World Bank to Open Damascus Office in January

Syrian Finance Minister Mohammad Yosr Barnieh and Central Bank of Syria Governor Safwat Raslan discussed the latest financing for Syria, project developments and ways to strengthen cooperation for economic recovery with World Bank Group President Ajay Banga, according to the Syrian Arab News Agency (SANA).

Meeting Context

The talks took place on the sidelines of the Syrian delegation's participation in the 2026 IMF and World Bank Annual Meetings in Bangkok, Thailand.

The Central Bank of Syria said in a Telegram post that the meeting covered progress on existing projects and their implementation stages, updates on financing allocated to several vital sectors, and opportunities to expand projects in line with development needs and the priorities of the coming phase.

Office in Damascus

The two sides also discussed the World Bank Group opening an office in Damascus in January, intended to strengthen communication and follow up on the projects and programs the Bank runs in Syria.

Approved Grants

• August: approval of a $100 million grant to modernize the financial sector and develop payment systems and banking supervision.
• March: approval of a $20 million grant to improve public financial management, including budget preparation, expenditure control, transparency and accountability, and digitization of several government processes.

The first grant's project covers modernizing financial market infrastructure and retail payment systems, developing the credit information system and the core banking system of the Central Bank of Syria, and strengthening technology infrastructure and cybersecurity capacity.

Eligibility for Financing

Syria regained eligibility for International Development Association financing in May 2025, after Saudi Arabia and Qatar cleared arrears to the World Bank of about $15.5 million, ending a 14-year suspension of financing.

The World Bank estimated Syria's total debt at about $27 billion at the end of 2024, equal to 128% of GDP, and about 67% of the population lives below the poverty line.