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WB and Japanese Government finance FSMIMS
Governor Nguyen Van Giau of the State Bank of Vietnam (SBV), on April 24, joined Ms. Vicitoria Kwakwa, Country Director of the World Bank (WB) in Vietnam, in signing the Financial Sector Modernization and Information Management System Project (FSMIMS) funded by the WB and the Japanese Government.
The project is totally worth USD 71.830 million, of which USD 60 million is funded by the WB, USD 0.83 million is contributed by the Government of Japan from the Japan Policy and Human Resources Development (PHRD) Fund, and USD 11 million comes from the Vietnamese Government as the counterpart fund.
The Project aims at developing the information management system, thereby enhancing management capacity and operational effect of the SBV, the Credit Information Center (CIC), and the Deposit Insurance of Vietnam (DIV).
It is an important project which helps building a consistent management information system as an indispensable foundation for the SBV to firmly take other steps of the reform, thereby contributing to the development of the Vietnamese banking sector.
Speaking at the signing ceremony, the SBV Governor highly appreciated valuable and timely assistance of the WB, the Japanese Government, and the community of international donors for supporting Vietnam in its economic reform in general, and in the development of the banking industry in particular.
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