08.08.2026 14:30
The World Bank has approved a $100 million grant to modernize Syria's financial sector after 14 years of conflict. The funding will be used to develop banking and digital payment infrastructure, strengthen cybersecurity, and enable at least 500,000 people and businesses to actively use digital payment systems.
The World Bank will provide a $100 million grant to support Syria in laying the foundations for a modern, secure, and digitalized financial sector.
In a statement from the Bank, it was noted that the World Bank's Board of Executive Directors approved the grant, to be provided by the International Development Association (IDA), on August 6.
The $100 million in resources will be used under the Syria Financial Sector Modernization Project. The project aims to make financial transactions in the country safer, faster, and more transparent, and to facilitate access to financial services.
14 YEARS OF CONFLICT ALSO HIT THE FINANCIAL SYSTEM
The World Bank highlighted that after 14 years of conflict, Syria's financial sector remains small-scale, bank-centric, and largely dependent on cash usage.
It was stated that inadequacies in the digital payment infrastructure, along with problems in supervision and financial stability systems, have increased transaction costs. This situation was noted to make access to finance difficult and to limit Syria's reconnection with international financial channels.
CENTRAL BANK AND BANKING SYSTEM TO BE MODERNIZED
Within the scope of the project, efforts will be carried out to modernize core financial infrastructure, improve the banking sector, and strengthen supervisory mechanisms.
The operational capacities of the Central Bank of Syria and the Financial Intelligence Unit will also be enhanced. Investments will be made in the technological environment needed by payment systems, the financial market, and credit infrastructure to ensure secure and transparent financial flows.
The World Bank will also support the development of the Central Bank of Syria's core banking system, information technology infrastructure, and cybersecurity capacity.
TARGET: 15 MILLION ELECTRONIC PAYMENTS PER YEAR
One of the project's notable goals will be to reduce dependence on cash usage in Syria and promote the adoption of electronic payments.
The World Bank aims to make the financial sector's core systems operational under the project and to enable at least 15 million electronic retail payment transactions to be carried out annually.
Additionally, it is targeted that at least 500,000 individuals and businesses, including 150,000 women, will actively use digital payment systems.