According to the Bank’s website, the objective of this project is to strengthen foundational systems and institutional capacity for financial sector modernization in Syria.

The Project will support investments in modern foundational financial sector systems and the institutional capacity needed to support financial system's rehabilitation and modernization. It will finance payment and financial market infrastructure, CBS operational systems, supervisory and financial integrity tools, banking sector asset quality reviews, foundational credit reporting infrastructure, and related cyber-resilience arrangements. Targeted regulatory, operational, and institutional strengthening will support the gradual restoration of core financial sector functions. Implementation will be phased and modular, with hands-on support and sequencing based on readiness and operating conditions.

The Syria Financial Sector Rehabilitation Project is a nationwide, systems-based operation implemented in a fragile and conflict-affected context. It focuses on modernizing financial sector infrastructure and strengthening institutional capacity. The Project does not involve large-scale civil works, land acquisition, resettlement, or direct community-level interventions. All physical activities are limited to minor IT installations, equipment upgrades, and limited interior fit out works within existing institutional facilities, primarily at the Central Bank of Syria and related entities. Environmental risks are assessed as Low, reflecting the limited scale and non-invasive nature of Project activities. Potential environmental impacts are expected to be minimal, site-specific, and fully reversible, primarily associated with minor installation works, occupational health and safety considerations, and the generation and management of electronic waste from obsolete equipment. The Project does not involve activities that could affect biodiversity, natural habitats, cultural heritage, or natural resources, nor does it generate significant emissions or pollution. Environmental risks related to resource efficiency – particularly energy use of IT infrastructure – are limited and will be managed through good international industry practice and proportionate mitigation measures.

Social risk is assessed as Moderate, driven primarily by the FCV context, institutional capacity constraints, and the sector-wide nature of Project interventions rather than by direct physical impacts. Key social risks include labor and working conditions for project workers, including consultants and contracted personnel; data protection, confidentiality, and cybersecurity risks associated with modernization of financial systems; and challenges related to stakeholder trust and transparency during the phased rollout of new systems. Additional considerations include potential transitional impacts such as temporary service disruptions, user adaptation challenges, and risks of uneven access to improved financial services, particularly for users who may face documentation, mobility, or digital-access constraints. SEA/SH risks are assessed as Low, given the absence of labor influx, community-level activities, or direct interaction between project workers and vulnerable populations.

Total Project Cost: US$ 100.00 million
IDA Grant: US$ 100.00 million

CONTACT POINT - World Bank

Task Team Leader: Andrius Skarnulis
Title: Senior Financial Sector Economist
Email: askarnulis@worldbank.org

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