Modernization of State-Owned Financial Institutions Project

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The development objective of Modernization of State-owned Financial Institutions Project is to contribute to the modernization, transparency, and efficiency of state-owned banks. This project has four components. 1) The first component, Supporting State-Owned Bank (SOB) Business Process Reengineering, will provide consultancy support to the SOBs for a comprehensive Business Process Reengineering (BPR) from internal control and accounting to credit appraisal system, risk management, and transaction processingm, that is a prerequisite for an automated modern banking environment. 2) The second component, Supporting Information Technology (IT) Modernization of SOBs, will support purchase and implementation of the modernized IT architecture with relevant software and hardware solutions in the SOBs, supported with appropriate technical assistance. 3) The third component, Supporting Institutional Development of SOBs and Ministry of Finance (MOF) in Enhancing Ownership Oversight and Corporate Governance Framework, will provide advisory support to all the banks participating in the project and the MOF as the agency exercising ownership rights of the banks on improving the framework within which the ownership rights are exercised and banks are governed. 4) The fourth component, Project Implementation and Monitoring, will provide support for the monitoring and coordination of project activities undertaken by various beneficiary institutions.