QFFD, IsDB advance coordinated support for Syria’s financial-sector transformation on margins of UNGA81

New York - Qatar Fund for Development (QFFD) and the Islamic Development Bank (IsDB) convened a high-level roundtable on the sidelines of the 81st United Nations General Assembly to promote international cooperation for revitalizing Syria's financial sector. The event saw senior officials from governments, multilateral development bodies, bilateral allies, and financial institutions convene to discuss the key elements needed for the financial system's recovery and the broader economic reconstruction of Syria.

Opening remarks were made by Dr. Mohammed bin Abdulaziz Al-Khulaifi, Minister of State at the Ministry of Foreign Affairs of Qatar, alongside H E Mohammed Yisr Barnieh, Minister of Finance of the Syrian Arab Republic, and H E Mohammad Sawaf Raslan, Governor of the Central Bank of Syria. The QFFD Director General, H E Fahad Hamad Al-Sulaiti, and other prominent representatives of international financial organizations also participated in the discussions.

Building upon a thorough Financial Sector Gap Assessment and Roadmap commissioned by QFFD and developed in collaboration with Syrian authorities, the roundtable shifted from an evaluation phase to a focused implementation strategy. The assessment scrutinized the Central Bank of Syria, the banking sector, capital markets, and insurance, pinpointing key areas for reform and outlining a phased program of actions to fortify the financial system.

During the meeting, the focus was on converting the assessment into a realistic, supported plan for execution, emphasizing institutional reforms, financial-sector standards and enablers, state-owned bank reforms, capital markets, insurance, correspondent banking, and the prerequisites for Syria's financial reintegration. The delegates also deliberated on how international partners could harmonize their mandates and instruments, including funding, technical help, expertise, systems, training, and co-financing, with Syria's priorities.

This roundtable marked a transition from an analytical evaluation to a coordinated implementation phase, with participants discussing objectives, responsibilities, milestones, potential supporter areas, and coordination and monitoring mechanisms. The engagement embodies QFFD's overall strategy for development finance: uniting institutions, expertise, and capital around nation-driven goals, reinforcing systems, and establishing the groundwork for durable economic revival and progress.