World Bank Approves $100 Million Grant to Update Syria's Financial Sector - Sarmad

Reuters reported that the World Bank approved a $100 million grant to support efforts to modernize Syria’s financial sector, a move aimed at strengthening the country’s financial infrastructure.

The grant is part of broader efforts to support the development of financial institutions and systems, improve the efficiency of the banking sector, and potentially enhance financial stability while facilitating economic and investment activity in the country.

Support for the financial sector is viewed as a key priority for the Syrian economy, particularly given the need to update financial and banking systems, improve institutional efficiency, and expand capacity to meet the demands of reactivating the economy.

The announcement of the grant comes as Syria moves to rebuild its economic and financial institutions, amid efforts to secure international support and financing for projects related to economic recovery and reconstruction.