The credit for the Finance Sector Modernization and Information Management System Project comes from the International Development Association, the World Bank’s concessional lending arm.

The funds will assist the State Bank, the Credit Information Center, and the Deposit Insurance of Vietnam to reform and modernize the financial sector by improving delivery of their main functions in line with international standards.

The credit will finance technical assistance for their functional strengthening, capacity building, and business process re-engineering.

The WB said that a major portion of the US$60 million will be used to build modern, centralized information and communications technology platform to support the State Bank’s evolving role as a central bank.

“The ongoing global economic crisis provides Vietnam an opportunity to deepen and accelerate its reforms in critical areas such as the financial sector in order to strengthen the competitiveness of the economy,” the country director for the WB in Vietnam, Ms. Victoria Kwakwa, said at the signing ceremony.

“The main benefit of the project will be to enable the State Bank and other project entities (the Credit Information Center and Deposit Insurance Vietnam) carry out their main functions in accordance with relevant international standards for the banking sector,” she added.

Rol.vn - Source: SGGP