The World Bank’s Board of Executive Directors has approved a $100 million grant from the International Development Association to finance the Syria Financial Sector Modernization Project. The funding is intended to build a more modern, secure and digitally enabled financial system by making transactions faster, safer and more transparent and by improving access to financial services across the country. The World Bank cited key challenges in Syria’s current system, including heavy reliance on cash, limited financial intermediation and outdated digital payment infrastructure that drive up costs and impede access to finance and international trade.

Details and targets

The project will support modernization of basic financial infrastructure, rehabilitation of the banking sector, capacity building at the Central Bank of Syria and measures to strengthen supervision, financial stability and integrity. It sets measurable digital goals—enabling at least 15 million electronic transactions annually and helping 500,000 individuals and businesses (including 150,000 women) adopt digital payments. Syrian and World Bank officials, including a meeting between Qutaiba Kadish and World Bank Regional Director Dalia Khalifa, reviewed ongoing cooperation following the Finance Minister’s announcement of World Bank backing for Syria’s 2026 reforms, as reported by SANA