Project Data Sheet

Project Data Sheets (PDS) contain summary information on the project or program: Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

PDS Creation Date 31 Jan 2007
PDS Updated as of 14 Dec 2011

Project Name Financial Markets Program for Private Sector Development
Country Sri Lanka
Project/Program Number 36357-013
Status Closed
Geographical Location Sri Lanka
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
Sector Finance
Subsector Finance Sector Development
Strategic Agendas
Drivers of Change
Gender Equity and Mainstreaming Categories


Type/Modality of Assistance Approval Number Source of Funding Approved Amount (thousand)
Loan2138Ordinary capital resources60,000
Loan2139Asian Development Fund5,000
Counterpart 1,000
TOTAL US$ 66,000

Safeguard Categories

For more information about the safeguard categories, please see

Environment C

Summary of Environmental and Social Issues

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples

Stakeholder Communication, Participation and Consultation

During Project Design
During Project Implementation


The objective of the Program is to facilitate private sector participation, including SMEs, in the Sri Lankan economy by supporting Government reforms to eliminate impediments and develop opportunities for greater private sector involvement. The Program aims to create a more vibrant private sector that should take a lead in generating employment opportunities for economic growth and in raising income levels for a larger segment of the country, including the rural areas.

Project Rationale and Linkage to Country/Regional Strategy

The program is integral part of the Country Strategy and Program agreed between the Government and ADB

Development Impact

(1) Develop financial markets (2) Reduce public sector spending in PBank

Project Outcome

Description of Outcome
Progress Towards Outcome

Outputs and Implementation Progress

Description of Project Outputs
(1.a) Increased financial products and services available to the capital market (1.b) Enhanced corporate governance in the financial market; resulting in fostered competition and promoted transparency in the financial market (1.c) Improved regulations of the insurance industry (2.a) Improved Corporate Governance of Stateowned Banks (2.b) Operational Improvement of PBank
Status of Implementation Progress (Outputs, Activities, and Issues)
Status of Development Objectives
Material Changes

Business Opportunities

Date of First Listing 2006 Nov 13
Consulting Services
Procurement and Consulting Notices


Concept Clearance
Fact-finding 16 Aug 2004 to 06 Sep 2004
Management Review Meeting 21 Oct 2004
Approval 15 Dec 2004
Last Review Mission


Approval No. Approval Signing Effectivity Closing
Original Revised Actual
Loan 2138 15 Dec 2004 20 Dec 2004 21 Mar 2005 31 Dec 2007 31 Dec 2010 28 Oct 2010
Loan 2139 15 Dec 2004 20 Dec 2004 21 Mar 2005 01 Dec 2007 01 Dec 2010 13 Sep 2011


Date Approval Number ADB (US$ thousand) Others (US$ thousand) Net Percentage
Cumulative Contract Awards
17 Sep 2014 Loan 2138 60,000 0 100.00%
17 Sep 2014 Loan 2139 432 0 95.00%
Cumulative Disbursements
17 Sep 2014 Loan 2138 60,000 0 100.00%
17 Sep 2014 Loan 2139 453 0 100.00%

Status of Covenants

Covenants are categorized under the following categories—audited accounts, safeguards, social, sector, financial, economic, and others. Covenant compliance is rated by category by applying the following criteria: (i) Satisfactory—all covenants in the category are being complied with, with a maximum of one exception allowed, (ii) Partly Satisfactory—a maximum of two covenants in the category are not being complied with, (iii) Unsatisfactory—three or more covenants in the category are not being complied with. As per the 2011 Public Communications Policy, covenant compliance ratings for Project Financial Statements apply only to projects whose invitation for negotiation falls after 2 April 2012.

Approval No. Category
Sector Social Financial Economic Others Safeguards Project Financial Statements
Loan 2138 Satisfactory Satisfactory
Loan 2139 Satisfactory Satisfactory

Contacts and Update Details

Responsible ADB Officer (
Responsible ADB Department South Asia Department
Responsible ADB Divisions Public Management, Financial Sector and Trade Division, SARD
Executing Agencies Ministry of Finance and Planning


Project Website
List of Project Documents