Guyana Payments System Project

Abstract*

The development objective of the Payments System Project is to improve Guyana's national payments system by enhancing safety and efficiency of payments. It has three main components. The first component, developing payments system infrastructure will focus on financing the required hardware and software infrastructure by the Government in order to provide interbank clearing and settlement services for electronic payments. The component will finance... Show More

Development Objective

The project development objective is to improve Guyana's national payments system by enhancing safety and efficiency of payments.

Key Details

Project Details

Project ID
P159512
Status
Closed
Team Leader
Daniel Ortiz del Salto
Borrower 2
Co-operative Republic of Guyana

Country
Guyana
Disclosure Date
October 11, 2016
Approval Date
(as of board presentation)
March 31, 2017
Effective Date
September 8, 2017

Total Project Cost 1
US$ 6.00 million
Implementing Agency
Bank of Guyana
Region
Latin America and Caribbean
Fiscal Year 3
2017

Commitment Amount
US$ 6.00 million
Environmental Category
C
Last Update Date
November 23, 2022
Closing Date
May 31, 2022

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Financial Infrastructure and Access100%
- FY17 - Payment & markets infrastructure100%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	6.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	6.00
IBRD + IDA Commitment	6.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	6.00

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

No data available.

Detailed Financial Activity as of February 28, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jun 1, 2023	IDA-59660	Int Charges	1,799.00
Jun 1, 2023	IDA-59660	Loan Repay	36,144.41
Jun 1, 2023	IDA-59660	Int Charges	7,943.57
Jun 1, 2023	IDA-59660	Int Charges	7,943.57
Jun 1, 2023	IDA-59660	Int Charges	13,239.26
Dec 1, 2023	IDA-59660	Loan Repay	677.96
Dec 1, 2023	IDA-59660	Loan Repay	35,528.42
Dec 1, 2023	IDA-59660	Int Charges	7,821.38
Dec 1, 2023	IDA-59660	Int Charges	7,821.38
Dec 1, 2023	IDA-59660	Int Charges	12,295.51
Jun 1, 2024	IDA-59660	Loan Repay	35,969.40
Jun 1, 2024	IDA-59660	Int Charges	7,635.34
Jun 1, 2024	IDA-59660	Int Charges	7,635.34
Jun 1, 2024	IDA-59660	Int Charges	12,725.52
Jun 1, 2024	IDA-59660	Int Charges	735.31
Mar 31, 2017	IDA-59660	Loan Commitment	6,000,000.00
Dec 1, 2020	IDA-59660	Int Charges	8,967.08
Jun 1, 2021	IDA-59660	Int Charges	192.04
Jun 1, 2021	IDA-59660	Int Charges	7,426.70
Jun 1, 2021	IDA-59660	Int Charges	7,426.70
Jun 1, 2021	IDA-59660	Int Charges	11,984.76
Sep 29, 2021	IDA-59660	Loan Cancel	3,487,203.20
Oct 6, 2021	IDA-59660	Loan Disb	200,000.02
Jun 1, 2022	IDA-59660	Int Charges	420.84
Jun 1, 2022	IDA-59660	Loan Repay	45,256.23
Dec 1, 2021	IDA-59660	Int Charges	380.75
Dec 1, 2021	IDA-59660	Int Charges	7,420.25
Dec 1, 2021	IDA-59660	Int Charges	7,420.25
Dec 1, 2021	IDA-59660	Int Charges	11,930.58
Feb 18, 2022	IDA-59660	Loan Disb	503,166.16
Jun 1, 2022	IDA-59660	Int Charges	8,689.89
Jun 1, 2022	IDA-59660	Int Charges	8,689.89
Jun 1, 2022	IDA-59660	Int Charges	14,483.13
Nov 9, 2022	IDA-59660	Loan Disb	-272,030.80
Nov 9, 2022	IDA-59660	Loan Cancel	481,502.47
Dec 1, 2022	IDA-59660	Loan Repay	1,594.25
Dec 1, 2022	IDA-59660	Int Charges	8,973.47
Dec 1, 2022	IDA-59660	Int Charges	8,973.47
Dec 1, 2022	IDA-59660	Int Charges	13,169.15
Dec 1, 2022	IDA-59660	Loan Repay	42,713.34
Jan 19, 2018	IDA-59660	Loan Disb	648,000.00
Jun 1, 2018	IDA-59660	Int Charges	1,750.92
Jun 1, 2018	IDA-59660	Int Charges	1,750.92
Jun 1, 2018	IDA-59660	Int Charges	2,918.21
Dec 1, 2018	IDA-59660	Int Charges	2,210.33
Dec 1, 2018	IDA-59660	Int Charges	2,210.33
Dec 1, 2018	IDA-59660	Int Charges	3,882.86
Dec 1, 2018	IDA-59660	Int Charges	119.39
Dec 1, 2018	IDA-59660	Int Charges	119.39
Jun 7, 2019	IDA-59660	Loan Disb	200,000.00
Jun 1, 2019	IDA-59660	Int Charges	56.37
Jun 1, 2019	IDA-59660	Int Charges	56.37
Jun 1, 2019	IDA-59660	Int Charges	2,263.90
Jun 1, 2019	IDA-59660	Int Charges	2,263.90
Jun 1, 2019	IDA-59660	Int Charges	3,867.10
Dec 1, 2019	IDA-59660	Int Charges	47.30
Dec 1, 2019	IDA-59660	Int Charges	47.30
Dec 1, 2019	IDA-59660	Int Charges	2,984.46
Dec 1, 2019	IDA-59660	Int Charges	2,984.46
Dec 1, 2019	IDA-59660	Int Charges	4,988.93
Jun 1, 2020	IDA-59660	Int Charges	63.98
Jun 1, 2020	IDA-59660	Int Charges	3,052.90
Jun 1, 2020	IDA-59660	Int Charges	3,052.90
Jun 1, 2020	IDA-59660	Int Charges	5,056.26
Aug 21, 2020	IDA-59660	Loan Disb	1,096,575.00
Dec 1, 2020	IDA-59660	Int Charges	33.30
Dec 1, 2020	IDA-59660	Int Charges	5,494.18
Dec 1, 2020	IDA-59660	Int Charges	5,494.18

