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Lesson
An important aspect of CMDP II (Second Capital Market Development Program) was using a crisis as an opportunity to push reforms. This was reflected in CMDP II design that resulted in mutually reinforcing actions that simultaneously addressed the causes behind the crisis and expanded the financial sector to meet the needs of the real sector. In this regard, fundamental reasons for the crisis were the falsification of financial statements and the consequent exploitation of small investors. The accreditation system for auditors will help promote market information credibility.

Project Number: 43477-013
Project Name: Second Capital Market Development Program
Report Date:
Lesson
Several sustainability lessons from CMDP II (Second Capital Market Development Program) may be relevant to future interventions. A key aspect was following an integrated approach fostered through consultations. Policy coordination under CMDP II resulted in ensuring identification of responsibility and minimal replication of effort. In addition, CMDP II correctly understood the shortcomings in the government's response to the crisis, related to poor surveillance and failure to address the underlying causes in weak governance and incompatible incentives.

Project Number: 43477-013
Project Name: Second Capital Market Development Program
Report Date:
Lesson
Indicators should have been added in the design and monitoring framework to measure the level of investor confidence.

Project Number: 36197-013
Project Name: Improvement of Capital Market and Insurance Governance Project
Report Date:
Lesson
Definition of SME (small and medium-sized enterprise). The Ministry of Industries defines enterprises as cottage, micro, small, medium, and large enterprises, on the basis of'employment' and'fixed investment'. As SMEs, by definition, refers to small and medium-sized enterprises, the nomenclature is frequently misunderstood and used inappropriately to address cottage and micro enterprises as well. Surveys show that cottage and micro enterprises constitute 97% of all industries by number and employ 41% of the nonagricultural workforce.

Project Number: 36200-013
Project Name: Small and Medium-Sized Enterprise Development Project
Report Date:
Lesson
Subloan database. The reimbursement applications made by the PFIs (participating financial institutions) to the implementing agency were not standardized; the PFIs used different spellings in fields and the fields were different as well. This made analyzing the subloans for all 13,465 SMEs (small and medium-sized enteprises) (on the basis of location, industry, etc.) virtually impossible. The database would have been more effective if a standard reporting template with all required fields and their probable values had been prefixed.

Project Number: 36200-013
Project Name: Small and Medium-Sized Enterprise Development Project
Report Date:
Lesson
Women entrepreneurs. The SMEDP (Small and Medium-Sized Enterprise Development Project) disbursed 6.4% of the total facility to women-led SMEs, falling short of the target of 15.0%. Initial disbursements under this component were slow due to a lack of market awareness among women entrepreneurs. The target was also overly optimistic to comply with the provisions set out in the Refinance Scheme for Women Entrepreneurs of SME, given that the percentage of SME loans disbursed to women entrepreneurs was 3.4% - 3.9% during 2010 - 2013.

Project Number: 36200-013
Project Name: Small and Medium-Sized Enterprise Development Project
Report Date:
Lesson
NBFIs (nonbank financial institutions) find the refinancing scheme more valuable. The funds disbursed through NBFIs increased to 48% of total facility for the SMEDP (Small and Medium-Sized Enterprise Development Project) compared to 20% for the previous SMESDP (Small and Medium Enterprise Sector Development Program). At the national level, banks and NBFIs disbursed SME loans at a rate of 87.8% and 2.2% in 2013.

Project Number: 36200-013
Project Name: Small and Medium-Sized Enterprise Development Project
Report Date:
Lesson
Data availability. There is no comprehensive, standardized, and updated database on the SME (small and medium-sized enterprise) sector that also includes cottage and micro enterprises. It is challenging to acquire reliable basic statistics, such as the number of SMEs and SME employment. The Sixth Five- Year Plan, 2011 - 2015 recognized the lack of data as a barrier to understanding the role of SMEs.

Project Number: 36200-013
Project Name: Small and Medium-Sized Enterprise Development Project
Report Date:
Lesson
Early proactive engagement with project stakeholders could have been done for readiness in critical areas. Although the project largely achieved its intended outcome and outputs and had significant impact on the capital market and insurance sector of the country, implementation began much later than scheduled because of delayed recruitment of consultants. _x005F_x000D__x005F_x000D_Training component could be spread over the implementation period.

Project Number: 36197-013
Project Name: Improvement of Capital Market and Insurance Governance TA Loan
Report Date:
Lesson
No additional lessons

Project Number: 32467-013
Project Name: Chittagong Hill Tracts Rural Development Project
Report Date:
Lesson
Both support facilities were critical to the crisis response of Bangladesh as no other development partners provided any crisis-related assistance or program support during the program period. However, the pricing (interest spread of 200 basis points above the London Interbank Offered Rate or LIBOR) and maturity (5 years) of the CSF loan makes it is less suitable for a poorer country like Bangladesh.

Project Number: 43157-013
Project Name: Public Expenditure Support Facility Program and Countercyclical Support Facility Support Program
Report Date:
Lesson
The improvement of connectivity and access between rural and remote areas of the CHT, especially with the market centers, was crucial for development. The project directly and indirectly affected all aspects of rural life in the CHT. During the project completion review mission and earlier missions, villagers asked whether more livelihood projects would be provided in their area.

Project Number: 32467-013
Project Name: Chittagong Hill Tracts Rural Development Project
Report Date:
Lesson
The unilateral withdrawal of a relatively large amount of cofinancing by Danida (around 50% of the total amount allocated for the rural access component) after project approval considerably delayed implementation and created difficulties in meeting project objectives and targets. The cofinancing was unfortunately a condition of loan effectiveness. The project was declared effective in October 2002, after the cofinancing condition was declared void.

Project Number: 32467-013
Project Name: Chittagong Hill Tracts Rural Development Project
Report Date:
Lesson
Before the project, microfinance was nearly absent in the rural areas of the CHT. The project introduced a relatively sustainable microfinance arrangement through local NGOs. Despite the existence of the other project providing grant assistance, the microfinance facilities under the ADB project are gradually expanding to meet demand in remote communities.

Project Number: 32467-013
Project Name: Chittagong Hill Tracts Rural Development Project
Report Date:
Lesson
The project was initiated and prepared in 1999-2000, only 2 years after the signing of the Peace Accord, ending 25 years of insurgency and instability. Many high-risk incidents during project implementation could therefore be expected. The executing and implementing agencies had just been established, and their institutional capacity to implement projects was still being developed and strengthened.

Project Number: 32467-013
Project Name: Chittagong Hill Tracts Rural Development Project
Report Date: