Damascus, Aug. 7 (SANA)Central Bank of Syria Governor Mohammed Safwat Raslan said that theWorld Bank‘s approval of a $100 million grant to support the modernization of Syria’s financial sector represents an important milestone in developing the country’s financial andbankinginfrastructure, and an essential step toward building a modern financial sector aligned with international standards and best practices.

“The project will contribute to modernizing payment systems, enhancing digital infrastructure, improving the efficiency of the banking sector, and developing oversight and financial integrity—supporting financial stability, strengthening theinvestmentenvironment, and providing more efficient and secure financial services to citizens and businesses,” the governor said in a post on X.

Raslan expressed his appreciation to the World Bank Group for the partnership and to the International Cooperation Department at theMinistry of Foreign Affairs and Expatriatesfor its efforts in supporting this path.

The governor reaffirmed that the Central Bank will continue working to build an advanced financial sector that strengthens confidence, supports economic growth, and contributes to Syria’s reintegration into the global financial system.

Earlier Friday, the World Bank’s Board of Executive Directors approved $100 million grant from the International Development Association (IDA). The grant aims to support Syria in building a modern, secure and digitally-enabled financial sector.