The World Bank has approved a 100-million-dollar grant to help Syria rebuild and modernize its banking and payment systems, a fund provided through the World Bank’s International Development Association, will support the Syria Financial Sector Modernization Project and lay the foundation for a more secure, transparent and digitally enabled financial system.
After 14 years of conflict, Syria’s financial sector remains small, centered on banks and heavily dependent on cash, Financial intermediation is limited, digital payment infrastructure is outdated and the country faces significant weaknesses in banking supervision, financial integrity and financial stability.
However, the project will modernize key financial infrastructure, improve digital payment systems and strengthen banking supervision and financial stability, while It is also expected to make transactions safer and faster, expand access to financial services and reduce the country’s heavy dependence on cash.
The World Bank says the funding will also support upgrades to the Central Bank of Syria’s core banking and information technology systems, as well as cybersecurity. Independent assessments of public and private banks will be carried out to guide future restructuring and reforms, while measures to combat money laundering and terrorist financing will also be strengthened.
Over the implementation period, the project aims to facilitate at least 15 million electronic retail payments annually and help at least 500,000 people and businesses actively use digital payment systems, including 150,000 women.
World Bank Director for the Middle East Department, Dahlia Khalifa, says a modern financial system is essential to Syria’s economic recovery and future development. The project is expected to support wage and pension payments, remittances, commercial transactions and the transparent delivery of humanitarian assistance, while improving access to finance for households and businesses.
Meanwhile in March 2026, the bank approved a $20 million grant to improve public financial management, procurement, budget controls and accountability. The project is also laying the groundwork for digitalizing government financial functions.
Also, in April, the World Bank approved another $225 million package comprising two grants for water and health services. A $150 million project will rehabilitate water supply and wastewater infrastructure, while a $75 million project will support the recovery and strengthening of Syria’s health system. The two programs are expected to benefit approximately 4.5 million people.
