Indonesia: Capital Market Development Program Cluster (Subprogram I) (formerly Financial Governance and Social Security Reform Program II)

Sovereign Project | 32507-013

Summary

The proposed Program is the second loan in the cluster program comprising two loans to support policy reforms for financial governance and social security. The Program will build upon completed reforms for strengthening the financial sector under FGSSR I, and will support the Government in carrying forward its reform agenda for the financial sector as set forth under the Government's Economic Policy Package Pre and Post IMF (White Paper) issued in 2003.

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Project Name Capital Market Development Program Cluster (Subprogram I) (formerly Financial Governance and Social Security Reform Program II)
Project Number 32507-013
Country Indonesia
Project Status Closed
Project Type / Modality of Assistance Loan
Technical Assistance
Source of Funding / Amount
Loan 2379-INO: Capital Market Development Program Cluster (Subprogram I) (formerly Financial Governance and Social Security Reform Program II)
Ordinary capital resources US$ 300.00 million
TA 7000-INO: Strengthening Regulation and Governance (formerly Financial Sector Reforms)
Technical Assistance Special Fund US$ 700,000.00
Financial Sector Development Partnership Fund US$ 500,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change
Sector / Subsector

Finance - Insurance and contractual savings

Gender Equity and Mainstreaming
Description The proposed Program is the second loan in the cluster program comprising two loans to support policy reforms for financial governance and social security. The Program will build upon completed reforms for strengthening the financial sector under FGSSR I, and will support the Government in carrying forward its reform agenda for the financial sector as set forth under the Government's Economic Policy Package Pre and Post IMF (White Paper) issued in 2003.
Project Rationale and Linkage to Country/Regional Strategy
Impact Greater financial sector diversification and resilience
Project Outcome
Description of Outcome Increased contribution by the capital market to domestic financing
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

1. Enhancing information disclosure and price discovery

- Stronger price information disclosure

- Better market valuation of fixed income instruments

2. Deeper and more liquid financial markets

a. Development of government bond market

b. Development of new market products including hedging instruments

c. Improved market liquidity

d. Enhanced performance of contractual savings industry.

3. Improving market surveillance and investor protection

a. Strengthened autonomy, accountability, and powers of Bapepam-LK

b. Increased investor confidence and investment in capital market products

c. Improved governance in stock exchange through merger of the two stock exchanges

4. Strengthening governance and human resource capacity

a. Strengthened overall financial sector risk management

b. Enhanced industry skills and capacity for capital markets and contractual savings

c. Strengthened actuarial profession

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location
Safeguard Categories
Environment C
Involuntary Resettlement C
Indigenous Peoples C
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services tbd
Procurement tbd
Responsible ADB Officer Stephen Schuster
Responsible ADB Department Southeast Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SERD
Executing Agencies
Capital Market & Nonbank Inst Supervisory AgencyMinistry of Finance
Gedung Baru
Jl. Dr. Wahidin 1
Timetable
Concept Clearance 24 Oct 2006
Fact Finding 30 Apr 2007 to 15 May 2007
MRM 15 Aug 2007
Approval 10 Dec 2007
Last Review Mission -
Last PDS Update 19 Oct 2010

Loan 2379-INO

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
10 Dec 2007 11 Dec 2007 14 Dec 2007 31 Mar 2008 - 31 Mar 2008
Financing Plan Loan Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 300.00 Cumulative Contract Awards
ADB 300.00 10 Dec 2007 300.00 0.00 100%
Counterpart 0.00 Cumulative Disbursements
Cofinancing 0.00 10 Dec 2007 300.00 0.00 100%

TA 7000-INO

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
10 Dec 2007 18 Jan 2008 18 Jan 2008 31 Jan 2010 30 Jun 2012 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
700,000.00 500,000.00 300,000.00 0.00 0.00 0.00 1,500,000.00 10 Dec 2007 1,144,273.91

Safeguard Documents

See also: Safeguards

No documents found.

Evaluation Documents

See also: Independent Evaluation

No documents found.


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