Saudi Arabia to pay off Syria’s World Bank debts, paving way for further funding

BEIRUT/AMMAN –

Saudi Arabia plans to pay off Syria’s debts to the World Bank, three people familiar with the matter have said, paving the way for the approval of millions of dollars in grants for reconstruction and to support the country’s paralyzed public sector.

The plans would be the first known instance of Saudi Arabia providing financing for Syria since Islamist-led rebels toppled former leader Bashar al-Assad last year. It may also be a sign that crucial Gulf Arab support for Syria is beginning to materialize after previous plans, including an initiative by Doha to fund salaries, were held up by uncertainty over U.S. sanctions. Last month, Qatar announced a plan to provide Syria with gas via Jordan to improve the nation’s meager electricity supply, a move that sources said had Washington’s nod of approval.

A spokesperson for the Saudi Ministry of Finance said, “We do not comment on speculation, but make announcements, if and when they become official.”

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