Guyana Payments System Project (WB-P159512)

Countries
  • Guyana
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Investment Amount (USD)
$ 6.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 6.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Nov 4, 2017

Disclosed by Bank Oct 11, 2016


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
The development objective of the Payments System Project is to improve Guyana's national payments system by enhancing safety and efficiency of payments. It has three main components. The first component, developing payments system infrastructure will focus on financing the required hardware and software infrastructure by the Government in order to provide interbank clearing and settlement services for electronic payments. The component will finance the hardware and software for the Real-Time Gross Settlement System (RTGS) to be operated by the Bank of Guyana (BoG). The component will finance the hardware and software for the Central Securities Depository (CSD) to be operated by the Bank of Guyana. The project will also finance an information security audit of the payments systems’ technical infrastructure and will finance activities to promote the engagement of the private sector’s usage of electronic payments. The second component, Capacity Building of the BoG is mainly focusing on the capacity building of BoG staff in the specific technical areas required for ongoing operation and management of the infrastructure systems. This project brings together multiple Information and Communication Technology (ICT) activities and would hence require the support of consultants and entities that would assist the new Project Implementation Unit (PIU) in managing the implementation aspects of the ICT activities. Completion of relevant training and study tours would also further strengthen the capacity of the relevant Bank of Guyana staff and would be financed under this component. The third component, project implementation unit will focus on supporting the efforts of the implementing agency to effectively execute the Payments System Project.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
ACCOUNTABILITY MECHANISM OF WORLD BANK The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.

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