Bhutan: Preparing the Financial Sector/Non-Bank Financial Institutions Reform Program

Sovereign Project | 37164-022

Summary

The PPTA aims to prepare the strategy for developing the financial sector/nonbank financial institutions, strengthening the banking supervision and insurance regulation functions of RMA, and building institutional capacity of RMA and RICB. In addition, the TA will prepare the program design of the Financial Sector/NBFIs Reform Program.

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Project Name Preparing the Financial Sector/Non-Bank Financial Institutions Reform Program
Project Number 37164-022
Country Bhutan
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 4615-BHU: Preparing the Financial Sector/Non-Bank Financial Institutions Reform Program
Technical Assistance Special Fund US$ 500,000.00
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Sector / Subsector

Finance - Finance sector development

Gender Equity and Mainstreaming No gender elements
Description The PPTA aims to prepare the strategy for developing the financial sector/nonbank financial institutions, strengthening the banking supervision and insurance regulation functions of RMA, and building institutional capacity of RMA and RICB. In addition, the TA will prepare the program design of the Financial Sector/NBFIs Reform Program.
Project Rationale and Linkage to Country/Regional Strategy Bhutan: Country Strategy and Program (2006-2010)
Impact
Project Outcome
Description of Outcome
Progress Toward Outcome
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Bhutan
Safeguard Categories
Environment C
Involuntary Resettlement
Indigenous Peoples
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 ADB will engage 7 international consultants for a total of 13 person-months and 3 domestic consultants for a total of 9 person-months to provide the required consulting services. Consultancy services will be delivered intermittently over one year. An international consulting firm will be recruited using simplified technical proposals under the quality- and cost-based selection method in accordance with ADB's Guidelines on the Use of Consultants by Asian Development Bank and Its Borrowers and other arrangements satisfactory to ADB for selecting domestic consultants. The consultants will provide consultancy services to financial institutions for institutional capacity building and RMA for banking supervision and regulation. The consultants identified for the consultancy will have experience working in the above-mentioned areas in small economies, with exposure in the South Asia region. The international consultant team will comprise a financial sector/banking supervision expert/team leader (4 person-months), a securities/capital market expert (2 person-months), an insurance/nonbank financial institutions expert (3 person-months), an accounting and auditing expert (1 person-months), a legal expert on securities/capital markets (1 person-month), a legal expert on insurance/nonbank financial institutions (1 person-months), and an actuary (1 person-months). The domestic consultant team will include a financial sector specialist (5 person-months), a legal expert on financial sector (2 person-months), and an IT specialist (2 person-months).
Procurement tbd
Responsible ADB Officer Chia-Hsin Hu
Responsible ADB Department South Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SARD
Executing Agencies
Department of Aid and Debt ManagementMr. Nima Wangdi, Director*Ministry of Finance Royal Government of Bhutan Thimphu, Bhutan
Timetable
Concept Clearance 10 Mar 2005
Fact Finding 14 Feb 2005 to 22 Feb 2005
MRM -
Approval 17 Jul 2005
Last Review Mission -
PDS Creation Date 09 Nov 2007
Last PDS Update 16 Apr 2008

TA 4615-BHU

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
17 Jul 2005 23 Aug 2005 23 Aug 2005 31 Jul 2006 30 Apr 2008 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
500,000.00 0.00 0.00 0.00 0.00 0.00 500,000.00 17 Jul 2005 493,776.45

Safeguard Documents

See also: Safeguards

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Evaluation Documents

See also: Independent Evaluation

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