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Project Management	Satisfactory	2022-01-18
Overall Implementation Progress (IP)	Satisfactory	2022-01-18
Procurement	Satisfactory	2022-01-18
Financial Management	Satisfactory	2022-01-18
Progress towards achievement of PDO	Satisfactory	2022-01-18
Monitoring and Evaluation	Satisfactory	2022-01-18

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 11-23-2022
Outcomes	Highly Satisfactory
Risk to Development Outcome
Bank Performance	Highly Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 06-16-2023	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Highly Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Highly Satisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	High	N/a
M&e Quality	High	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Percentage of large-value payments processed through the RTGS (Turnover of GDP) Value 0.00 14.98 7.00
Date March 30, 2017 May 31, 2021 September 29, 2021
Comment
New system observes or broadly observes all applicable PFMI Value Not Observed Broadly Observed Not Observed
Date March 30, 2017 May 31, 2021
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Real-Time Gross Settlement System is Operational Value No Yes No
Date March 30, 2017 May 31, 2022
Comment
Organizational unit focused on payments systems and staff with trained personnel at the Bank of Guyana established and functioning Value No Yes No
Date March 30, 2017 May 31, 2022
Comment
Central Securities Depository is Operational Value No Yes No
Date March 30, 2017 May 31, 2022
Comment
Treasury/Ministry of Finance is connected to the RTGS, ACH and CSD platform. Value No Yes No
Date March 30, 2017 May 31, 2022
Comment
Guyana Revenue Authority is connected to the RTGS and ACH platform Value No Yes No
Date March 30, 2017 May 31, 2022
Comment
National Insurance Scheme is connected to the RTGS and ACH platform Value No Yes Yes
Date March 30, 2017 May 31, 2022 September 29, 2021
Comment
Government payments channeled through the ACH or RTGS (# of payments) Value 0.00 20.57 100.00
Date March 30, 2017 May 31, 2022 May 31, 2021
Comment

Percentage of large-value payments processed through the RTGS (Turnover of GDP)	Value	0.00	14.98	7.00
	Date	March 30, 2017	May 31, 2021	September 29, 2021
	Comment

New system observes or broadly observes all applicable PFMI	Value	Not Observed	Broadly Observed	Not Observed
	Date	March 30, 2017	May 31, 2021
	Comment