After the World Bank pays funds for a project, following the way these funds are used is of the utmost importance. Countries use a wide variety of financial management systems and processes, which are not standardized and rarely share information on platforms. To solve these problems, the World Bank deploys Fundschain.
This owner platform uses Blockchain technology to follow each dollar on a large secure and immutable digital book which can be accessible by all the stakeholders in the project. By providing wider access to up -to -date transaction records, Fundschain considerably improves efficiency, transparency and responsibility.
As a first multilateral development institution to implement blockchain for project surveillance, the World Bank opens the way for financial management ready for future.
Impact on financial management and communities
The use of Fundschain to follow the project funds is part of a wider effort to make the operations of the World Bank (WBG) group (WBG) more efficient and rationalized, ultimately customers and communities in service.
“Fundschain is a one -stop shop for financial reports and transparent follow -up. He quickly shows that LOVELLA TOLENTINO-MORADASpecialist in finance management at Metro Manila Development Authority.
The Philippines were one of the first Fundschain adopters, which was deployed at Metro Manila Flood Management Project, an initiative of $ 500 million funded by the World Bank and the investment bank in Asian infrastructure. The project aims to reduce Manila’s vulnerability to floods by improving water infrastructure.
In Bangladesh, Fundschain is used in the project to improve resilience, entrepreneurship and livelihoods in Bangladesh. This initiative targets 3,200 villages to help women launch entrepreneurial companies, to cover expenses related to pregnancy, improve sanitation and provide wider support to the community. Since the start of the $ 600 million project in 2021, he has helped withdraw more than 115,000 people from poverty.
“We implement Fundschain in 350 villages as a pilot. We also implement our loan management system (LMS) in the 3,200 project villages, providing laptops and women leaders have been trained to use it. Mahbubul AlamDirector of the Social Development Foundation project, an autonomous organization of the Division of Financial Institutions of the Ministry of Finance.
Alam stressed that Fundschain also benefits its finance management team by simplifying transaction records and digitizing all the information related to the project, something particularly important in a project with many suppliers and beneficiaries.
