Today's Edition
CAIRO (REUTERS)
Saudi Arabia and Qatar are to settle Syria's outstanding arrears of around $15 million to the World Bank, both countries said in a joint statement, paving the way for the approval of millions of dollars in grants for reconstruction and to support the country's paralysed public sector.
"The ministries of finance in the Kingdom of Saudi Arabia and the state of Qatar jointly announce their commitment to settle Syria's outstanding arrears to the World Bank Group, totalling around $15 million," the statement said.
"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," the statement added.
"It will also unlock Syria's access to financial support in the near term for the development of critical sectors."
Both countries also called on "international and regional financial institutions to promptly resume and expand their development engagement in Syria."
Syria has around $15 million in arrears to the World Bank which must be paid off before the international financial institution can approve grants and provide other forms of assistance.
