MBABANE:The World Bank says it will restart operations in Syria following a 14-year pause after the country cleared more than $15m of debt with financial backing from Saudi Arabia and Qatar, Aljazeera reported.
The United States-based institution announced on Friday that, Syria no longer has outstanding obligations to the International Development Association (IDA), itsfund dedicated to low-income countries.
But earlier this week, Saudi Arabia and Qatar paid off Syria’s outstanding debts of approximately $15.5m, paving the way for renewed engagement with international financial bodies.
“We are pleased that the clearance of Syria’s arrears will allow the World Bank Group to reengage with the country and address the development needs of the Syrian people. After years of conflict, Syria is on a path to recovery and development,” the bank said.
The bank is now preparing its first project in Syria, which will focus on improving electricity access-a key pillar for revitalising essential services like healthcare, education, and water supply.
On another note, United States President Donald Trump announced on Tuesday that Washington would begin lifting sanctions imposed on Syria, including measures under the Caesar Syria Civilian Protection Act.
On Wednesday, Trump met Syria’s President Ahmed al-Sharaa on the sidelines of the GCC summit in Riyadh, marking a historic breakthrough in relations between the countries and the first such meeting between the two nations’ leaders in 25 years.
Secretary of State Marco Rubio confirmed that waivers would be issued, easing restrictions on entities previously penalised for dealings with the now former administration of Bashar al-Assad, which was toppled in December.
A stage director looks on at the IMF/World Bank Annual Fall Meetings [File: Andrew Caballero-Reynolds/AFP]