Decision No. 265/QD-NH21 On the management and use of the rescheduled loan funds of Vietnam Joint Stock Commercial Bank for Import-Export within the framework of the Bank Modernization and Payment System Project

Pursuant to …;

Regarding the management and use of the rescheduled loan funds of Vietnam Joint Stock Commercial Bank for Import Export within the framework of the Bank Modernization and Payment System Project

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the State Bank Law dated May 23, 1990;
Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the tasks, powers, and responsibilities for state management of Ministries and ministerial-level agencies;
Pursuant to Decision No. 531/TTg dated July 12, 1997 of the Government Prime Minister on investment in the Bank Modernization and Payment System Project;
Pursuant to the Development Credit Agreement No. 2785 VN signed between the Socialist Republic of Vietnam State and the World Bank on January 16, 1996;
Pursuant to the World Bank's Project Appraisal Report No. 14823-VN dated October 25, 1995;
Pursuant to Circular No. 3365 UB/VPTĐ dated September 30, 1995 of the National Appraisal Council Chairman submitting the Feasibility Project of Bank Modernization and Payment System to the Government Prime Minister for approval;
Pursuant to the World Bank's telecommunication to the Governor of the State Bank of Vietnam dated July 25, 1997 regarding the detailed allocation of costs under credit line 2785-VN;
At the proposal of the Project Management Board Chair,

Pursuant to …;

Article 1. Grant Vietnam Joint Stock Commercial Bank for Import Export permission to reschedule a loan amounting to no more than US$2,600,000 (two million six hundred thousand United States Dollars) from the World Bank loan fund within the framework of the Bank Modernization and Payment System Project to invest in the Vietnam Joint Stock Commercial Bank for Import Export Bank Modernization Subproject.

Article 2. In accordance with the approved withdrawal plan and bidding plan, the General Director of Vietnam Joint Stock Commercial Bank for Import Export shall proactively implement the withdrawal of funds through the Project Management Board in accordance with the current World Bank disbursement regulations for the Project. The General Director of Vietnam Joint Stock Commercial Bank for Import Export shall be responsible for the validity of the withdrawal request and accompanying documents. The Project Management Board Chair shall be responsible for disbursing funds according to the General Director of Vietnam Joint Stock Commercial Bank for Import Export's requirements in compliance with the World Bank's disbursement regulations and procedures.

Article 3. Vietnam Joint Stock Commercial Bank for Import Export shall be responsible for contributing an equivalent amount of US$32,600 (thirty-two thousand six hundred United States Dollars) from the rescheduled loan funds stipulated in Article 1 above to the State Bank of Vietnam to hire consulting experts to support the Project Management Board in managing the overall project. The Project Management Board Chair shall be responsible for managing and using the contributed funds in accordance with the Development Credit Agreement, the Prime Minister's Investment Decision, and relevant legal documents on investment and construction management, foreign borrowing and repayment management.

Article 4. The Accounting and Finance Department shall be responsible for guiding the Project Management Board in accounting for the rescheduling of loans, collection of debts, interest income, and repayment to the World Bank.

Article 5. This Decision shall take effect fifteen days from the date of signature. The Governor's Office Director, the Project Management Board Chair, the Vietnam Joint Stock Commercial Bank for Import Export Chairman of the Board of Directors, the Vietnam Joint Stock Commercial Bank for Import Export General Director, and the heads of units directly under the State Bank related to this matter shall be responsible for implementing this Decision.