Syria’s minister of finance, Muhammad Barnieh, has signed a project agreement with the Qatar Fund for Development and global consultancy Oliver Wyman to assess the country’s financial and banking sector. The signing ceremony included the Central Bank Governor and Qutayba Qadish, director of international cooperation at the Ministry of Foreign Affairs and Expatriates.
The project is funded by the Qatar Fund for Development, with support from the US Department of the Treasury and the World Bank. Officials describe it as a strategic step strengthening the integrity and readiness of Syria’s financial system and position it to better support the national economy.
Mapping Banking and Finance Needs
The initiative will deliver a detailed assessment of both the banking sector and nonbank financial institutions. Its findings will inform a roadmap and action plan aimed at upgrading financial infrastructure and improving the sector’s ability to fund development.
Officials said the project is designed to provide a practical foundation for broader economic reform. It will also focus on strengthening institutions and developing financial tools to meet the demands of recovery and long-term growth.
Syrian representatives described the agreement as an important milestone in efforts to modernize the financial system and expand its capacity. They also expressed appreciation to Qatar and its development fund for continued support during a period of economic transition.
Link to International Support
Barnieh said the agreement builds on earlier initiatives backed by Qatar, including efforts supporting Syria’s renewed engagement with the World Bank Group. He also thanked the US Treasury, the World Bank and Oliver Wyman for their collaboration, noting that the partnership could help reinforce confidence in Syria’s reform agenda.
The project follows a memorandum of understanding signed in early 2026 between the World Bank and the Qatar Fund for Development. That agreement aims to strengthen coordination between public and private sectors in support of recovery and reconstruction.
Oliver Wyman will contribute technical expertise based on its experience with governments and financial institutions. Its work typically focuses on risk management, institutional reform and regulatory development, areas seen as central to improving Syria’s financial stability.
Toward a More Resilient Financial System
The assessment comes as Syria seeks to rebuild key economic institutions while improving access to financing. By identifying structural gaps and setting priorities, the project aims to support a more resilient and transparent financial sector. Officials frame the initiative as a step forward, however, its long-term impact will depend on how effectively recommendations are implemented and whether broader reforms follow.
