banking restrictions against Syria, suspending measures targeting oil, gas and electricity as well as transport, including the aviation sector. The British government said Thursday it was lifting sanctions against a dozen Syrian entities, including government departments and media outlets. Sign in to access your portfolio
Asharq Al-Awsat
28-04-2025
- Business
- Asharq Al-Awsat
Riyadh, Doha to Pay Back Syria's Debt to World Bank
Saudi Arabia and Qatar said Sunday they will pay Syria's outstanding arrears of around $15 million to the World Bank. A joint statement by the finance ministries of Saudi Arabia and Qatar said the decision to pay Syria's debt to the World Bank was made during this month's meetings in Washington by the World Bank and IMF. Syria's Foreign Ministry thanked the two countries for paying the debt, saying it opens the way for activating cooperation toward recovery and reconstruction. The joint Saudi-Qatari statement said the payment of Syria's loans will facilitate the resumption of World Bank support and activities in Syria that have been stalled for more than 14 years. The statement added that the loan payment will allow Syria to take allotments from the World Bank in the near future for 'vital sectors.' Both countries also called on "international and regional financial institutions to promptly resume and expand their development engagement in Syria." In a reflection of Riyadh's continued support for Syria's stability and economic recovery, Saudi Finance Minister Mohammed AlJadaan has issued a joint statement with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, and Ajay Banga, President of the World Bank Group (WBG), saying 'priority will be given to efforts to meet the critical needs of the Syrian people, institutional rebuilding, capacity development, policy reforms, and the development of a national economic recovery strategy.' The statement that was issued on Thursday on the sidelines of the 2025WBG/IMF Spring Meetings in Washington, said the three sides co-hosted a high-level roundtable for Syria, bringing together the Syrian authorities, finance ministers and key stakeholders from multilateral and regional financial institutions, as well as economic and development partners. "Building on earlier discussions –including at the Paris Conference on Syria (February 13), the Al Ula roundtable on February 16, and Brussels IX conference (March 17)— this event provided a platform for the Syrian authorities to present their ongoing efforts to stabilize and rebuild their country, reduce poverty, and achieve long-term economic development,' said the statement.
