The World Bank announced Friday that its Board of Executive Directors approved a $100 million grant from the International Development Association (IDA) to support Syria in building the foundations for a modern, secure, and digitally enabled financial sector.
اضافة اعلان
In a statement published on its official website, the Bank stated that the "Syria Financial Sector Modernization Project" will support investments aimed at making financial transactions safer, faster, and more transparent, while creating conditions to improve access to financial services.
It explained that Syria's financial sector continues to face challenges and obstacles, including a heavy reliance on cash with minimal financial intermediation, as well as an outdated digital payment infrastructure. These factors result in high transaction costs, hinder access to finance, and limit Syria's reconnection to international financial channels essential for trade and investment.
Supporting financial infrastructure modernization and banking sector rehabilitation
The statement emphasized that a functional financial sector is vital for recovery, as it enables the disbursement of wages, pensions, remittances, and commercial transactions, facilitates trade and investment, ensures the safe and transparent delivery of humanitarian and development assistance, and improves public revenue collection and government payments.
The World Bank confirmed that the Syria Financial Sector Modernization Project will support the modernization of core financial infrastructure, the rehabilitation of the banking sector, and efforts to strengthen supervision, financial stability, and integrity.
It will also enhance the operational capacity of the Central Bank of Syria and finance payment and financial market infrastructure, as well as the IT environment—including credit infrastructure—necessary for safe, efficient, and transparent financial flows throughout the economy.
The Bank noted that a modern financial system is essential for Syria's economic recovery and future development. The Financial Sector Modernization Project will help make payments safer and more efficient, strengthen financial integrity, and lay key foundations that enable the financial sector to better serve households and businesses.
Enhancing digital systems and expanding e-payment services
According to the World Bank, during its implementation period, the project aims to operationalize core financial sector systems, enable approximately 15 million individual electronic payment transactions annually, and support around 500,000 individuals and businesses—including 150,000 women—in effectively using digital payments through the systems supported by the project.
It pointed out that the project-supported investments and reforms will enhance the financial sector's capacity to support economic activity, trade, and investment, while facilitating access to finance and financial inclusion.
Yesterday, Qutaiba Qadish, Director of International Cooperation at the Ministry of Foreign Affairs and Expatriates, met with Dalia Khalifa, the new World Bank Director for the Middle East, to discuss the Bank's projects in Syria and prospects for developing cooperation to support service institutions and sectors.
On August 2, 2026, Syrian Minister of Finance Mohammad Yasser Barnieh announced a new milestone in Syria's economic reform path, represented by the World Bank's acknowledgment of Syria's successful reforms for the current year and an increase in grant allocations for the coming year.
It is worth noting that in June of last year, the World Bank approved a $146 million grant to improve electricity supply and support economic recovery in Syria.
