Turkey and Syria discuss banking and insurance cooperation during discussions on post-reconstruction efforts
As part of broader efforts to support Syria’s reconstruction, banking cooperation between Turkey and Syria is advancing. High-level meetings held in Damascus recently brought together Türkiye’s Treasury, Finance Ministry, Banks Association, and Participation Banks Association with Syrian counterparts, including the Finance and Interior Ministries, and the Central Bank of Syria.
The discussions focused on exploring cooperation in banking, insurance, and public finance, leveraging Türkiye’s expertise to support Syria’s fiscal reforms, and enhancing public finance capacity. The parties also aimed to accelerate correspondent banking services between Turkish and Syrian banks and evaluated potential licensing opportunities for Turkish banks, insurers, and financial firms to operate in Syria. Joint working committees between the countries’ finance ministries were proposed to further these initiatives.
Technical assistance on securing identity documents through Türkiye’s Interior Ministry was also discussed during the meetings. Currently, no Turkish banks operate in Syria, but Türkiye’s largest lender, Ziraat Bank, has expressed readiness to enter the Syrian market when conditions permit. This renewed cooperation comes after a suspended attempt before the Syrian civil war.
This banking cooperation is part of broader reconstruction support by Türkiye, which is already Türkiye’s largest trading partner. The World Bank projects modest GDP growth for Syria in 2025 amid ongoing reforms and improved regional ties, including those with Turkey, that are expected to encourage further capital inflows.
The talks between Turkish and Syrian officials in Damascus also covered Interior Ministry-related topics, focusing on potential technical assistance from Turkey in securing identity documents. Following the ousting of longtime dictator Bashar Assad in December, Ziraat Bank General Manager Alpaslan Çakar stated that the bank would be ready to take on responsibility in Syria if conditions allowed. Syrian Finance Minister Barnieh stated that the two countries agreed to establish joint working committees under their respective finance ministries to follow up on the discussed matters.
In summary, the current status is one of constructive dialogue and planning, with concrete steps towards re-establishing Turkish banking presence and financial cooperation in Syria, aligned with broader trade and reconstruction initiatives under Syria’s new government. However, actual Turkish bank operations and fully operational financial cooperation are still in early stages and conditional on evolving political and economic developments.
[1] Source: Anadolu Agency [2] Source: Reuters [3] Source: World Bank [4] Source: Turkish Ministry of Foreign Affairs
- The advancing banking cooperation between Turkey and Syria is focused on exploring partnerships in areas such as banking, insurance, and public finance, with the aim of using Turkey's expertise to support Syria's fiscal reforms and enhance public finance capacity.
- The discussions during the high-level meetings in Damascus also included plans to accelerate correspondent banking services between Turkish and Syrian banks and to evaluate potential licensing opportunities for Turkish banks, insurers, and financial firms to operate in Syria.
