According to bank documents, the project objective is to contribute to improved capacity of public institutions to: i) supervise the banking system; ii) promote access to finance; iii) manage public finances; and, iv) produce national statistics.
Following the government’s request letter dated July 14, 2020 the proposed additional financing (AF) is designed to support the government’s response to COVID-19 using digital payments for the social protection scale-up and promote financial inclusion as well as fund the expected financing gap of some project activities. The AF is requested to cover an expected financing gap in the amount of US$4 million and to finance an additional scale-up of activities with the Central Bank of Sao Tome and Principe (BCSTP) to contribute to payment systems modernization under Component 1, budgeted in the amount of US$3 million as part of the COVID-19 response.
The total budget for the financing gap is estimated in the amount of US$4 million. The financing gap covers five major internationally tendered consultancy contracts and one more year of the PIU services costs as a result of the project’s extension. The financing gap of the consultancy contracts is mainly attributable to an expansion in activities / terms of reference, due to evolving circumstances during project implementation. In particular, the following contracts are expected to be funded with additional financing: (i) Asset quality review, (ii) Credit registry update, (iii) Banking Supervision System Development, (iv) VAT System Development, (v) Property Registry Systems Development and (vi) PIU support.
The scale-up part of the additional financing will finance the payments systems modernization activity, budgeted in the amount of US$3 million. This will be added as a new sub-component of Component 1 on improving financial sector soundness and access. It will finance the following: (i) the Core Banking System (CBS); (ii) communication and public awareness campaigns on payments products and digital finance services.
Lead Financial Sector Specialist
Joseph Kizito Mubiru
Lead Financial Management Specialist
Liliana Do Couto Sousa
Ministry of Finance, Trade and Blue Economy
Nayda Almeida Pires
Ministry of Justice
Project focal point
National Statistics Agency
Elsa Maria Cardoso
Project focal point
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