World Bank approves $100 million grant to modernize Syria’s financial sector

The World Bank's Board of Executive Directors has greenlit a $100 million grant from the International Development Association (IDA) to bolster Syria's financial sector. The initiative aims to establish the foundations for a modern, secure, and digitally-enabled financial system within the war-torn country.

The Syria Financial Sector Modernisation Project will fund investments designed to enhance the safety, speed, and transparency of financial transactions. It also seeks to create an environment conducive to improved access to financial services for both households and businesses, according to a World Bank statement.

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the World Bank's approval of the $100 million grant represents an important milestone in developing the country's financial and banking infrastructure, and an essential step toward building a modern financial sector aligned with international standards and best practices.

Key objectives include making payments more secure and efficient, reinforcing financial integrity, and laying crucial groundwork for the sector to better serve its users. Over the project's implementation period, it aims to operationalize foundational financial systems, facilitate at least 15 million electronic retail payments annually, and support at least 500,000 individuals and businesses, including 150,000 women, in actively using digital payment systems supported by the project.

Mohamed Safwat Raslan, Governor of the Central Bank of Syria, hailed the grant as a significant milestone for developing the nation's financial and banking infrastructure. He stated that it is an essential step toward building a modern financial sector that aligns with international standards and best practices. Raslan added that the Central Bank is committed to fostering an advanced financial sector that boosts confidence, stimulates economic growth, and aids in Syria's reintegration into the global financial system.

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The Syria Financial Sector Modernisation Project will support investments that will help make financial transactions safer, faster, and more transparent, while creating conditions for better access to financial services.