RIYADH, Saudi Arabia, Apr 27 (V7N)- Saudi Arabia and Qatar have jointly announced their commitment to settle Syria's outstanding debt to the World Bank, totaling approximately $15 million. The announcement was made on Sunday by the Saudi Press Agency.

Both Gulf states have been key players in the diplomatic outreach to Syria's new leadership following the removal of Bashar al-Assad in December.

The joint statement from the Saudi and Qatari finance ministries emphasized their commitment to clearing these arrears. This move comes shortly after Syria's central bank governor and finance minister attended the IMF and World Bank spring meetings for the first time in over two decades.

Syria's infrastructure has suffered extensive damage due to 14 years of conflict that began with a crackdown on pro-democracy protests. Following Assad's ouster in December by Islamist-led rebels, the new Syrian government has been working to rebuild diplomatic ties, including with international financial institutions.

The World Bank had suspended its operations in Syria at the onset of the war. The settlement of these arrears will enable Syria to regain access to the World Bank's financial support and technical advice.

The joint statement highlighted that this commitment "will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than 14 years." It is also expected to "unlock Syria's access to financial support in the near term for the development of critical sectors."

Syrian authorities are relying on the wealthy Gulf Arab states to play a crucial role in financing the reconstruction of their war-torn nation and revitalizing its economy.

END/WD/RH/