WB action plan to expedite implementation of CBSP
Thursday, 8 November 2007
FE Report
The World Bank (WB) has proposed a nine-point action plan for the Bangladesh Bank (BB) to expedite the implementation of ongoing central bank strengthening project (CBSP).
The plan covers procurement of information technology (IT) packages.
A WB team that concluded its mission recently proposed the action plan for the BB to further expedite the implementation programme that also includes office automation training for all staffs, utilisation of resources for foreign training and restructuring of the project, according to a WB information note, released Wednesday.
The CBSP, supported by the WB, is aimed at overall strengthening of the banking sector that includes complete automation of the BB for achieving a sound financial system.
"A government initiative for a strong and effective regulatory and supervisory system for Bangladesh's banking sector has speeded up the pace of implementation," the WB said in its note.
As part of an agreed pack- age to expedite project implementation, the BB has recently finalised procurement of computer equipment, approved by its purchase committee.
The central bank has already procured 700 personal computers (PCs) to modernise its automation system.
The WB has agreed to extend the CBSP, originally scheduled to end in 2007, for another two years. The project will now continue up to December 2009.
"In view of its improved implementation in recent times, the WB has agreed to extend the project completion period until December 31, 2009," it added.
The International Development Association (IDA), the soft lending arm of the WB, had lent out US$37 million in loan for the project, the cost of which is estimated at $ 46.13 million. The rest of the project cost is to be financed by the BB. But, so far, the global lender has disbursed as low as $ 2.62 million.
The CBSP was undertaken in 2003, but it has limped since then, making the central bank virtually digitally-handicapped.
The World Bank (WB) has proposed a nine-point action plan for the Bangladesh Bank (BB) to expedite the implementation of ongoing central bank strengthening project (CBSP).
The plan covers procurement of information technology (IT) packages.
A WB team that concluded its mission recently proposed the action plan for the BB to further expedite the implementation programme that also includes office automation training for all staffs, utilisation of resources for foreign training and restructuring of the project, according to a WB information note, released Wednesday.
The CBSP, supported by the WB, is aimed at overall strengthening of the banking sector that includes complete automation of the BB for achieving a sound financial system.
"A government initiative for a strong and effective regulatory and supervisory system for Bangladesh's banking sector has speeded up the pace of implementation," the WB said in its note.
As part of an agreed pack- age to expedite project implementation, the BB has recently finalised procurement of computer equipment, approved by its purchase committee.
The central bank has already procured 700 personal computers (PCs) to modernise its automation system.
The WB has agreed to extend the CBSP, originally scheduled to end in 2007, for another two years. The project will now continue up to December 2009.
"In view of its improved implementation in recent times, the WB has agreed to extend the project completion period until December 31, 2009," it added.
The International Development Association (IDA), the soft lending arm of the WB, had lent out US$37 million in loan for the project, the cost of which is estimated at $ 46.13 million. The rest of the project cost is to be financed by the BB. But, so far, the global lender has disbursed as low as $ 2.62 million.
The CBSP was undertaken in 2003, but it has limped since then, making the central bank virtually digitally-handicapped.