World Bank approves $100 million grant to modernize Syria's financial sector
The World Bank Board of Executive Directors has approved a $100 million grant, provided through the International Development Association (IDA), to support the Syria Financial Sector Modernisation Project. The initiative aims to establish the foundations of a modern, secure, and digitally-enabled financial sector in Syria.
Key objectives of the project include upgrading financial infrastructure, enhancing the banking sector, and strengthening regulatory and oversight mechanisms. The grant will fund technological investments in cybersecurity, IT, and core banking systems for the Central Bank of Syria and the Financial Intelligence Unit. The project seeks to make financial transactions faster, safer, and more transparent to improve access for households and businesses.
Specific targets include operationalizing foundational financial systems to enable at least 15 million electronic retail payments annually. The project also aims to support at least 500,000 people and businesses—including 150,000 women—in the active use of digital payments.
Syrian Finance Minister Mohamed Yosr Barnieh stated that these grants are entirely free and do not impose financial burdens on the national treasury. He noted that total World Bank grants to Syria are projected to reach approximately $1 billion over the next three years. Mohamed Safwat Raslan, Governor of the Central Bank of Syria, described the approval as a milestone for aligning the country's financial infrastructure with international standards and facilitating re-integration into the global financial system.
Entities: Central Bank of Syria · International Development Association · Mohamed Safwat Raslan · Syria · Syrian Central Bank · World Bank
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] The World Bank grants are entirely free and impose no financial burden on the Syrian public treasury. (Mohamed Yosr Barnieh (Syrian Finance Minister))
- [● 8 SOURCES] The project aims to enable at least 15 million electronic retail payments annually. (World Bank)
- [● 4 SOURCES] The project will fund investments in cybersecurity, IT, and the central banking system of the Central Bank of Syria. (World Bank)
- [● 2 SOURCES] The grant is an essential step toward re-integrating Syria into the global financial system. (Mohamed Safwat Raslan (Governor of the Central Bank of Syria))
- [● 9 SOURCES] The World Bank Board of Executive Directors approved a $100 million grant for Syria via the International Development Association (IDA). (World Bank)
- [● 7 SOURCES] The project targets supporting at least 500,000 people and businesses in using digital payments, including 150,000 women. (World Bank)
- [● 9 SOURCES] The grant will fund the Syria Financial Sector Modernisation Project. (World Bank)
- [○ 1 SOURCE] Total World Bank grants to Syria are expected to reach approximately $1 billion over three years. (Mohamed Yosr Barnieh (Syrian Finance Minister))