Financial Infrastructure Project

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The development objective of the Financial Infrastructure Development Project for Yemen is to develop a financial institutional infrastructure that supports greater transparency and efficiency of financial transactions in the financial system. There are four components to the project. The first component of the project is developing Central Bank of Yemen's (CBY's) core system. This component will revamp the CBY's internal systems and procedures in order to modernize the central bank with respect to addressing its core functions, specifically in the areas of banking supervision, statistics, treasury operations, foreign reserves management, and its internally-focused processes, including accounting and financial management, human resource management and payroll. The second component of the project is developing payments system infrastructure. This component will implement the core payments system infrastructure as one integrated system. This component will include the application software and hardware. The third component of the project is establishing CBY's Public Credit Registry (PCR). This component aims at establishing a reliable and robust PCR hosted and operated by CBY and developing an effective credit reporting environment in Yemen. The fourth component of the project is setting up data centers, systems integration services and capacity building of the CBY.