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Lesson
Delays in the establishment of a credit information bureau was also partly a failure of analysis. Costs were underestimated and the problems were not fully understood. Founding a CIB in Bhutan is not only a problem of coordination among the lending institutions. The challenge is more fundamental, with the essential problem being the poor data systems and practices of the lending institutions. Substantive analysis at the design stage of the FSIF would probably have identified this issue and allowed ADB and RGoB to address it earlier.

Project Number: 29243/29243-01/31909
Project Name: Financial Sector Intermediation Facility and Equity Investment in Bhutan National Bank
Report Date:
Lesson
Insufficient analytical underpinnings led to formal rather than substantive compliance with tranche release conditions. Joint undertakings with other donors and RGoB might have strengthened the substantive analysis of policies and the robustness of the dialogue with RGoB. 60 For example, requiring that RGoB formulate an FDI policy, without engaging substantively on the substance of that policy, was not useful. A policy was written and adopted, but a new attempt was being made to formulate a workable policy in 2009.

Project Number: 29243/29243-01/31908
Project Name: Financial Sector Intermediation Facility and Equity Investment in Bhutan National Bank
Report Date: