(MENAFN) Syria has been reinstated as eligible for financial assistance from the World Bank after Saudi Arabia and Qatar settled its overdue payment of USD15.5 million, the institution revealed on Friday.

This development marks a significant step for the country as it seeks to rebuild and reengage with global financial institutions.

The overdue amount was owed to the International Development Association (IDA), a World Bank branch focused on aiding the globe's most impoverished nations.

The debt was officially cleared on May 12, allowing Syria to qualify once again for new financial initiatives.

In its formal communication, the bank stated, "As of May 12, 2025, there are no remaining outstanding balances on IDA credits to the Syrian Arab Republic," and added that any forthcoming involvement would be "subject to compliance with applicable World Bank operational policies."

This financial breakthrough came in the wake of an announcement by United States Leader Donald Trump during the 2025 Saudi-US Investment Forum held in Riyadh.

Trump declared that he would lift the “brutal and crippling” sanctions the United States had imposed on Syria prior to the fall of its former government.

Following this announcement, Trump held a historic meeting with Syrian President Ahmed al-Sharaa in Saudi Arabia—the first direct engagement between American and Syrian heads of state in a quarter of a century.

This shift in international relations came after Bashar Assad, who ruled Syria for nearly a quarter-century, fled to Russia on December 8, 2024, effectively bringing an end to the Baath Party’s rule that had lasted since 1963.

MENAFN18052025000045017167ID1109562526