Payments & Banking System Modernization Project

Abstract*

The main objective of the proposed project is to develop a modem, integrated national payments system that is accepted and used by the commercial banks and their clients. The project has the following four components: Component 1) Payments System Infrastructure, which will comprise the following subcomponents: Bulk-clearing system (BCS): technical assistance for advisory services and establishment of a modern, fully automated bulk-clearing system... Show More

Development Objective

Assist the Borrower in the implementation of the national payments system modernization program.

Key Details

Project Details

Project ID
P074881
Status
Closed
Team Leader
Sylvie Bossoutrot
Borrower 2
N/A

Country
Kyrgyz Republic
Disclosure Date
June 25, 2003
Approval Date
(as of board presentation)
March 16, 2004
Effective Date
September 23, 2004

Total Project Cost 1
US$ 7.27 million
Implementing Agency
N/A
Region
Europe and Central Asia
Fiscal Year 3
2004

Commitment Amount
US$ 7.12 million
Environmental Category
C
Environmental and Social Risk
Not Applicable
Closing Date
October 30, 2012

Last Stage Reached
BANK APPROVED
Last Update Date
January 15, 2013

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 Stability50%
- FY17 - Financial Sector Integrity25%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring25%

FY17 - Private Sector Development

FY17 - Business Enabling Environment25%
- FY17 - Regulation and Competition Policy25%

FY17 - Public Sector Management

FY17 - Rule of Law25%
- FY17 - Legal Institutions for a Market Economy25%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
Local Sources of Borrowing Country	0.15
IDA Credit	7.12

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	7.12
IBRD + IDA Commitment	7.12

Lending Instrument
Grant Amount	N/A
Total Project Cost**	7.27

Summary Status of World Bank Financing (US$ Millions) as of June 30, 2025

No data available.

