Latest news with #SyriaRoundtable
Gulf Insider
28-04-2025
- Business
- Gulf Insider
Saudi Arabia, Qatar Clear Syria's $15mn World Bank Debt
Saudi Arabia and Qatar have settled Syria's outstanding arrears to the World Bank Group, amounting to approximately $15 million, officials confirmed Sunday. The payment comes as part of broader efforts to revitalise the Syrian economy and follows discussions during the Syria Roundtable, held alongside the 2025 Spring Meetings of the World Bank and the International Monetary Fund. This financial intervention will allow the World Bank to resume operations in Syria after a 14-year suspension of activities, marking a significant shift in Syria's international financial relations. Syria's World Bank suspension ends as Saudi Arabia, Qatar pay outstanding arrears 'The payment will allow the World Bank to resume its support and activities in Syria after a 14-year hiatus. It will also enable Syria to receive new allocations to support urgent sectors, alongside technical assistance aimed at rebuilding institutions, strengthening capacity, and supporting policy development and reform to drive economic growth,' the Saudi Gazette reported. Both Gulf nations have called on international and regional financial institutions to 'quickly resume and expand development activities in Syria' and to 'unite efforts in supporting the Syrian people's aspirations for a stable and prosperous future,' the report said. The representatives emphasised that these efforts would contribute to regional stability and prosperity. Also read: Dubai's Arabian Travel Market (ATM) 2025 Begins on Monday Source Arabian Business
Arabian Business
27-04-2025
- Business
- Arabian Business
Saudi Arabia, Qatar clear Syria's $15mn World Bank debt: Report
Saudi Arabia and Qatar have settled Syria 's outstanding arrears to the World Bank Group, amounting to approximately $15 million, officials confirmed Sunday. The payment comes as part of broader efforts to revitalise the Syrian economy and follows discussions during the Syria Roundtable, held alongside the 2025 Spring Meetings of the World Bank and the International Monetary Fund. This financial intervention will allow the World Bank to resume operations in Syria after a 14-year suspension of activities, marking a significant shift in Syria's international financial relations. Syria's World Bank suspension ends as Saudi Arabia, Qatar pay outstanding arrears 'The payment will allow the World Bank to resume its support and activities in Syria after a 14-year hiatus. It will also enable Syria to receive new allocations to support urgent sectors, alongside technical assistance aimed at rebuilding institutions, strengthening capacity, and supporting policy development and reform to drive economic growth,' the Saudi Gazette reported. Both Gulf nations have called on international and regional financial institutions to 'quickly resume and expand development activities in Syria' and to 'unite efforts in supporting the Syrian people's aspirations for a stable and prosperous future,' the report said. The representatives emphasised that these efforts would contribute to regional stability and prosperity.
Saudi Gazette
27-04-2025
- Business
- Saudi Gazette
Saudi Arabia and Qatar pay $15 million to clear Syria's World Bank arrears
Saudi Gazette report RIYADH — Saudi Arabia and Qatar have jointly announced the payment of Syria's outstanding arrears to the World Bank Group, totaling approximately $15 million, as part of efforts to accelerate the recovery of the Syrian economy. The move follows discussions held during the Syria Roundtable on the sidelines of the 2025 Spring Meetings of the World Bank and the International Monetary Fund. The payment will allow the World Bank to resume its support and activities in Syria after a 14-year hiatus. It will also enable Syria to receive new allocations to support urgent sectors, alongside technical assistance aimed at rebuilding institutions, strengthening capacity, and supporting policy development and reform to drive economic growth. Saudi Arabia and Qatar called on international and regional financial institutions to quickly resume and expand development activities in Syria and to unite efforts in supporting the Syrian people's aspirations for a stable and prosperous future, contributing to regional stability and prosperity.
