WASHINGTON, March 16, 2004—The following projects were approved today by the World Bank’s Board:
CREDIT AMOUNT: IDA US$9 Million
TERMS: Grace period = 10 years; Maturity = 40 years
PROJECT DESCRIPTION:The main objective of this project is to develop a modem, integrated national payments system that is accepted and used by the commercial banks and their clients. This would provide basic infrastructure needed for developing a modern banking system that will increase efficiency of payment services and assist the growth of financial intermediation. The new payments system infrastructure will allow commercial banks to process more transactions more reliably in a secure and affordable manner. The project would focus on payments infrastructure reform and improvements in access to banking and electronic payment services, which are basic requirements for establishing an environment conducive to private sector growth and investment.
For more information, please call Miriam Van Dyck at (202) 458-2931 or e-mail Mvandyck@worldbank.org For project information documents, please visit: http://web.worldbank.org/external/projects/main?pagePK=104231&piPK=73230&theSitePK=40941&menuPK=228424&Projectid=P074881
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