Washington: The World Bank has announced that it will restart its operations in Syria after a 14-year hiatus. This decision comes following the repayment of over $15 million in overdue loans by Saudi Arabia and Qatar on behalf of Syria.
On Friday, the World Bank declared that Syria is no longer in debt to its fund allocated for low-income countries. The Bank’s first project in Syria will focus on improving electricity transmission and access—an essential step to support basic services such as healthcare, education, and water supply.
This development follows U.S. President Donald Trump’s announcement on Tuesday that Washington would begin lifting sanctions imposed on Syria.
On Wednesday, President Trump met with Syrian President Ahmed Al-Sharrah in Riyadh during the GCC summit. This meeting marked a historic breakthrough in relations between the two countries, being the first such encounter between their leaders in 25 years.
