The Inter-American Development Bank announced the approval of a US$11,6 million loan to Uruguay for a program to improve its National Customs Bureau (DNA).
The project will support the country's efforts to modernize its customs bureau to enhance its efficiency and quality as a compliance agency and facilitator of international trade.
It is expected to reduce the time and cost of customs processing; shorten inspection times; collect customs revenue more efficiently; and provide complete, updated, and reliable information to guide government customs and revenue collection decisions while facilitating decision-making on trade matters by private agents.
Both commercial interests and consumers will benefit from the project as the result of lower cost of customs transactions, the establishment of updated, flexible rules to facilitate trade, greater automation of both customs procedures and offices, and the introduction of a risk management system.
"Customs personnel will also benefit from a clear organizational structure with new job descriptions that effectively reflect their activities and responsibilities, which, in turn, will be better suited to their skills," according to IDB project team leader Gerardo Reyes-Tagle.
The program will be carried out by the Ministry of Economic Affairs and Finance, acting through the National Customs Bureau (DNA), which is the agency responsible for verification and oversight of the various customs transactions and compliance monitoring for the entry, exit, transit, and storage of goods. The local counterpart contribution, provided by the government, will be US$11.3 million.
The National Customs Bureau (DNA) began a modernization process in the second half of the 1990s with Bank support to adapt its structure and of procedures and technology to the facilitation requirements advocated by the WTO.
The loan has a 25 year term, a grace period of four years and variable interest rate. The local counterpart funds total US$11.3 million.
Inter-American Development Bank
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