|Approval Date||15 Mar 2017|
|Signature Date||22 Jun 2017|
|Planned Completion Date||30 Dec 2021|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||24030|
The Financial Sector Modernization Support Project (PAMSFI) is designed to strengthen the capacities of the Central Bank of the Republic of Guinea (BRCG) to modernize its management tools in order 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.
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.
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.
African Development Fund
BANQUE CENTRALE DE LA REPUBLIQUE DE GUINEE
|Last Update||12 Jul 2020|
|Name||AKA Kouassi Bruno|