Gulf benefactor possibly to resolve some of Syria’s foreign debt

(MENAFN) Saudi Arabia is reportedly considering covering Syria’s outstanding debt to the World Bank, a step that could open the door for international funding aimed at rebuilding the war-ravaged nation, according to a Reuters report on Monday.

Following a major power shift late last year, the jihadist group Hayat Tahrir al-Sham (HTS) seized control of Damascus and removed long-standing President Bashar Assad. HTS leader Ahmed al-Sharaa assumed the presidency and established a transitional government in March.

Syria currently owes $15 million in arrears to the World Bank, which must be paid off before the institution can provide grants or other financial support. However, ongoing US sanctions against Syria continue to complicate international financial transactions.

Al-Sharaa visited Saudi Arabia in February, marking his first official trip abroad since taking office. While sources told Reuters that Riyadh is considering paying off Syria’s debt, a Saudi Finance Ministry official declined to confirm those plans.

World Bank officials have reportedly discussed potential funding for rebuilding Syria’s power infrastructure and supporting government wages. According to the Peterson Institute for International Economics, Syria’s total reconstruction bill could exceed $250 billion.

Russia has maintained ties with Syria’s new administration despite offering asylum to Assad after his ousting. Russian President Vladimir Putin reaffirmed Moscow’s commitment in February to assist with humanitarian aid and rebuilding efforts in Syria. Damascus has indicated it wants to preserve strong relations with Moscow.

Although Assad is no longer in power, US sanctions imposed since 2004 remain in effect, continuing to hinder Syria’s access to international assistance.

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