| WASHINGTON, June 8, 2004—The following project was approved today by the World Bank’s Board:
CREDIT AMOUNT: US$5 Million
TERMS: Grace period = 10 years; Maturity = 40 years
PROJECT DESCRIPTION: This project aims to support the improvement of the financial sustainability, effectiveness, and the efficiency of the pension system in Montenegro. This project will improve the pension system through investment and capacity building in three areas: tax and contribution collection and information management; modernization of Pension Fund; and strengthening capacity for policy analysis. It will also provide financing for hardware and soft ware, study tours, training, advisory services, and public education materials. Through this project a central registry on tax and contribution payers will be created. For more information, please call Miriam Van Dyck at (202) 473-8302 or e-mail mvandyck@worldbank.org For project information documents, please visit:
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