The Kingdom of Saudi Arabia is preparing to settle Syria's outstanding debts to the World Bank, according to insider sources, Reuters reported on April 14.

This financial intervention would clear the way for Syria to access millions in reconstruction grants and support for its struggling public sector, marking what appears to be the first Saudi financial assistance to Syria since Islamist forces removed Bashar al-Assad from power last year.

Syria currently owes approximately $15mn to the World Bank, a sum that must be cleared before the international institution can approve new funding. Syrian authorities have been unable to resolve this debt independently due to foreign currency shortages.

When approached for comment, a Saudi Ministry of Finance spokesperson stated: "We do not comment on speculation, but make announcements, if and when they become official."

The World Bank has been exploring options to fund rebuilding of Syria's war-damaged electrical infrastructure and provide public sector salary support, according to people familiar with the discussions.

A significant development occurred on April 14 when a World Bank technical team met with Syrian Finance Minister Mohammed Yosr Bernieh. During this first publicly acknowledged meeting between the parties, Bernieh discussed the impact of international sanctions and previous government policies on Syria's financial system.

Syrian officials are scheduled to travel to Washington for the upcoming World Bank and IMF spring meetings this month, representing the first official Syrian delegation to visit the US since Assad's fall.

The Saudi initiative follows Qatar's recent announcement of plans to supply Syria with natural gas via Jordan to address the country's severe electricity shortages.

US sanctions imposed during Assad's rule continue to complicate Syria's financial recovery, despite a six-month humanitarian exemption issued in January that has shown limited effectiveness.