The Central Bank of Solomon Islands (“CBSI”) invites submission of qualifications and proposal data (collectively referred to as the “Proposal”) from interested U.S. firms that are qualified on the basis of experience and capability to execute a Technical Assistance (“TA”) for the proposed modernization of CBSI ICT infrastructure and core banking applications. The Proposal submission deadline is January 31st, 2022 at 5:00PM Honiara, Solomon Islands Time. The U.S. firm selected will be paid in U.S. dollars from a US $606,350 grant to CBSI from the U.S. Trade and Development Agency.
About the Grantee
CBSI is the central bank of the government of Solomon Islands. Established in 1983, CBSI is responsible for creating and administering Solomon Islands’ monetary policy, as well as issuing the country’s currency, treasury bills, and government bonds. The TA would primarily support the Information and Communication Technology Department, which manages CBSI’s ICT infrastructure.
The CBSI ICT Modernization Roadmap Project is a complementary component to the larger effort by the World Bank to modernize and reform the financial infrastructure of central banks throughout the nations of the Pacific islands. Over the past decade, CBSI has worked closely with multilateral development banks and donor organizations to reform the country’s financial infrastructure, including its national payment system. In 2010, the World Bank and the International Finance Corporation established the Pacific Payments, Remittances, and Securities Settlement Initiative (“PAPRI”) to assist with reforms to the national payment systems in the Pacific Islands.
The objective of the PAPRI is to identify strategies to improve the efficiency and integrity of payment systems, as well as to promote policies for the harmonization of payment systems in the Pacific Islands. Since the launch of the PAPRI, major efforts have focused on supporting central banks in the region in drafting National Payment System Acts and relevant regulations. The results of the initiative in Solomon Islands include several major pieces of legislation, such as the Central Bank of Solomon Islands Act of 2012 and the Payment Systems Bill of 2018 and 2020. These acts lay out in detail CBSI’s regulatory and operational role in maintaining a safe, sound, and efficient payment system for the country and provide CBSI with the necessary authority to regulate and control activities involving electronic payments.
In order to meet these roles, CBSI is seeking to upgrade its ICT infrastructure, train the Bank’s technical staff to successfully and independently operate the ICT systems and applications selected, and ensure the ICT system upgrades are complimentary to the physical architecture of CBSI’s new headquarters. Successful upgrades to CBSI’s ICT infrastructure would improve CBSI’s operations and increase the availability, safety and security of financial services in the Solomon Islands.
About the Technical Assistance
The USTDA-funded TA will assist CBSI in developing a roadmap for key ICT infrastructure improvements, including upgrades to server rooms and data recovery facilities, network infrastructure, cybersecurity capabilities, and core banking applications.