Decision No. 268/QD-NH21 On the management and use of the recycled loan funds of the Vietnam Commercial Joint Stock Bank within the framework of the bank modernization and payment system project

Pursuant to …;

Regarding the management and utilization of the re-lending capital of the Vietnam Commercial Bank 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 Study Project for 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. Granting the Vietnam Commercial Bank permission to re-borrow a credit amount not exceeding US$7,500,000 (seven million five hundred thousand United States Dollars) from the World Bank loan funds within the framework of the Bank Modernization and Payment System Project to invest in the Vietnam Commercial Bank Modernization Sub-project.

Article 2. In accordance with the approved withdrawal plan and bidding plan, the General Director of the Vietnam Commercial Bank shall proactively implement the withdrawal of funds through the Project Management Board in accordance with the current disbursement regulations of the World Bank for the Project. The General Director of the Vietnam Commercial Bank 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 requirements of the Vietnam Commercial Bank General Director in compliance with the World Bank's disbursement regulations and procedures.

Article 3. The Vietnam Commercial Bank shall be responsible for contributing an equivalent amount of US$65,500 (sixty-five thousand five hundred United States Dollars) from the re-lending capital specified 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 utilizing the aforementioned contribution fund in accordance with the Development Credit Agreement, Feasibility Study, Government Prime Minister Investment Decision, and relevant legal regulations 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 implementation of re-lending, debt collection, interest collection, and World Bank debt repayment.

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