Detailed Financial Activity as of June 30, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Jul 16, 2019	IDA-38710	Loan Repay	59,544.78
Jul 16, 2019	IDA-38710	Int Charges	20,096.35
Jul 16, 2019	IDA-38710	Int Charges	20,096.35
Jul 15, 2021	IDA-38710	Int Charges	1,189.71
Jul 15, 2021	IDA-38710	Int Charges	1,189.71
Jul 15, 2021	IDA-38710	Loan Repay	61,405.15
Jul 15, 2021	IDA-38710	Int Charges	19,803.14
Jul 15, 2021	IDA-38710	Int Charges	19,803.14
Jan 15, 2021	IDA-38710	Int Charges	1,849.82
Jan 15, 2021	IDA-38710	Int Charges	1,849.82
Jan 15, 2021	IDA-38710	Loan Repay	62,087.06
Jan 15, 2021	IDA-38710	Int Charges	19,052.99
Jan 15, 2021	IDA-38710	Int Charges	19,052.99
Jul 15, 2020	IDA-38710	Int Charges	17,991.66
Jul 15, 2020	IDA-38710	Int Charges	17,991.66
Jul 15, 2020	IDA-38710	Int Charges	402.14
Jul 15, 2020	IDA-38710	Int Charges	402.14
Jul 15, 2020	IDA-38710	Loan Repay	59,931.00
Jul 15, 2022	IDA-38710	Int Charges	157.01
Jul 15, 2022	IDA-38710	Int Charges	157.01
Jul 15, 2022	IDA-38710	Loan Repay	56,436.55
Jul 15, 2022	IDA-38710	Int Charges	17,777.50
Jul 15, 2022	IDA-38710	Int Charges	17,777.50
Jul 15, 2023	IDA-38710	Int Charges	1,841.81
Jul 15, 2023	IDA-38710	Int Charges	1,841.81
Jul 15, 2023	IDA-38710	Loan Repay	58,384.85
Jul 15, 2023	IDA-38710	Int Charges	17,269.39
Jul 15, 2023	IDA-38710	Int Charges	17,269.39
Jan 15, 2014	IDA-38710	Int Charges	24,696.05
Jul 15, 2013	IDA-38710	Int Charges	231.81
Jul 15, 2013	IDA-38710	Int Charges	231.81
Jul 15, 2013	IDA-38710	Int Charges	24,149.34
Jul 15, 2013	IDA-38710	Int Charges	24,149.34
Jan 15, 2015	IDA-38710	Int Charges	22,844.01
Jan 15, 2015	IDA-38710	Int Charges	22,844.01
Jan 15, 2015	IDA-38710	Loan Repay	61,532.74
Jan 15, 2015	IDA-38710	Int Charges	149.12
Jan 15, 2015	IDA-38710	Int Charges	149.12
Jul 15, 2014	IDA-38710	Int Charges	24,813.11
Jul 15, 2014	IDA-38710	Int Charges	24,813.11
Jul 15, 2014	IDA-38710	Int Charges	106.08
Jul 15, 2014	IDA-38710	Int Charges	106.08
Jul 15, 2014	IDA-38710	Loan Repay	66,598.76
Jan 15, 2014	IDA-38710	Int Charges	142.34
Jan 15, 2014	IDA-38710	Int Charges	142.34
Jan 15, 2014	IDA-38710	Int Charges	24,696.05
Jan 15, 2016	IDA-38710	Loan Repay	1,082.23
Jan 15, 2016	IDA-38710	Loan Repay	58,554.37
Jan 15, 2016	IDA-38710	Int Charges	21,692.82
Jan 15, 2016	IDA-38710	Int Charges	21,692.82
Jul 15, 2015	IDA-38710	Int Charges	22,139.34
Jul 15, 2015	IDA-38710	Int Charges	22,139.34
Jul 15, 2015	IDA-38710	Loan Repay	58,078.32
Jul 15, 2015	IDA-38710	Loan Repay	2,164.75
Jan 15, 2017	IDA-38710	Int Charges	20,749.52
Jan 15, 2017	IDA-38710	Int Charges	20,749.52
Jan 15, 2017	IDA-38710	Loan Repay	999.51
Jan 15, 2017	IDA-38710	Loan Repay	57,244.83
Jul 15, 2016	IDA-38710	Int Charges	21,630.07
Jul 15, 2016	IDA-38710	Loan Repay	31.15
Jul 15, 2016	IDA-38710	Loan Repay	60,052.43
Jul 15, 2016	IDA-38710	Int Charges	21,630.07
Jan 15, 2018	IDA-38710	Int Charges	1,208.21
Jan 15, 2018	IDA-38710	Int Charges	1,208.21
Jan 15, 2018	IDA-38710	Loan Repay	61,765.93
Jan 15, 2018	IDA-38710	Int Charges	20,360.69
Jan 15, 2018	IDA-38710	Int Charges	20,360.69
Jul 15, 2017	IDA-38710	Loan Repay	719.07
Jul 15, 2017	IDA-38710	Loan Repay	59,215.81
Jul 15, 2017	IDA-38710	Int Charges	19,954.63
Jul 15, 2017	IDA-38710	Int Charges	19,954.63
Jan 15, 2020	IDA-38710	Int Charges	1.24
Jan 15, 2020	IDA-38710	Int Charges	19,474.07
Jan 15, 2020	IDA-38710	Int Charges	19,474.07
Jul 16, 2019	IDA-38710	Int Charges	781.29
Jul 16, 2019	IDA-38710	Int Charges	781.29
Jan 15, 2023	IDA-38710	Int Charges	16,256.94
Jan 15, 2023	IDA-38710	Int Charges	16,256.94
Jan 15, 2023	IDA-38710	Loan Repay	1,218.96
Jan 15, 2023	IDA-38710	Loan Repay	56,902.96
Jan 15, 2022	IDA-38710	Int Charges	19,174.87
Jan 15, 2022	IDA-38710	Int Charges	19,174.87
Jan 15, 2022	IDA-38710	Loan Repay	816.71
Jan 15, 2022	IDA-38710	Loan Repay	59,869.47
Mar 16, 2004	IDA-38710	Loan Commitment	9,000,000.00
Jul 15, 2024	IDA-38710	Int Charges	16,770.83
Jul 15, 2024	IDA-38710	Int Charges	16,770.83
Jul 15, 2024	IDA-38710	Int Charges	546.39
Jul 15, 2024	IDA-38710	Int Charges	546.39
Jul 15, 2024	IDA-38710	Loan Repay	114,420.54
Jan 15, 2024	IDA-38710	Int Charges	674.64
Jan 15, 2024	IDA-38710	Int Charges	674.64
Jan 15, 2024	IDA-38710	Loan Repay	57,589.15
Jan 15, 2024	IDA-38710	Int Charges	16,942.68
Jan 15, 2024	IDA-38710	Int Charges	16,942.68
Jan 15, 2019	IDA-38710	Loan Repay	1,542.30
Jan 15, 2019	IDA-38710	Loan Repay	58,601.63
Jan 15, 2019	IDA-38710	Int Charges	19,734.95
Jan 15, 2019	IDA-38710	Int Charges	19,734.95
Jul 15, 2018	IDA-38710	Int Charges	1,154.69
Jul 15, 2018	IDA-38710	Int Charges	1,154.69
Jul 15, 2018	IDA-38710	Loan Repay	60,431.43
Jul 15, 2018	IDA-38710	Int Charges	20,848.85
Jul 15, 2018	IDA-38710	Int Charges	20,848.85
Jan 15, 2020	IDA-38710	Loan Repay	52.98
Jan 15, 2020	IDA-38710	Loan Repay	59,493.53
Jan 15, 2020	IDA-38710	Int Charges	1.24

