Capital Market Development Program Cluster (Subprograms 1 and 2)

Program design should be focused and selective, with a limited number of policy actions to ensure effective implementation and monitoring. The CMDPC supported a complex program with 93 policy actions (46 for subprogram 1 and 47 for subprogram 2). Limiting the number of policy actions in a program is consistent with the IED recommendations in the evaluation of ADB assistance to capital market development in 2008.