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Saudi Arabia and Qatar clear Syria’s World Bank debt

By Pramod Kumar
Syrian President Ahmed Al-Sharaa meets with US President Donald Trump and Saudi Crown Prince Mohammed Bin Salman in Riyadh, Saudi Arabia on May 14 Saudi Press Agency/Handout via Reuters
Syrian President Ahmed Al-Sharaa meets with US President Donald Trump and Saudi Crown Prince Mohammed Bin Salman in Riyadh, Saudi Arabia on May 14

Saudi Arabia and Qatar have between them repaid the $15.5 million outstanding debt of Syria to the World Bank, the Washington-based multilateral has confirmed.

“As of May 12, 2025 there are no remaining outstanding balances on International Development Association (IDA) credits to Syria,” the Bank said in a statement.

The country will now be eligible to apply for new grants for reconstruction and budget support, the Bank said.

Saudi Arabia and Qatar pledged to clear the debt last month.

IDA, the World Bank Group’s fund for the poorest countries, provides zero or low-interest loans and grants to countries for projects and programmes to boost economic growth and improve the lives of poor people worldwide.

Syria is seeking to attract foreign investment to boost its struggling economy after US President Donald Trump announced plans to lift sanctions during a visit to Riyadh.

Trump said he made the decision after discussions with Saudi Crown Prince Mohammed bin Salman and Turkish President Tayyip Erdogan, whose governments both strongly supported the move.

This month Dubai’s DP World and the Syrian government signed a memorandum of understanding worth $800 million to develop Syria’s port of Tartous.

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