Saudi Arabia Moving Towards Supporting Syria: A Plan to Repay World Bank Debts
April 14, 2025, 3:38 pm

Saudi Arabia Moving Towards Supporting Syria: A Plan to Repay World Bank Debts

السعودية تتجه نحو دعم سوريا

Three informed sources revealed that Saudi Arabia is formulating a plan to repay Syria's debts owed to the World Bank, which would pave the way for the approval of grants worth millions of dollars to support reconstruction efforts and bolster the struggling Syrian public sector.

This initiative marks the first of its kind proposed by Saudi Arabia since the overthrow of former President Bashar al-Assad last year by fighters led by Islamists. This development is seen as a sign of the commencement of important Gulf Arab support for Syria, following the stagnation of previous plans, including a Qatari initiative to fund salaries due to issues surrounding American sanctions.

Last month, Qatar announced a plan to supply Syria with gas via Jordan to improve the country’s limited electricity supplies, a move that received implicit approval from Washington, according to sources reported by Reuters.

A spokesperson for the Saudi Ministry of Finance confirmed to Reuters, stating: “We do not comment on speculation, but we make announcements when they become official.” The Saudi government’s media office, the World Bank spokesman, and any Syrian government officials did not provide immediate responses to requests for comment.

Syria currently faces debts amounting to approximately $15 million owed to the World Bank, and this amount must be paid before the bank can approve new aid or grants. Damascus is struggling with a severe shortage of foreign currency, and a previous plan to repay debts using frozen Syrian assets abroad has faltered, according to informed sources.

In the context of support, World Bank officials discussed the possibility of providing funding to help rebuild the country’s electricity network, which has been severely damaged due to years of war, as well as supporting public sector salaries.

According to Reuters, Syria will send a high-level delegation to Washington to participate in the World Bank and International Monetary Fund’s spring annual meetings this month, marking the first visit to the United States by state officials since the overthrow of Assad. However, it is unclear whether the Syrian delegation will meet with any U.S. officials.

The stringent American sanctions imposed during Assad's regime remain in place, and in January, the United States issued a six-month waiver from some sanctions to facilitate humanitarian aid, though the impact of this waiver has been limited.

Last month, Washington presented a list of conditions that Syria must fulfill in exchange for partial sanctions relief; however, the administration of President Donald Trump did not engage significantly with the new rulers in Syria.

This approach is partly attributed to differences within Washington regarding how to deal with Syria, with some stakeholders in the White House favoring a tougher stance, citing potential links of the new Syrian leadership to al-Qaeda as justification for maintaining communication within narrow limits, as reported by American diplomatic sources.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.