Mongolia: Payment System Modernization Project

Sovereign Project | 46312-001 Status: Active

Summary

ADB is helping Mongolia modernize its payment system. The project will help improve the interbank payment system that supports the clearing and settlement of all interbank and payment service provider transactions. It will upgrade the retail payments infrastructure and support systems, and help establish the necessary legal and regulatory framework.

Latest Project Documents

Consulting Notices See also: CMS

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Procurement Notices See also: Operational Procurement

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Procurement Documents


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Project Name Payment System Modernization Project
Project Number 46312-001
Country Mongolia
Project Status Active
Project Type / Modality of Assistance Loan
Source of Funding / Amount
Loan 3072-MON: Payment System
Ordinary capital resources US$ 20.00 million
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Sector / Subsector

Finance - Banking systems and nonbank financial institutions

Gender Equity and Mainstreaming No gender elements
Description
Project Rationale and Linkage to Country/Regional Strategy
Impact Modern payment services are available throughout Mongolia and easily accessible even by citizens who live in distant rural areas or abroad or are not clients of a bank.

Project Outcome

Description of Outcome National full-service payments system established that is efficient and affordable by poor individual
Progress Toward Outcome The loan was ratified by Parliament in June 2015 and became effective on 14 August 2015.
Implementation Progress
Description of Project Outputs

Interbank payment systems infrastructure strengthened

The retail payment systems infrastructure and support systems upgraded

External services and technical support provided

Legal and regulatory framework established

Status of Implementation Progress (Outputs, Activities, and Issues) The PIU was formed in March 2016. The PAM is undergoing update and revision with the assistance of an external consultant. Updates are needed due to the length of time that passed from loan approval to loan effectiveness. Subsequent to the update, minor changes may be proposed to the use of loan proceeds.
Geographical Location

Safeguard Categories

Environment C
Involuntary Resettlement C
Indigenous Peoples C

Summary of Environmental and Social Aspects

Environmental Aspects NA
Involuntary Resettlement NA
Indigenous Peoples NA
Stakeholder Communication, Participation, and Consultation
During Project Design The Bank of Mongolia and the National Payments Center were consulted regularly over project design.
During Project Implementation Regular communication occurs between ADB and the executing and implementing agencies.

Responsible Staff

Responsible ADB Officer Giacomo Giannetto
Responsible ADB Department East Asia Department
Responsible ADB Division Public Mgt, Financial Sector and Regional Coop Division, EARD
Executing Agencies
Bank of Mongolia (Central Bank)
Commerce Street 6
Ulaanbaatar - 11
Mongolia

Timetable

Concept Clearance 21 Dec 2012
Fact Finding 25 Oct 2012 to 26 Oct 2012
MRM 20 Dec 2012
Approval 26 Nov 2013
Last Review Mission -
Last PDS Update 31 Mar 2016

Loan 3072-MON

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
26 Nov 2013 14 Mar 2014 14 Aug 2015 30 Jun 2017 31 Dec 2019 -
Financing Plan Loan Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 22.50 Cumulative Contract Awards
ADB 20.00 26 Nov 2013 0.00 0.00 0%
Counterpart 2.50 Cumulative Disbursements
Cofinancing 0.00 26 Nov 2013 0.00 0.00 0%

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

None currently available.

Related Publications

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