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Lesson
Adequate assessment of institutional capacity of implementing agencies at formulation would have been needed to effectively address constraints.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
Government commitment and buy-in is important in a reform program such as Rural Finance Sector Development Program. There should have been strong commitment of the government and stakeholders to develop the sector and achieve sustainable rural finance.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
There should be strong and widespread political will. For example, the Capital Market Development Plan was initiated unilaterally by the Securities and Exchange Commission and clearly was not reflective of industry sentiment and therefore did not enjoy widespread support. In the case of the Office of the Insurance Commission, pressure from the industry to postpone higher required capitalization contributed to a change in the Insurance Commissioner and a reduction in political will in support of reform.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
Programs and technical assistance should not depend on passage of law in countries where legislative processes are slow and cumbersome. In this case, reforms to the bank resolution process, such as the authorization of bridge banking powers for Philippine Deposit Insurance Corporation, rely on the passage of legislation, and are still pending. The administrative increase in minimum capital requirements for the insurance subsector was embroiled in controversy and delay, but now appears to be required by law, but only following a 7-year delay.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
Program design should focus on mplementing reforms not only where commitment is strong, but where resources and external factors are adequate to ensure successful implementation. In the case of the Securities and Exchange Commission (SEC), a persistent and chronic shortage of funding initially compromised its ability to provide effective surveillance and supervision to the capital markets. Additional budget increases still appear necessary to bring Office of the Insurance Commission and SEC remuneration in line with the Bangko Sentral ng Pilipinas, as mandated by Republic Act No.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
No additional lessons

Project Number: 40909-014
Project Name: Equity Investment in Bank of Hangzhou
Report Date:
Lesson
The validation concurs with these issues and would also add that uncertainty remains regarding the Afghanistan private sector‘s overall ability to absorb credit even when available. Another uncertainty is AIB‘s ability to make up, through increased regular lending to private customers and investing in alternative assets overseas, for the inevitable loss of special situations of the sort (e.g. a sharp reduction in the US army deposits), which had provided AIB some measure of its financial success vis-à-vis very wide interest spreads gained by investing idle US Army cash balances in 12+%.

Project Number: 37903-014
Project Name: Equity Investment in Afghanistan International Bank
Report Date:
Lesson
No additional lessons

Project Number: 30295
Project Name: Second Financial Sector Program Loan Cluster—Subprograms 1 and 2
Report Date:
Lesson
Timely project completion report (PCR) is important for maintaining policy dialogue and assessing the need for follow-up actions and future assistance. Project Administration Instruction No. 6.07A recommends that the PCR be prepared between 1-2 years after project completion. In the case of Rural Financial Sector Development Program (RFSDP) program loan, the second (and final) tranche was released in February 2006. The bulk of activities under Project 1 and Project 2 were completed in 2008.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
The program loan tranches were front-loaded, with $35 million of the total program amount of $50 million programmed for the first two tranches. The first two tranches were largely preparatory measures and intermediate steps. Had the program been back-loaded with relatively larger amounts allocated to the third and fourth tranches, it is possible that the authorities would have been more inclined to implement some of the more difficult reform measures.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
Overly ambitious and complex projects are less likely to be successful. The Program objectives had a strong rationale and the design was technically sound. However, in view of the weak implementation capacity of the executing agency and the implementing agencies, the Program would likely have yielded better results with a more focused and prioritized set of policy actions and project activities. Moreover, the Rural Financial Sector Development Program was approved only three months prior to the April 2004 parliamentary election.

Project Number: 34320-013
Project Name: Rural Finance Sector Development Program
Report Date:
Lesson
The ownership and rationale of policy reforms should be carefully assessed at appraisal. In assessing ownership, it is important to remember that policy actions affect many stakeholders, even within the government. In this case, the legislative branch was not enthusiastic about adopting complex new laws pertaining to the regulation of capital markets that would then be interpreted by agencies outside their direct control.

Project Number: 34172-013
Project Name: Banking Sector and Capital Market Development Program
Report Date:
Lesson
Implementation of the program demonstrated that consistent government support is critical to success. The effective implementation of the banking sector component is attributable to the National Bank of the Kyrgyz Republic's (NBKR) strong commitment and ownership of the proposed reforms. In contrast, the capital market component lacked a clear champion as a result of political developments. Therefore, despite intensive policy dialogue, and awareness and capacity-building efforts, the pace of reforms did not proceed as well as anticipated.

Project Number: 34172-013
Project Name: Banking Sector and Capital Market Development Program
Report Date:
Lesson
The process of translating drafts of the Law on the Securities Market from English into Russian and back into English affected its readability in English. Achieving a reasonable and consistent standard of translation into both Russian and English remained a problem. Once the final version of the draft law has been adopted, it would be desirable if an official English translation could be produced for the benefit of ADB, foreign investors, and other interested parties.

Project Number: 34172-013
Project Name: Banking Sector and Capital Market Development Program
Report Date: