According to three persons with knowledge of the situation, Saudi Arabia intends to settle Syria’s World Bank obligations, opening the door for the approval of millions of dollars in grants for rebuilding and assistance for the nation’s paralyzed public sector.
Not previously disclosed, the intentions would be the first time Saudi Arabia has been known to finance Syria since rebels overthrew former leader Bashar Al Assad last year. It might also mean that vital Gulf Arab backing for Syria is starting to come to fruition after earlier measures, including as Doha’s proposal to pay wages, were stalled by concerns over US sanctions.
We do not comment on speculation, but make announcements, if and when they become official,” a Saudi Ministry of Finance representative told Reuters. A World Bank spokesman, the Saudi government’s communications office, or a Syrian government official did not immediately respond to requests for comment.
Syria owes the World Bank over $15 million, which must be settled before the global financial organization would award grants and offer other types of help. According to two persons familiar with the situation, however, Damascus lacks foreign cash, and a prior scheme to settle the bills using assets frozen outside did not work out.
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