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CSV
Lesson
Up-front disbursement to the PFIs (participating financial institutions) of the entire loan amount was required by the funding mechanism used for the tranche. While this helped avoid problems in the financing of subprojects, it also limited the option to reward better-performing PFIs. In this case, the only available incentive mechanism was participation in future tranches under the MFF (multitranche financing facility).

Project Number: 44060-023
Project Name: Small and Medium Enterprise Investment Program - Tranche 1
Report Date:
Lesson
Damu charged a uniform margin to all PFIs (participating financial institutions). In line with the government's intention that Damu function effectively on a self-sufficient basis, Damu should have priced its loans to PFIs according to risk. This intention was limited both by the project's design and by Damu's capacity. A minor change in the MFF (multitranche financing facility) has given Damu the flexibility to charge market-based margins to improve its sustainability and reward better-performing PFIs.

Project Number: 44060-023
Project Name: Small and Medium Enterprise Investment Program - Tranche 1
Report Date:
Lesson
The project experienced disbursement delays to SME (small and medium-sized enterprise) sub-borrowers, partly due to safeguard requirements. Significant support from the project team was required and signaled the need for PFIs to adopt a minimal ESMS (environment and social management system) to be able to meet categorization requirements. It also showed the importance of continuous dialogue, awareness raising, and capacity building, crucial to making safeguards an important consideration in the credit decision-making process and to the sustainability of the results.

Project Number: 44060-023
Project Name: Small and Medium Enterprise Investment Program - Tranche 1
Report Date:
Lesson
Finally, the DMF (design and monitoring framework) indicators were not appropriate to assess the overall effectiveness of ADB's intervention. The performance indicators should have been more accurate, better defined, and aligned with the stated impact and outcome. The indicators also did not measure improvements in the loan maturity for SME (small and medium-sized enterprise) loans in the PFIs' (participating financial institutions) portfolio, which was considered relevant for development impact.

Project Number: 44060-023
Project Name: Small and Medium Enterprise Investment Program - Tranche 1
Report Date:
Lesson
The overall objective of supporting SME (small and medium-sized enterprise) medium-term lending was only partially achieved. A key success factor lies in the selection of PFIs (participating financial institutions), which should be sustainable finance providers. The development of SME portfolios requires not only exceptional liquidity support at a time of liquidity squeezes, but also a strategic commitment and adequate capacity and technical expertise of PFI staff and their SME clients.

Project Number: 44060-023
Project Name: Small and Medium Enterprise Investment Program - Tranche 1
Report Date:
Lesson
Traffic forecasts should be much more realistic, and reflect impacts of follow on projects on expected usage. Similarly, more effort should be taken to establish sustainable asset management systems, supported by credible sources offunding.

Project Number: 41121-023
Project Name: CAREC Transport Corridor 1 (Zhambyl Oblast Section) [Western Europe–Western People’s Republic of China International Transit Corridor] Investment Program (Project 1)
Report Date:
Lesson
The adequacy and appropriateness of project design have to be tailored to the project’s ultimate objectives and complexities. The PCR provided weak justification of the relevance of the extension and the insufficiency of indicators.

Project Number: 39662-012, 39662-022
Project Name: Prevention and Control of Avian Influenza in Asia and the Pacific
Report Date:
Lesson
There is a need to ensure a better coordination between the sovereign and nonsovereign operations in ADB so that the two sets of operations can operate in the country in a seamless manner. This is especially important in view of the enhanced role of nonsovereign operations under Strategy 2020 in a high middle income country such as Kazakhstan.

Project Number: 43330-013
Project Name: Countercylical Support Loan
Report Date:
CSV