Financial Institutions Development Technical Assistance Project

closed

Closed

The project objective is to facilitate investment and growth in the productive sectors by improving the functioning of the financial system. It aims at strengthening key financial institutions and markets in Madagascar, thereby enhancing public trust in them and enabling them to mobilize savings to meet the investment financing needs of the private sector. The project consists of: (a) restructuring the Central Bank, principally through improvements in its research, open market, treasury, internal audit and accounting operations, and through the implementation of information technology and human resource development plans; (b) strengthening the Financial Supervisory Commission with technical assistance to create an effective supervision structure, training for inspectors and equipment for on- and off-site surveillance; (c) improving the accounting and audit environment, through two sets of activities: (i) training and technical assistance activities to accelerate the development of the accounting profession; and (ii) specific technical assistance and training to bankers, auditors and other professionals; and (d) supporting the privatization of banks in the context of an ongoing process of privatizing one of the two state banks, and a government committment to a similar process for the other state bank by supporting specialized consultant services such as for valuation and placement of these banks with private investors.

FY17 - Financial Sector

World Bank Group

Project

Commercial, Government