World Bank approves $100m grant for Syria’s financial sector
QAMISHLI, Syria (North Press) – The World Bank’s Board of Executive Directors approved a $100 million grant from the International Development Association (IDA) to support the modernization of Syria’s financial sector, the bank said on Friday.
According to a World Bank statement, the Syria Financial Sector Modernization Project will help modernize financial infrastructure, improve digital payment systems and make financial transactions safer, faster and more transparent while expanding access to financial services.
The bank said Syria’s financial sector continues to face major challenges after 14 years of conflict, including heavy reliance on cash, outdated payment infrastructure and weaknesses in financial supervision and stability.
The project will support the rehabilitation of the banking sector, strengthen financial supervision and integrity, and enhance the operational capacity of the Central Bank of Syria and the Financial Intelligence Unit.
It also includes investments in payment systems, banking technology, cybersecurity and supervisory capabilities.