Multinational - East African Community Payment and Settlement Systems Integration Project (EAC-PSSIP) - South Sudan

The proposed operation is a technical and institutional support project, financed by a grant from the Regional Operations of ADF-14 not exceeding UA 2.9 million and TSF Pillar I not exceeding UA 1.9 million as grant resources to support South Sudan. The project involves support to Republic of South Sudan (RSS) to modernize payment systems to improve financial services at national level and eventual integration within the EAC partner states. It has three components: (a) Integration of Financial Market Infrastructure; (b) Harmonization of financial laws and regulations; and (c) Institutional and Capacity Building. The intervention will also support institutional capacity building by supporting the restructuring and strengthening of the Central Bank and creation of a dedicated department to provide oversight and supervision of the payment systems in the country. The project will contribute to the modernization, harmonization and regional integration of payment and settlement systems in RSS to be at the same level as other EAC Partner States, and develop common standards for instruments together with appropriate regulatory and legislative practices.