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Lesson
No new lessons

Project Number: 44318-023, 44318-025, 44318-026
Project Name: Housing for Integrated Rural Development Investment Program—Tranches 1, 2, and 3
Report Date:
Lesson
The post-program monitoring framework (PPMF) is a useful instrument in helping ensure the sustainability of reforms and providing a basis for continued ADB dialogue and support. The PPMF was a useful input to the design of the ADB policy-based loan supporting the Financial Market Development and Integration Program in 2012. It is also a good practice for ADB to support a post-monitoring program with technical assistance. However, the PPMF should monitor not only actions and outputs but also outcomes.

Project Number: 32507-013, 32507-023, 32507-032
Project Name: Capital Market Development Program Cluster (Subprograms 1 and 2)
Report Date:
Lesson
The coverage of accompanying TA to support implementation of the reforms should match the scope and complexity of the program. The $1.5 million TA project was aimed at supporting the continuation of the reforms beyond the CMDPC, including the policy measures in the post-program monitoring framework. The other TA project amounting to $1.2 million TA project, with limited components, supported the implementation of a $600 million loan program with 93 policy actions to be completed by several government agencies.

Project Number: 32507-013, 32507-023, 32507-032
Project Name: Capital Market Development Program Cluster (Subprograms 1 and 2)
Report Date:
Lesson
Program design should be focused and selective, with a limited number of policy actions to ensure effective implementation and monitoring. The CMDPC supported a complex program with 93 policy actions (46 for subprogram 1 and 47 for subprogram 2). Limiting the number of policy actions in a program is consistent with the IED recommendations in the evaluation of ADB assistance to capital market development in 2008.

Project Number: 32507-013, 32507-023, 32507-032
Project Name: Capital Market Development Program Cluster (Subprograms 1 and 2)
Report Date:
Lesson
The long-term nature of capital market development requires a road map with clear sequencing and prioritization of reforms as well intermediate and long-term outcomes, with periodic updating. A longer term and flexible framework for reforms, supported by a timely monitoring and evaluation system, would provide a context for the phasing of reforms and identifying the content of specific programs which typically cover 3–5 year periods.

Project Number: 32507-013, 32507-023, 32507-032
Project Name: Capital Market Development Program Cluster (Subprograms 1 and 2)
Report Date:
Lesson
In a centrally controlled finance sector environment like Uzbekistan, gradual easing of constraints is the appropriate approach. A project such as this one can be successful in easing the constraints to local currency cash loans, loan terms, and the capacity of participating commercial banks for MSE lending. However, it cannot address other constraints identified at appraisal such as restrictions on dollar-denominated cash loans, and those encountered during implementation, such as restrictions on microcredit organizations and cash balances of banks.

Project Number: 42007-013
Project Name: Second Small and Microfinance Development Project
Report Date:
Lesson
The regulatory bottlenecks affecting project implementation need to be assessed rigorously at appraisal and the relevant government agencies and stakeholders need to be proactive in resolving implementation issues. In addition, to achieve good project performance, the project design needs to include continuous policy dialogue and knowledge sharing of international best practices.

Project Number: 42007-013
Project Name: Second Small and Microfinance Development Project
Report Date:
Lesson
Due diligence of PCBs should be thorough during appraisal. ADB should have taken a more cautious stance in the selection of PCBs, especially when Agrobank had earlier failed to meet the covenant on return on assets.

Project Number: 42007-013
Project Name: Second Small and Microfinance Development Project
Report Date:
Lesson
Vigilance needs to be exercised in maintaining market-based principles for sound and sustainable microfinance operations. The issuance of EO 558 initially threatened the foundation of the government’s market-based financing strategy for the sector. It did not have any significant adverse impact on the policy environment, as the market-oriented framework was already well established and institutionalized in the sector.

Project Number: 38579-013
Project Name: Microfinance Development Program
Report Date:
Lesson
NAPC’s information system capacity should have been assessed earlier. An assessment of NAPC’s information system should have been made at the formulation stage. Policy action and TA could have been incorporated in the program design to achieve an effective and functioning information system.

Project Number: 38579-013
Project Name: Microfinance Development Program
Report Date:
Lesson
The program has successfully eased the constraints to expansion of microfinance services, but outreach to the poor needs to be improved. Within the broad context of inclusive growth, the growth and commercialization of the microfinance sector increased access to financial services, created jobs, and increased financial literacy. However, outreach to households below the poverty line remains limited.

Project Number: 38579-013
Project Name: Microfinance Development Program
Report Date:
Lesson
Key success factors are government buy-in and an appropriately designed program. The key factors that contributed to the success of the MDP were (i) the strong commitment of the government and support from stakeholders to develop the sector and achieve sustainable microfinance; and (ii) a well-designed program that appropriately addressed the key constraints, accompanied by TA to support the program objectives and a grant for capacity development.

Project Number: 38579-013
Project Name: Microfinance Development Program
Report Date:
Lesson
Developing the microfinance sector entails a comprehensive approach that addresses key constraints at all levels. First, it entails enhancing the policy and regulatory environment. Second, it means developing the market infrastructure. In the case of the MDP, it was developing and adopting the performance standards for microfinance and drafting the bill for the credit information system that was successfully passed into law. Third, it means developing the capacity of MFIs for sound and sustainable microfinance operations.

Project Number: 38579-013
Project Name: Microfinance Development Program
Report Date: