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Sri Lanka Financial Sector Modernization Project - P159303
Details
Project End Date:2023-06-30
Location:Sri Lanka
Category:Goods, Works, Consulting services
Status:Completion and evaluation
Sectors:Law, Organizational development, Financial Services & Audit
Languages:English
Contracting authority: Central Bank of Sri Lanka
Associated tenders • 5
Description
Updated on May 31st, 2017:
(R) Sri Lanka Financial Sector Modernization Project
The Project Development Objective (PDO) is “to contribute to increasing financial market efficiency and use of financial services among micro, small and medium enterprises (MSMEs) and individuals”.The project will achieve the PDO through modernizing financial market infrastructure, upgrading the legal and regulatory framework for the financial system, and strengthening the institutional capacity of financial sector regulators (Central Bank of Sri Lanka, [CBSL]; Securities and Exchange Commission of Sri Lanka, [SEC]; and Insurance Board of Sri Lanka, [IBSL]). On account of its comprehen sive approach to creating an enabling environment for robust financial development, the project is also expected to advance financial inclusion through (a) increased financial efficiency and competition and (b) the greater reach and financial connectivity of MSMEs and individuals that the new and more inclusive financial market infrastructure shall enable. Approval completed on 5 April 2017. Environmental Assessment Category C. Project: P159303. US$ 75.0 (IDA Credit). Consultants will be required. Democrat ic Socialist Republic of Sri Lanka; Insurance Board of Sri Lanka; Securities and Exchange Commission of Sri Lanka; Central Bank of Sri Lanka.
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Updated on February 13th, 2017:
(R) Sri Lanka Financial Sector Modernization Project
The Project Development Objective (PDO) is “to contribute to increasing financial market efficiency and use of financial services among micro, small and medium enterprises (MSMEs) and individuals”. The project will achieve the PDO through modernizing financial market infrastructure, upgrading the legal and regulatory framework for the financial system, and strengthening the institutional capacity of financial sector regulators (Central Bank of Sri Lanka, [CBSL]; Securities and Exchange Commission of Sri Lanka, [SEC]; and Insurance Board of Sri Lanka, [IBSL]). Negotiations authorized on 29 December 2016. Environmental Assessment Category C. Project: P159303. US$ 75.0 (IDA Credit). Consultants will be required. Democratic Socialist Republic of Sri Lanka; Insurance Board of Sri Lanka; Securities and Exchange Commission of Sri Lanka; Central Bank of Sri Lanka.
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Updated on November 7th, 2016:
(R) Sri Lanka Financial Sector Modernization Project
The proposed project development objective is 'to strengthen institutional capacity of key financial sector regulators and market infrastructure to contribute to enhancing financial market stability and depth. This will be achieved by assisting the Central Bankof Sri Lanka (CBSL), the Securities Exchange Commission of Sri Lanka (SEC) and the Insurance Board of Sri Lanka (IBSL) to (a) improve the delivery of their main functions efficiently in accordance with relevant international standards (b)adopt effective regulatory and institutional framework and infrastructure and (b) strengthen their institutional capacity in carrying out their operations. Concept completed on 4 October 2016. Environmental Assessment Category C. Project: P159303. US$ 75.0 (IDA Credit). Consultants will be required. Democratic Socialist Republic of Sri Lanka; Insurance Board of Sri Lanka; Securities and Exchange Commission of Sri Lanka; Central Bank of Sri Lanka.
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The development objective of the project is to strengthen institutional capacity and market infrastructure to enhance financial market stability and depth. This will be achieved by assisting the Central Bank of Sri Lanka (CBSL), the Securities Exchange Commission of Sri Lanka (SEC) and possibly also the Insurance Board of Sri Lanka (IBSL) to (a) improve the delivery of their main functions efficiently in accordance with relevant international standards (b)adopt effective regulatory and institutional framework and infrastructure and (b) strengthen their institutional capacity in carrying out their operations. Identification completed on 16 March 2016. US$ 40.0 (IDA Credit). Consulting services to be determined. Implementing agency(ies) to be determined.
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By Sectors
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tender Background
About the Funding Agency
The World Bank (USA) is part of an international financial agency that makes loans and grants to governments in low- and middle-income countries to fund capital projects. The United States was a driving force behind the founding of the World Bank in 1944 and it is still the World Bank's largest shareholder today.
The United States contributes to tackling critical international development concerns through the World Bank Group and has a long history of generously supporting the objectives of the World Bank Group and has been a champion of the International Development Association (IDA) which provides low-interest loans and grants to the world's poorest countries. The key U.S. priorities at the World Bank include a multilateral health and economic response to COVID-19, debt sustainability and transparency, promoting governance and fighting corruption, ending energy poverty and supporting a strong emphasis on accountability, transparency and development impact.
About the Sectors
Law
Covers initiatives that strengthen legal systems, support justice sector reforms, and promote the rule of law at national and international levels.
Key areas:
- Legal and judicial reform
- Regulatory and legislative development
- Justice sector and court system strengthening
- Public safety, police, and penitentiary reform
Organizational development
Focuses on strengthening institutional capacity, improving performance, and supporting organizational change and sustainability.
Key areas:
- Institutional and organizational assessments
- Strategic planning and restructuring
- Performance improvement and governance reforms
- Human resources and operational processes
Locations
Sri Lanka
Sri Lanka has invested in ports, highways, airports, and energy projects to position itself as a regional logistics and maritime hub. Large-scale infrastructure expansion has been supported by foreign borrowing and international partnerships. However, recent economic crises and debt restructuring have constrained new project implementation. Fiscal stabilization, governance reform, and debt sustainability are critical for restoring infrastructure momentum.
Nr. of tenders: 15431
Nr. of grants: 2647
Nr. of donors: 491
Nr. of jobs: 31
Nr. of tenders: 15431
Nr. of grants: 2647
Nr. of donors: 491
Nr. of jobs: 31
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