The World Bank on Friday said it would restart operations in Syria following a 14-year pause, after Saudi Arabia and Qatar had paid off the country's outstanding debts.
The Bank's operations in Syria were halted when the civil war broke out in 2011, preventing the country from accessing its development loans, grants, and technical expertise.
Following the ouster of former President Bashar al-Assad last year, the United States and other Western nations have re-engaged with the new government in Damascus, with many countries beginning the process of peeling back the sanctions.
Earlier this week, Saudi Arabia and Qatar paid off Syria's outstanding debts of around $15.5 million to the Washington-based institution, allowing operations to resume, the World Bank announced in a statement.
"After years of conflict, Syria is on a path to recovery and development," it said, adding that the first project with the new Syrian government would focus on improving access to electricity.
"The proposed project is the first step in a planned increase in World Bank Group support designed to confront Syria's urgent needs and invest in long-term development," the Bank said.
"This will help to stabilize the country and the region."
US President Donald Trump announced Tuesday he was lifting sanctions on Syria to offer it a chance for "greatness" after al-Assad's fall.
The US Treasury Department later said the move can "help rebuild Syria's economy, financial sector, and infrastructure and could put the country on a path to a bright, prosperous, and stable future."
An atrium is seen at the World Bank headquarters building during the IMF/World Bank annual meetings in Washington, US: FILE PHOTO/REUTERS
