Debt Cleared: Syria Set for Reconstruction with World Bank Aid

The World Bank announced on Friday that it has cleared Syria's $15.5 million outstanding debt. With financial backing from Saudi Arabia and Qatar, Syria is now eligible for reconstruction grants. This move comes after Saudi Arabia and Qatar agreed in April to settle Syria's dues with the multilateral development bank, unlocking new opportunities for financial aid, as long as it adheres to the bank's operational policies.

The announcement follows a surprising declaration by U.S. President Donald Trump to lift all sanctions on Syria, a nation in desperate need to rebuild following 13 years of civil war. The U.S. is expected to begin offering some form of sanctions relief shortly. As of May 12, Syria has cleared its arrears with the bank's fund for the poorest nations, according to the World Bank.

In its statement, the World Bank expressed optimism about re-engaging with Syria to tackle development challenges. Initial focus will be on enhancing access to electricity, vital for economic progress and essential services. This project is the start of a broader re-engagement as Syria aims for stability and development.

(With inputs from agencies.)