Guinea - Financial Sector Modernization Support Project (PAMSFI)


Project Summary

Approval Date 15 Mar 2017
Signature Date 22 Jun 2017
Planned Completion Date 31 Dec 2020
Last Disbursement Planned Date 31 Dec 2020
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 2,400,000
Status Implementation

Project General Description

The Financial Sector Modernization Support Project (PAMSFI) is an institutional support project and aimed at building the capacities of the Central Bank of the Republic of Guinea so as to modernize its management tools to effectively support financial sector development. This will be implemented over the 2017-2019 period so as to better meet the growing financing needs of the country’s economic activities. The project is focused on two main components. The first component aims to modernize financial infrastructure through the establishment of a reporting and supervision system for the banking and microcredit sectors and support for operationalization of an interbank e-money system. The second component concerning the development of the financial market will provide support for implementation of the exchange rate policy by establishing an interbank Forex dealing room and improving the mobilization of long-term resources to finance economic activities through the establishment of a stock exchange.

Project Objectives

The project’s overall goal is to help build BCRG’s capacities for the development of the Guinean financial sector. The project’s specific objectives are to: (i) improve governance in the banking and the microfinance sectors; (ii) modernize financial sector infrastructure by establishing a mobile money platform for interbank payments and electronic money; (iii) support implementation of the exchange rate policy by establishing an interbank FOREX dealing room; and (iv) support the mobilization of long-term financing through a feasibility study on the establishment of a stock exchange.

Beneficiaries

The project’s direct beneficiaries will be: (i) the central structures of the BCRG responsible for developing and maintaining the financial sector’s stability, as well as the public authorities who will be in a better position to manage foreign exchange reserves through the interbank dealing room; (ii) economic operators who will benefit from improved access to finance for the development of their activities, especially in foreign exchange for the procurement of industrial production equipment; (iii) the various segments of the population, particularly women and young project promoters, through development of the microfinance sector, e-money, and the mobile banking system which will provide new opportunities for financial inclusion nationwide.

Participating Organization

Funding
African Development Fund
Implementing
BANQUE CENTRALE DE LA REPUBLIQUE DE GUINEE

Information

IATI identifier 46002-P-GN-HAA-001
Last Update 31 Oct 2019

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Contact Details

Name MOUGANI Gabriel Victorien
Email g.mougani@afdb.org

Geographic Location

Country Guinea