Damascus, Aug. 7 (SANA)Finance MinisterMohammed Yisr Barniehexpressed his gratitude to the World Bank Board of Executive Directors for approving a $100 million grant to support financial sector reforms in Syria, particularly the development of financial infrastructure and strengthening the capacity of theCentral Bank of Syria.

Barnieh said the grant is the fifth approved by the World Bank for Syria, following previous grants supporting electricity, health, water and public financial management, bringing the total value of approved grants to date to $491 million, the minister said in a Facebook post on Friday.

Additional grant projects being prepared

Barnieh added that work is currently underway to prepare additional grant projects targeting education, agriculture, transport, solid waste and social protection sectors to support recovery andsustainable developmentefforts.

The minister reaffirmed the Ministry of Finance’s commitment to effective and efficient management of the grants to ensure their objectives are met and their impact maximized, while enhancing opportunities for further support and development financing in the future.

Barnieh emphasized that these grants are non-repayable and not loans, and Syria’s commitment lies in their proper implementation and sound financial management.

Earlier Friday, theWorld Bankannounced that its Board of Executive Directors had approved the $100 million grant from the International Development Association (IDA) to support Syria in building a modern, secure and digitally-enabled financial sector.

The Syria Financial Sector Modernization Project will support investments to make financial transactions safer, faster and more transparent, modernizing core financial infrastructure, rehabilitating thebanking sector, and strengthening supervision, financial stability and integrity.