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Financial Management	Satisfactory	2012-10-28
Monitoring and Evaluation	Satisfactory	2012-10-28
Overall Implementation Progress (IP)	Moderately Satisfactory	2012-10-28
Counterpart Funding	Satisfactory	2012-10-28
Progress towards achievement of PDO	Moderately Satisfactory	2012-10-28
Procurement	Satisfactory	2012-10-28
Project Management	Satisfactory	2012-10-28

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 04-30-2013
Outcomes	Substantial
Risk to Development Outcome	Modest
Bank Performance	Moderately Satisfactory
Borrower Performance	Substantial
Government Performance	Substantial
Implementing Agency	Substantial

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 08-27-2013	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome	Moderate	N/a
Bank Performance	Moderately Satisfactory	N/a
Borrower Performance	Moderately Satisfactory	N/a
Government Performance	Moderately Satisfactory	N/a
Implementing Agency	Moderately Satisfactory	N/a
Icr Quality	Satisfactory	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Total value of transactions channeled through and processed by the national payments system (in Som mlns)	Value	90,000	303,188	650000
	Date	December 31, 2003	June 30, 2012	October 30, 2012
	Comment		This data is for half a year (Jan 1-June 30, 2012). Target expected to be met by end year.

Total number of bank accounts Value 140,000 905,116 850,000
Date December 31, 2003 October 10, 2012 October 30, 2012
Comment Targeted exceeded
General ledger of the NBKR automated and integrated with the RTGS and BCS Value No Yes Yes
Date December 31, 2003 October 10, 2012 October 30, 2012
Comment Done in testing and pilot mode

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Inter-bank card system: Total number of cards Value 7700 309929 280000
Date December 31, 2003 October 10, 2012 October 30, 2012
Comment Targeted exceeded

Inter-bank card system: Average monthly volume of transactions processed with bank cards compatible with the shared system.	Value	20100	523356	450000
	Date	December 31, 2003	October 10, 2012	October 30, 2012
	Comment

RTGS: Total value of individual transactions (yearly) (Som mln)	Value	60000	270389	540000
	Date	December 31, 2003	October 10, 2012	October 30, 2012
	Comment		This data is for half year Jan 1-June 30, 2012. Target expected to be met by end year.

Bulk Clearing System: total number of batches of transactions processed through the system	Value	690900.00	1033164.00	1600000.00
	Date	December 31, 2003	June 30, 2012	October 30, 2012
	Comment		This data is for half a year (Jan 1-June 30, 2012). Target expected to be met by end year.

Direct project beneficiaries Value 140000.00 905116.00 850000.00
Date December 31, 2003 October 10, 2012 October 30, 2012
Comment

Status of procuring and operations of the improved General Ledger of the NBKR	Value	Old General Ledger	Launch into operation expected end of January	August 2012: Transition to commercial operation
	Date	December 31, 2003	October 10, 2012	August 31, 2012
	Comment

Female beneficiaries Value 45.00 45.00 45.00
Date December 31, 2003 October 10, 2012 October 30, 2012
Comment

Total number of bank accounts	Value	140,000	905,116	850,000
	Date	December 31, 2003	October 10, 2012	October 30, 2012
	Comment		Targeted exceeded

Inter-bank card system: Total number of cards	Value	7700	309929	280000
	Date	December 31, 2003	October 10, 2012	October 30, 2012
	Comment		Targeted exceeded

Direct project beneficiaries	Value	140000.00	905116.00	850000.00
	Date	December 31, 2003	October 10, 2012	October 30, 2012
	Comment

Female beneficiaries	Value	45.00	45.00	45.00
	Date	December 31, 2003	October 10, 2012	October 30, 2012
	Comment