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Lesson
The project had a much broader reach than merely providing credit to Micro, Small, and Medium-Sized Enterprises (MSMEs). It invested in their capacities and enabling environment (e.g., the cost-sharing facility, a coordinated government MSME policy, the collateral registry) so that banks could provide and MSMEs could employ credit more efficiently. This broader reach is especially important in frontier markets where these supporting elements are generally less developed.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The tranche release criteria were clearly defined. They provided an impetus to achieve tangible objectives that motivated the involved agencies.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
Instead of three tranches of $2 million, a better design might have been two tranches of $3 million. Regardless of the size, securing a tranche release has certain fixed administrative costs. If the tranches are small, these costs are proportionally higher and diminish the incentives to implement the preconditions for tranche release.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
Under the Financial Sector Development Program, the development and approval of key financial sector legislation was an important contribution to sector development. While the delays were inevitable, closer, longterm, in-country dialogue with the government would have been beneficial. This dialogue and close program monitoring will be enhanced by the establishment of a resident mission in Bhutan. ADB has been a long-standing partner of Bhutan's financial sector development since the beginning.

Project Number: 37164-023
Project Name: Financial Sector Development Program
Report Date:
Lesson
Although delayed, the Micro, Small, and Medium-Sized Enterprise policy paper made effective use of consultations. Several white papers preceded it, and they solicited broad feedback that produced a strong final product. In addition, the paper included a tangible strategy and action plan that gives the Department of Cottage and Small Industry a clear work program.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
ADB could have participated in the project steering committee. Without ADB's participation, the committee's decision making was constrained because its decisions were still subject to ADB's concurrence.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The program included innovations that were new to Bhutan, so qualified local consultants were not available. Yet it was difficult to find foreign consultants who understood the Bhutanese context. The design and monitoring framework did identify �lack of qualified staff� as a risk. For future programs, however, ADB should further refine this risk to capture the tension between external expertise and local knowledge.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
There was strong continuity between ADB's earlier support to establish a credit information bureau and this project's support for a central registry. There are natural synergies between the two initiatives that increase the effectiveness and sustainability of each.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The implementing agency should have been more involved in program design. The Ministry of Economic Affairs' Planning and Policy Division developed the program, but the Department of Cottage and Small Industry (DCSI) was responsible for implementation. The DCSI thought that some components could have been designed differently to improve their impact (e.g., the cost-sharing facility).

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The local competitive bidding adopted in the project provided an opportunity for domestic firms to learn international best practice under the supervision of an international consulting firm. Domestic contractors had weak capacity in management, technical staff, fund availability, and equipment, thus causing delays in project implementation.

Project Number: 32373-013
Project Name: Road Network Project
Report Date:
Lesson
Implementation delays were mainly caused by slow and repeated procurements. Although, the project management office was retained from the previous ADB-funded project, most of its staff were newly recruited and not experienced with ADB Procurement Guidelines. For future projects, it is desirable to retain staff with ADB project implementation experience. Furthermore, adequate training on project management and implementation should be provided to relevant staff.

Project Number: 32373-013
Project Name: Road Network Project
Report Date:
Lesson
The project implementation was marked by substantial cost overruns. The detailed design put the cost for civil works about 35% higher than that estimated at appraisal. During implementation, the actual cost rose by about another 15%, including 6.7% for extra works and 8.2% for price escalation in construction materials. Such cost overrun caused three feeder roads packages to be removed from the project scope. In future, similar projects, this experience should be duly taken into account when estimating project costs as well as schedules.

Project Number: 32373-013
Project Name: Road Network Project
Report Date:
Lesson
The formulation and design limitations of the BSDP reveal the need for better understanding of sector issues. Thus, even when ADB is working with a development partner reputed to have sector expertise, it remains important for ADB to have sufficient understanding of the issues to be able to address the developing member country’s capacity problems. This is especially important during implementation when other development partners have departed from the scene

Project Number: 31317-013
Project Name: Basic Skills Development Project
Report Date: