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Lesson
The approach should be supported by an agreed road map, matched closely with available institutional capacities, with enough flexibility for continuing review and corrective actions, and supported by required technical assistance, until such time that the country exhibits maturity of institutions, strong internal capacity, and political and economic stability.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
Regarding program design in small, transition economies, it may be more prudent to take a gradual approach to private sector and financial market development, taking smaller slices of the development pie (financed with single-tranche loans) within a short time horizon.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
ADB’s similar institutional reform programs in Afghanistan should include a specific and realistic strategy for capacity development, taking into account the following: (i) without absorptive capacity in ministries, very little technical skills transfer will occur; (ii) sustained recourse to resident international advisors may perpetuate the dependency of decision makers on such advisors; and (iii) in the absence of specific terms of reference for international advisors, their contributions will tend to crowd out inputs provided by the learning process of local staff

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
In conflict-affected economies, it may be more appropriate to focus reforms on (i) rebuilding capacity, (ii) institutionalizing the process of conducting sustainable reforms based on transparency and participation, and (iii) propagating good public governance principles that are likely to be more enduring.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
The validation concurs with these issues and would also add that uncertainty remains regarding the Afghanistan private sector‘s overall ability to absorb credit even when available. Another uncertainty is AIB‘s ability to make up, through increased regular lending to private customers and investing in alternative assets overseas, for the inevitable loss of special situations of the sort (e.g. a sharp reduction in the US army deposits), which had provided AIB some measure of its financial success vis-à-vis very wide interest spreads gained by investing idle US Army cash balances in 12+%.

Project Number: 37903-014
Project Name: Equity Investment in Afghanistan International Bank
Report Date: