| WASHINGTON, June 10, 2003—The following project was approved today by the World Bank’s Board:
CREDIT AMOUNT: IDA—US$7.21 million
TERMS:Â Grace period = 10 years; Maturity = 40 years
PROJECT DESCRIPTION: The project’s two main objectives are: to reduce non-tariff costs to trade and transport; and to increase revenue and compliance, and reduce smuggling and corruption at border crossings. The project will achieve these objectives by: strengthening Customs institutional capacity; modernizing and integrating Customs information systems for border processing and clearance of shipments; developing a transit control system; upgrading the capacity and effectiveness of existing border points; improving mechanisms of interaction and cooperation between border control agencies and the trading community; disseminating information and providing training to the trading community (private sector); and implementing, at pilot sites, an integrated set of new Customs procedures, information technology, human resource management techniques, and cooperation mechanisms for agencies at border crossings. For more information, please call Miriam van Dyck at (202) 458-2931, fax at 522-3362 or e-mail mvandyck@worldbank.org.Â
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