Syria secures World Bank support for reserve, gold management

21/04/2026 05:06 AST

Syria's financial sector is set to strengthen as the World Bank has agreed to support the central bank in rebuilding foreign currency and gold reserves, boosting liquidity after years of conflict.

The agreement follows talks between Central Bank Governor Abdulkader Husrieh and Katarzyna Zajdel-Kurowska, director of the World Bank Group Treasury's Partnerships and Advisory Department, according to the Syrian Arab News Agency, or SANA.

The talks come as Syria seeks to rebuild its economic framework after more than a decade of conflict. The World Bank estimates reconstruction costs at about $216 billion, with direct damage to infrastructure, housing and other assets at around $108 billion.

In a statement posted on its official Facebook page, the governor said: "The meeting resulted in agreement on providing specialized technical assistance targeting the reserves management and gold department at the Central Bank of Syria, with support from a dedicated program at the World Bank aimed at developing the institutional structure and enhancing efficiency in the management of assets, reserves, and gold."

He added: "This meeting comes in light of the current changes, especially the lifting of sanctions, and what that entails in terms of opportunities to reactivate investment and improve the management of reserves and gold at the Central Bank of Syria."

The governor also described the initiative as "the beginning of a reform path aimed at enhancing financial stability and supporting efforts to rebuild the national economy," according to the central bank's Facebook post.

Husrieh further noted that discussions also addressed positive developments related to Syria's unity and their impact on reviving foreign currency and gold reserves. "This, he said, is expected to contribute positively to raising liquidity levels and reserves," SANA added.

The cooperation includes providing specialized technical assistance to develop reserve and gold management systems under a dedicated World Bank program, aimed at improving efficiency and aligning practices with international standards.

Separately, Finance Minister Mohamed Yisr Barnieh and Husrieh also held talks with the International Monetary Fund on programs for technical support and capacity building to modernize the country's financial, banking and capital markets sectors.

In February, the World Bank announced $50 million in support for vital transportation projects in Syria, as the two sides discussed ways to enhance cooperation in railway and sustainable transport.

Arab News