The World Bank’s Board of Executive Directors has approved a $100 million grant from the International Development Association (IDA) to support the modernization of Syria’s financial sector.

Axar.az reports, citing the World Bank, that the Syria Financial Sector Modernization Project aims to establish the foundations of a modern, secure and digitally enabled financial system after 14 years of conflict.

The project will support payment and financial market infrastructure, banking-sector rehabilitation, cybersecurity, financial supervision and anti-money laundering measures.

“A modern financial system is essential for Syria’s economic recovery and future development,” said Dahlia Khalifa, World Bank Director for the Middle East Department. “The Syria Financial Sector Modernization Project will help make payments safer and more efficient, strengthen financial integrity, and establish essential foundations enabling the financial sector to better serve households and businesses, including through expanded access to financial services necessary to support private sector-led growth and job creation.”

According to the World Bank, the project aims to enable at least 15 million electronic retail payments annually and support at least 500,000 people and businesses, including 150,000 women, in using digital payments through project-supported systems.

The project will also finance independent reviews of the entire Syrian banking system, strengthen risk-based supervision and enhance the capacity of the Central Bank of Syria and the Financial Intelligence Unit.