Pakistan: Second Generation of Capital Market Reform Program

Sovereign Project | 41108-013 Status: Closed


ADB is helping Pakistan develop well-functioning capital markets, particularly in equity and long-term debt. The program includes a range of policy and regulatory reforms to increase the supply of and demand for securities, such as shares and bonds, and strengthen securities market oversight.

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Project Name Second Generation of Capital Market Reform Program
Project Number 41108-013
Country Pakistan
Project Status Closed
Project Type / Modality of Assistance Loan
Technical Assistance
Source of Funding / Amount
Loan 2340-PAK: Second Generation of Capital Market Reform Program
Ordinary capital resources US$ 400.00 million
TA 4956-PAK: Supporting Second Generation of Capital Market Reform Program
Japan Special Fund US$ 1.00 million
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Sector / Subsector

Finance - Money and capital markets

Gender Equity and Mainstreaming No gender elements
Project Rationale and Linkage to Country/Regional Strategy

Project Outcome

Description of Outcome
Progress Toward Outcome second tranche release towards achieving the outcome
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues) Second tranche released 30 June 2011. Loan is financially closed.
Geographical Location Pakistan

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 The Government requested ADB to support its renewed capital market development initiative in continuation of past assistance provided by ADB.
During Project Implementation The Government has established the Program Coordination Unit in the Ministry of Finance to coordinate program implementation. The Program Coordination Unit will cooperate closely with the Securities and Exchange Commission of Pakistan (SECP) and the Ministry of Privatization, which are the implementing agencies.

Business Opportunities

Consulting Services n/a
Procurement The loan proceeds will be used to finance the foreign exchange cost of items produced and procured in ADB member countries, other than the items specified in the negative list of ineligible items and imports financed by other bilateral and multilateral sources.

Responsible Staff

Responsible ADB Officer Jurgen Conrad
Responsible ADB Department Central and West Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, CWRD
Executing Agencies
Ministry of Economic Affairs and Statistics
Room 316, Block C
Secretariat Building
Islamabad, Pakistan


Concept Clearance 02 Aug 2005
Fact Finding 06 Mar 2007 to 19 Mar 2007
MRM 20 Apr 2007
Approval -
Last Review Mission -
PDS Creation Date 15 May 2007
Last PDS Update 26 Sep 2011

Loan 2340-PAK

Approval Signing Date Effectivity Date Closing
Original Revised Actual
31 Jul 2007 15 May 2008 13 Jun 2008 30 Jun 2009 30 Jun 2011 12 Jul 2011
Financing Plan Loan Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 400.00 Cumulative Contract Awards
ADB 400.00 31 Jul 2007 400.00 0.00 100%
Counterpart 0.00 Cumulative Disbursements
Cofinancing 0.00 31 Jul 2007 400.00 0.00 100%

TA 4956-PAK

Approval Signing Date Effectivity Date Closing
Original Revised Actual
31 Jul 2007 06 Sep 2007 06 Sep 2007 31 Jan 2010 30 Sep 2010 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,000,000.00 0.00 0.00 0.00 0.00 0.00 1,000,000.00 31 Jul 2007 283,658.77

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

Title Document Type Document Date
Pakistan: Second Generation of Capital Market Reform Program Validations of Project Completion Reports May 2014

Related Publications

None currently available.

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