World Bank Approves $100 Million Grant to Modernize Syria’s Financial Sector

The World Bank announced that its Executive Board has approved a $100 million grant from the International Development Association (IDA) to support Syria in establishing a modern, secure, and digitally enabled financial sector.

This initiative—formally titled the Financial Sector Modernization Project—aims to strengthen the foundations for safe, efficient, and transparent financial transactions. According to a statement published on the Bank’s official website, the project will foster investments that enhance payment security, speed, and transparency while creating conditions to improve access to financial services.

Strategic Rationale for Sector Reform

The Bank emphasized that a modern financial system is essential for Syria’s economic recovery and future development. The project is designed to increase payment safety and efficiency, reinforce financial integrity, and lay foundational infrastructure enabling the financial sector to better serve households and businesses.

Implementation Targets and Scale

Over the project’s implementation period, core financial systems will be activated. The initiative targets enabling no fewer than 15 million annual electronic person-to-person payments. It also aims to support at least 500,000 individuals and companies—including 150,000 women—in effectively using digital payment systems backed by the project.

Central Bank Leadership and Commitment

Mohammed Safwat Raslan, Governor of the Central Bank of Syria, described the World Bank grant as a pivotal milestone in advancing Syria’s financial and banking infrastructure. He characterized it as a foundational step toward building a modern financial sector aligned with international standards and best practices.

Raslan, speaking to the Syrian News Agency, affirmed the Central Bank’s continued commitment to developing an advanced financial sector—one that strengthens public trust, supports economic growth, and contributes to Syria’s reintegration into the global financial system.