The Syrian government has met the representatives of the International Finance Corporation (IFC) to review the potential contribution of the IFC-part of the World Bank Group-to reforming the Syrian financial sector, including the insurance market.
Syria's Finance Minister Mohammad Yisr Barnieh, who is also the Chairman of the Syrian Insurance Supervisory Commission, held talks with an IFC delegation last month. The talks centred on mechanisms to strengthen public-private partnerships aimed at supporting Syria’s financial and economic reform efforts. The meeting was held at the Ministry’s headquarters in Damascus, reported the Syrian Arab News Agency.
The discussions emphasised partnership frameworks and governance through organising workshops in Damascus, to bolster cooperation and enable more effective engagement in project financing and support for the private sector in Syria.
The meeting was part of the Finance Ministry’s broader direction to develop the financial sector and strengthen its role in supporting economic recovery and stimulating investment, particularly by expanding partnerships with international financial institutions in line with economic reform plans, governance standards and efforts to improve the business environment in Syria.
Separately, Mr Barnieh met members of the Steering Committee of the Syrian Insurance Federation (SIF) to review the progress made in drafting a new constitution for the federation and the restructuring of the federation, as well as preparations for electing a new board of directors in the coming weeks.
He also met a committee of the Syrian Insurance Agents and Brokers Federation (SIABF) for the same purposes.
The SIF and the SIABF were dissolved in 2025 in their previous forms as part of a comprehensive national strategy to reform the insurance sector and improve its role in serving the Syrian economy.
At that time, Mr Barnieh said, "We want to partner with all stakeholders in upgrading the insurance sector, establishing international standards and best practices, fighting corruption and strengthening governance, which would contribute to a significant leap in the size of the Syrian insurance market.”