Saudi Arabia and Qatar have agreed to settle Syria’s outstanding debt of around $15 million to the World Bank, according to a joint statement from the Gulf states published by the Saudi Press Agency (SPA). The announcement comes as Damascus reenters the global financial fold after 13 years of civil war and international sanctions that have crippled its economy.

What happened: The statement, issued Sunday, said that the two Gulf countries had committed to settling the debt. 

“This commitment will pave the way for the World Bank Group to resume support and operations in Syria after a suspension of more than 14 years. It will also unlock Syria’s access to financial support in the near term for the development of critical sectors, as well as technical assistance that will contribute to institutional rebuilding, capacity development, and policy formulation and reform to drive development,” the statement added.

The Saudis and Qataris called on international and regional financial institutions “to promptly resume and expand their development engagement” in Syria, to boost efforts to improve the lives of the Syrian people, and contribute to the broader stability of the region.