Damascus: The World Bank Board of Executive Directors has approved a $100 million grant from the International Development Association (IDA) to support Syria in building the foundations of a modern, secure, and digitally-enabled financial sector. The Syria Financial Sector Modernisation Project aims to support investments that will enhance the safety, speed, and transparency of financial transactions while creating conditions for improved access to financial services, as detailed in a World Bank statement.
According to Emirates News Agency, the project will focus on making payments safer and more efficient, strengthening financial integrity, and establishing a critical foundation to enable the financial sector to better serve both households and businesses. The initiative aims to operationalize foundational financial sector systems, enable at least 15 million electronic retail payments annually, and support 500,000 individuals and businesses in utilizing digital payments, with a focus on including 150,000 women.
Governor of the Central Bank of Syria, Mohamed Safwat Raslan, commented that the World Bank's approval of the grant is a significant milestone towards enhancing the country's financial and banking infrastructure. Raslan emphasized that it is a crucial step in developing a modern financial sector that aligns with international standards and best practices.
In a statement to the Syrian Arab News Agency (SANA), Raslan affirmed the Central Bank's commitment to building an advanced financial sector that enhances confidence, drives economic growth, and contributes to reintegrating Syria into the global financial system.