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Lesson
Technical assistance is usually expected in order to assist the borrower and theexecuting agency to achieve the program’s policy requirements. On the other hand, having theleverage of a relatively large amount of grant or loan funding can often provide an incentive forgovernments to institute policy measures on a timely basis when they might otherwise bedelayed or avoided due to internal resistance or inertia.

Project Number: 46371-001
Project Name: Strengthening Economic Management Program
Report Date:
Lesson
Indicators should have been added to measure the portfolio quality of SME lending by PFIs and its impacts on the performance of borrowing SMEs, such as their assets, profitability, and employment.

Project Number: 36200-013
Project Name: Small and Medium-Sized Enterprise Development Project
Report Date:
Lesson
Adequate due diligence needs to be undertaken to ensure that all participating commercial bank (PCBs) are financially sound. In addition to providing a credit line and capacity building through a TA project, policy dialogues should also be mainstreamed into the project to make the effort comprehensive and to sustain the project’s outcomes and outputs. If this was done, the microcredit organization component might not have been dropped from the project.

Project Number: 42007-013
Project Name: Second Small and Microfinance Development Project
Report Date:
Lesson
Financial sector development should be based on a sequence of well-planned steps, with each step supported by solid technical inputs. TA is essential in this regard; given the limited availability of ADB funding, strong development partner coordination is essential. The Third Financial Sector Program (FSPIII) experienced positive outcomes resulting from close consultation with development partners whose timely technical inputs enabled completion of policy actions. Also, some initiatives developed by ADB have now been implemented by other development partners

Project Number: 42305-033, 42305-023, 42305-013
Project Name: Third Financial Sector Program - Subprograms 1-4
Report Date:
Lesson
As the scope of the financial sector expands, there is increased need for consultation, coordination, and consensus building between government ministries and agencies, and with the private sector over issues that include financial stability and crisis management, e-commerce (e-banking), consumer protection, and anti-money laundering (AML) and countering the financing of terrorism (CFT). Coordination will require time and strong leadership to plan and execute policy measures.

Project Number: 42305-033, 42305-023, 42305-013
Project Name: Third Financial Sector Program - Subprograms 1-3
Report Date:
Lesson
Implementation has also revealed an urgent need to enhance the information technology (IT) capabilities of the PCFs and MFIs so that the credit reporting and information exchange can be improved. The MDP helped the SBV standardize the reporting requirements for PCFs and MFIs and set up the microfinance information exchange system within the National Credit Information Center (CIC). However, a majority of these small- sized credit institutions lack the skills and standard IT systems to properly comply with the new reporting standards.

Project Number: 42235-013, 42235-023
Project Name: Microfinance Development Program - Subprograms 1 and 2: Program Completion Report
Report Date:
Lesson
Need to allocate ample time when deciding policy actions for IRRs to be issued in Viet Nam, due the consensus-building approach the government has adopted toward regulatory formulation. It also took longer than expected for the IRRs for the People's credit funds (PCFs) to be issued.

Project Number: 42235-013, 42235-023
Project Name: Microfinance Development Program - Subprograms 1 and 2: Program Completion Report
Report Date:
Lesson
Sequential development issues in financial sector. Past reform actions mainly took place within a single subsector (e.g., banking and non-banking, including insurance and pensions). The complex interrelationships among subsectors is a new issue that must be resolved. For example, the insurance sector has grown significantly, and life insurance is a new area of activity. But there are few domestic investment opportunities: there is no treasury bond market and a nascent capital market. The insurance industry and pension funds are both service providers and users of the financial market.

Project Number: 42305-033, 42305-023, 42305-013
Project Name: Third Financial Sector Program - Subprograms 1-6
Report Date:
Lesson
Through its compliance with the agreed Microfinance Development Program (MDP) policy actions, the government made remarkable progress during 2008-2014 in creating a conducive policy and regulatory environment for developing inclusive and sustainable microfinance. Despite this, the issuing of implementing rules and regulations (IRRs) related to the licensing requirements for microfinance institutions (MFIs) is still pending. The government attributes the delay to its desire to await a Prime Minister Decision on unlicensed microfinance operations.

Project Number: 42235-013, 42235-023
Project Name: Microfinance Development Program - Subprograms 1 and 2: Program Completion Report
Report Date:
Lesson
Close coordination among development partners. Some of the policy actions under FSPIII have been supported by TA from other development partners, which can help mobilize increased resources for policy reforms. In addition, involvement of several development partners can create momentum in support of proposed policy actions. However, development partners may have differing time frames for completion of specific actions, which may result in delays in implementation of ADB-supported programs.

Project Number: 42305-033, 42305-023, 42305-013
Project Name: Third Financial Sector Program - Subprograms 1-5
Report Date:
Lesson
Need for a strong ownership of the government and stakeholders to help ensure the successful implementation of a reform program.

Project Number: 32507-013, 32507-023
Project Name: Capital Market Development Program Cluster
Report Date:
Lesson
Extensive dialogue is needed, particularly for reforms that meet resistance, to facilitate better cooperation and implementation.

Project Number: 41544-022, 41544-082, 41544-084
Project Name: Investment Climate Improvement Program
Report Date:
Lesson
No new lessons

Project Number: 37577-013
Project Name: Third Financial Sector Program
Report Date:
Lesson
Monitoring and analysis of the MSE (micro and small enterprise) sector would benefit from estimates of the credit gap to confirm additionality of ADB FILs (financial intermediation loans). This could also help ensure that private sector funds are not displaced given the features of sovereign loans. How FILs catalyze the entry of new funds into the market needs to be better documented, and FILs' ability to move participants to more market-based finance needs to be improved.

Project Number: 42007-013
Project Name: Second Small and Microfinance Development Project
Report Date:
Lesson
Promoting the success of MSE (micro and small enterprise) operations and helping PCBs (participating commercial banks) fulfill their greater developmental functions would address existing constraints. Access to finance is just one constraint hindering the development of MSEs. In a 2003 survey of SMEs (in Uzbekistan, the International Finance Corporation identified some of the negative factors hindering the operation of enterprises. These include administrative procedures, currency conversion, access to finance, taxation, and import and export restrictions.

Project Number: 42007-013
Project Name: Second Small and Microfinance Development Project
Report Date: