WB approves $100m grant to support Syria’s financial sector

The World Bank Board of Executive Directors has approved a $100 million grant from the International Development Association (IDA) to support Syria in building the foundations of a modern, secure, and digitally-enabled financial sector. 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, according to a WB statement.

The project will help make payments safer and more efficient, strengthen financial integrity, and lay critical groundwork to enable the financial sector to better serve households and businesses, added the statement.

Over its implementation period, the project aims to operationalise foundational financial sector systems, enable at least 15 million electronic retail payments annually, and support at least 500,000 people and businesses—including 150,000 women—in actively using digital payments through project-supported systems.

Governor of the Central Bank of Syria Mohamed Safwat Raslan said that 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.

Speaking to the Syrian Arab News Agency (SANA), Raslan added that the Central Bank will continue working to build an advanced financial sector that enhances confidence, drives economic growth, and contributes to re-integrating Syria into the global financial system.

WAM