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Lesson
Where there is capacity to coordinate directly and where the executing and implementing agencies are the same, such as in this project, a project steering committee may not be necessary.

Project Number: 37644-013
Project Name: Regional Customs Modernization and Infrastructure Development Project
Report Date:
Lesson
Structuring and implementing a PPP project is complex, time-consuming, and requires significant resources and commitment by all parties involved. Knowing that the PPP concept was at an early development stage in the Maldives at the time of project inception and that few ministries had the capacity or resources for PPP project development, ADB and the executing agency should have identified appropriate focal points and obtained stronger management commitment from relevant line ministries to ensure efficient implementation.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
Instead of a cost-sharing scheme where development partner funds are depleted - or perhaps in addition to one - a scheme that used cost-sharing facility funds as equity-type capital could have been designed under which the cost-sharing facility would be repaid if and when the business benefiting from the funds became successful. Such an arrangement could also help align incentives between the business development service center and the MSMEs.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
While Enterprise Development Unit successfully served as a central project administrator in place of a dedicated project management unit (PMU), the roles, responsibilities, and reporting lines were not sufficiently clear from the outset. This caused some communication issues and processing delays throughout implementation. This issue has been addressed in the follow-up IMSMEDP, which makes use of a dedicated PMU.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
The line of credit facility could have been structured as a revolving facility to extend the benefits to MSMEs and improve sustainability. To leverage ADB funds, ADB could also have provided the line of credit facility under a fund management arrangement through which the BML could have administered the less expensive ADB funds and cofinanced at market rates. This would have resulted in competitive, all-in, blended costs to the borrowers.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
Better cooperation between ADB and the executing agency in the preparation of the design and monitoring framework, as well as a more detailed assessment of appropriate project impact, outcome, and output performance indicators, could have improved performance monitoring, project evaluation, and possibly the project's ratings. In addition, a more detailed analysis of imprest account ceilings could have limited delays in project implementation. The imprest account ceiling for the line of credit facility had to be raised, with some difficulty, during implementation.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
ADB policies for financial intermediation loans require that onlending rates for subborrowers should be market-based. For the PSDP, the Bank of Maldives line of credit facility onlending rates were in line with similar loan schemes in the Maldives targeting MSMEs from financial intermediation loans from other international financial institutions, and were in excess of Bank of Maldives' cost of funds.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
The project was originally designed primarily to reduce obstacles to the development of micro, small, and medium-sized enterprises (MSMEs) through complementary initiatives. However, at the request of the government, a public-private partnership (PPP) output that was somewhat unrelated to MSMEs was also included. Although PPPs are an important aspect of private sector development, and MSMEs may participate in PPP projects, the activities in support of PPPs did not add much value to the overall project.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
Although the initiatives under the project were largely complementary, each project output required a distinctly different knowledge base and skill set in consulting services. However, output 2, suboutput 2 made use of three consulting packages, involving a consulting firm and two individual consultants. While the use of two individual consultants was deemed the most economical approach at the time of inception, their deliverables overlapped somewhat and could possibly have been consolidated in one contract package to improve overall project management.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
Considering the broad scope of the project and the capacity constraints of the Ministry of Finance and Treasury and the implementing agencies, implementation might have benefitted from more extensive monitoring and more frequent reviews, as well as the establishment of a project performance and monitoring system. By the time of the midterm review - 17 months behind schedule, in March 2012 - only 75% of contract awards were complete and disbursements stood at only 54%.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
it may be difficult to charge small enterprises that may be cash constrained up-front fees for training and advisory on business plans or marketing, business development service center could instead arrange with these businesses to earn commissions or to benefit from profit sharing on future sales. This would make the business development service center operations more sustainable.

Project Number: 41149-013
Project Name: Private Sector Development Project
Report Date:
Lesson
There should have been adequate assessment at appraisal of the suitability of a new facility such as the cost-sharing facility, especially in the context of Bhutan where the number of business development services (BDS) providers is small and where government heavily subsidizes training for BDS.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
There has neither been a follow-up project in the Philippines, nor has ADB financed a similar project elsewhere in the Asia Pacific region. The issue of taking on SME risk against that of the financial intermediary needs resolution before its further application. The PCG facility could potentially be adopted in a number of ADB’s developing member countries, but further work is required to adequately measure and assess the risk-return benefits of the instrument for stakeholders.

Project Number: 36419-013
Project Name: Small and Medium Enterprise Development Support Project
Report Date:
Lesson
Pricing needs to reflect market demand. The formal price change from ADB came too late to make a difference, since by then the price waivers had been granted. Likewise the first loss provision outlined in the RRP was dropped from the guarantee agreement between ADB and SBC.

Project Number: 36419-013
Project Name: Small and Medium Enterprise Development Support Project
Report Date:
Lesson
An adequate pipeline is needed. More care is needed in establishing a pipeline of PFIs. Due diligence was weak, preventing the participation of more banks before approval or immediately afterwards. Given more participants, the volume of guarantees would have increased and a wider variety of SMEs could have taken part. More exhaustive due diligence is needed in the future, especially in identifying and assessing PFIs. Poor monitoring and supervision of the project by ADB contributed to the low utilization of the facility.

Project Number: 36419-013
Project Name: Small and Medium Enterprise Development Support Project
Report Date: