Damascus, (SANA)TheWorld BankBoard of Executive Directors approved a non-refundable $100 million grant to support the Financial Sector Modernization Project in Syria (IDA), the Central Bank of Syria said, welcoming the grant as support for developing the financial sector and strengthening its institutional and technological infrastructure.

The grant, provided by the International Development Association, will support the development of financial and credit infrastructure, payment systems and financial markets, as well as financial inclusion. It will also strengthen financial oversight, integrity systems, anti-money laundering and counter-terrorism financing measures, including through investments in systems, analytical tools and surveillance technology and by strengthening the institutional capacities of the Financial Intelligence Unit.

The Central Banksaid the project supports its vision of building a modern and advanced financial and banking sector, accelerating institutional modernization, enhancing readiness to meet international standards and supporting effective integration into the global financial system.

The project forms part of efforts to strengthen Syria’s financial sector and support economic recovery.