World Bank Approves $60 Million in Financing for Financial Crime Prevention Training Programs

Strengthening Financial Safety Nets and Civil Registration Services in Lao PDR

The World Bank has approved a significant financing of $60 million to support the development of financial crime prevention training programs, enhance deposit insurance systems, and improve civil registration services in the Lao People’s Democratic Republic (PDR).

Key Objectives of the Financing

• Financial Sector Safety Net Strengthening Project: To build the capacity of the Deposit Protection Office to fulfill its deposit insurance mandate, protecting households and small and medium enterprises from bank failures.
• Civil Registration and Vital Statistics (CRVS) Project: To establish a comprehensive national civil registration system, providing vital data for public policies, monitoring development plans, and targeting specific segments of the population with tailored services.

Quotes from World Bank Officials

“A strengthened deposit insurance system will facilitate the mobilization of domestic savings, which can be put to productive use and stimulate economic activity and job creation.” - Mariam Sherman, World Bank Country Director for Myanmar, Cambodia, and Lao PDR.

“Poor coverage of civil registration jeopardizes the quality of planning and monitoring of programs at the national and local levels… The systematic collection and analysis of key life events provide evidence-based information for policymakers to target specific segments of the population with tailored policies and services.” - Nicola Pontara, World Bank Country Manager for Lao PDR.

Background on International Development Association (IDA)

The International Development Association (IDA) is a wing of the World Bank established in 1960. IDA provides grants and low-to-zero-interest loans for projects and programs that boost economic growth, reduce poverty, and improve poor people’s lives.

This significant financing marks a crucial step towards strengthening financial crime prevention measures and improving civil registration services in the Lao People’s Democratic Republic.