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Lesson
Gender targets need to be clarified with PFIs during project processing and their attainment strengthened through direct implementation support, better communication, and capacity building.

Project Number: 44060-025
Project Name: Small and Medium Enterprise Investment Program - Tranche 3 and Multitranche Financing Facility
Report Date:
Lesson
Having a simple environmental and social management system (ESMS) and an environmental staff in place in F1 financial intermediation loans will make implementation more efficient.

Project Number: 44060-025
Project Name: Small and Medium Enterprise Investment Program - Tranche 3 and Multitranche Financing Facility
Report Date:
Lesson
Careful examination of absorptive capacity is vital to ensuring that ADB loans are fully utilized and therefore are as beneficial as possible.

Project Number: 44060-025
Project Name: Small and Medium Enterprise Investment Program - Tranche 3 and Multitranche Financing Facility
Report Date:
Lesson
Aside from loan capitalization, incentives need to be developed to encourage commercial banks to lend more to small and medium enterprises (SMEs).

Project Number: 44060-025
Project Name: Small and Medium Enterprise Investment Program - Tranche 3 and Multitranche Financing Facility
Report Date:
Lesson
Implementation of agreed measures to mitigate the risks associated with foreign currency funding is critically important, particularly for financial intermediation loans that will be sub-lent in local currencies.

Project Number: 44060-025
Project Name: Small and Medium Enterprise Investment Program - Tranche 3 and Multitranche Financing Facility
Report Date:
Lesson
Using commercial banks as sole channel for onlending could crowd out smaller SMEs.

Project Number: 44060-024
Project Name: Small and Medium Enterprise Investment Program (Tranche 2)
Report Date:
Lesson
Holistically addressing supply-side constraints will foster the sustainability of ADB investments in small and medium enterprise (SME) development.

Project Number: 44060-024
Project Name: Small and Medium Enterprise Investment Program (Tranche 2)
Report Date:
Lesson
A well-defined design and monitoring framework (DMF) is crucial to assessing a project’s overall effectiveness.

Project Number: 44060-024
Project Name: Small and Medium Enterprise Investment Program (Tranche 2)
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
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: