Banque Centrale Des Etats De L'afrique De L'ouest (Bceao): Regional Payment Systems Project

The following project was approved today by the World Bank's Board:

CREDIT AMOUNT: IDA US$9.4 million equivalent
TERMS: Grace period=10 years; maturity=40 years
PROJECT DESCRIPTION: This project will establish and install an appropriate set of regional payment mechanisms to satisfy the evolving needs of all market sectors in the West African Economic and Monetary Union (WAEMU). The new regional payment mechanisms will create an environment for making payments in a safe, sound, secure and timely manner which will encourage a high level of user confidence in WAEMU financial systems and satisfy internationally accepted standards. WAEMU is comprised of eight countries (Benin, Burkina Faso, Cote d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo), which share a common currency (CFA franc) and Central Bank (Banque Centrale des Etats de l'Afrique de l'Ouest, BCEAO). For more information, call Sharon Cox at (202) 473-2035 or e-mail Scox1@worldbank.org.