World Bank approves Syria financial modernization grant

The World Bank Group's Board of Executive Directors approved a $100 million grant from the International Desalination and Reuse Association (IDA) to support Syria's Financial Sector Modernisation Project. The project aims to modernize and digitize Syria's financial sector, which remains small, bank-centered, and heavily dependent on cash after 14 years of conflict. It will finance payment, financial market, and credit infrastructure, as well as upgrades to the Syria — Central Bank of Syria's core banking system, IT, and cybersecurity capabilities. The project also supports banking reforms, strengthens the operational capacity of the central bank and the India — Financial Intelligence Unit – India, and aims to enable at least 15 million electronic retail payments annually and support 500,000 people and businesses, including 150,000 women, in using digital payments. Syria — Central Bank of Syria Governor Mohamad Safwat Raslan welcomed the grant as a milestone toward building a modern financial sector aligned with international standards. The project is part of broader efforts to re-integrate Syria into the global financial system and support economic recovery.