Regional: Financial Sector Development in Central and West Asia

Sovereign Project | 43359-012

Summary

The TA aims to increase the impact and outcomes of ADB financial sector operations in Central and West Asian countries. It will incorporate lessons learned in providing access to finance and develop a better understanding of credit demand, supply, and constraints in the Central and West Asian countries. It will also address common issues, stakeholder priorities, crosscutting training needs, synergies with other ADB operations, and targets for ADB support. This will be accomplished through two components. The first will (i) undertake financial sector assessments and surveys, (ii) prepare crosscutting regional knowledge products and working papers, and (iii) prepare product-focused action plans based on country demand. The second component will deliver training and capacity building programs.

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Project Name Financial Sector Development in Central and West Asia
Project Number 43359-012
Country Regional
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 7709-REG: Financial Sector Development in Central and West Asia
Technical Assistance Special Fund US$ 1.50 million
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Governance and capacity development
Private sector development
Sector / Subsector Finance - Inclusive finance - Infrastructure finance and investment funds - Insurance and contractual savings - Money and capital markets - Small and medium enterprise finance and leasing
Gender Equity and Mainstreaming
Description The TA aims to increase the impact and outcomes of ADB financial sector operations in Central and West Asian countries. It will incorporate lessons learned in providing access to finance and develop a better understanding of credit demand, supply, and constraints in the Central and West Asian countries. It will also address common issues, stakeholder priorities, crosscutting training needs, synergies with other ADB operations, and targets for ADB support. This will be accomplished through two components. The first will (i) undertake financial sector assessments and surveys, (ii) prepare crosscutting regional knowledge products and working papers, and (iii) prepare product-focused action plans based on country demand. The second component will deliver training and capacity building programs.
Project Rationale and Linkage to Country/Regional Strategy The Asian Development Bank (ADB) has long supported financial sector development in its developing member countries in Central and West Asia. This support has focused on improving the sector's institutional, legal, and regulatory framework, through technical assistance, program loans, and other lending modalities. The global financial crisis has demonstrated the growing relevance of and demand for ADB assistance in the area of advisory support, training, and access to credit to support economic growth. This project has been designed to respond to these needs. The objectives of the TA are consistent with the core area of finance sector development as outlined in ADB Strategy 2020, especially in ensuring sustainable private sector-led economic growth.
Impact Improved enabling environment for financial sector development
Project Outcome
Description of Outcome Application of improved design of institutional, policy, and regulatory measures to address identified critical constraints to financial sector development
Progress Toward Outcome Assessments have contributed to the design of (i) ARM Women's Entrepreneurship Support Sector Development Program; (ii) UZB Small Business and Entrepreneurship Development Project; (iii) GEO: proposed policy based loan to be approved 2014; (iv) UZB TA for insurance sector development. The assessments have contributed to CPS and COBP for (i) TAJ, (ii) ARM and (iii) GEO.
Implementation Progress
Description of Project Outputs

Assessment reports and training needs survey prepared

Research and policy recommendations on financial sector development in Central and West Asia designed and disseminated

Results-based financial sector action plans developed

Financial market supervisors and regulators trained

Status of Implementation Progress (Outputs, Activities, and Issues)

Surveys of financial sector development needs have been conducted in six countries (ARM, GEO, TAJ, UZB, KAZ and PAK). One survey has been conducted on training needs in ten countries.

Two working papers have been completed. Making Mobile Financial Services Work in Central and West Asia, and Making Insurance work in Central and West Asia.

Demand for financial sector assistance has been identified for (i) electronic banking, (ii) insurance, (iii) capital market, (iv) agrifinance, and (v) microfinance.

Six financial sector assessments have been prepared for six countries (ARM, GEO, KAZ, PAK, TAJ, UZB).

Five regional training programs have been designed and delivered. At least 37% of the trained have been women.

133 staff from supervisory and regulatory authorities trained of which 37% were women.

115 financial sector regulator and commercial bankers have been trained in microfinance and small and medium-sized finance, of which 35% were women.

Each of the 5 regional training programs address the issue of regulatory cooperation and networking.

48% of participants rated the seminar as excellent and 52% rated it as good.

Geographical Location Afghanistan, Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Pakistan, Tajikistan, Turkmenistan, Uzbekistan
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design Central banks, financial regulatory authorities, banks
During Project Implementation Central banks, financial regulatory authorities, banks
Business Opportunities
Consulting Services The TA includes two main components. The first component includes around 12 person months international consulting services and 12 person months national consulting services to carry out (i) surveys and assessments, (ii) prepare working papers, (iii) develop action plans. A firm has been hired for this component through Quality and Cost Based Selection (QCBS) method with simplified technical proposal and with an 80/20 weighting. The second component includes around 5 person months international consulting services to (i) prepare training materials, (ii) deliver training programs, and (iii) participate in seminars as requested. A firm has been hired through Consultants Qualification Selection. A national individual consultant has been hired for 6 person months to provide technical and administrative support to activities to be implemented under the TA. In addition, an international individual consultant has been hired for 2 person months for editing action plans, working papers and other material as requested. Consultants were engaged by ADB in accordance with the Guidelines on the Use of Consulants by ADB and Its Borrowers (April 2010, as amended from time to time).
Responsible ADB Officer Anna Charlotte Schou-Zibell
Responsible ADB Department Central and West Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, CWRD
Executing Agencies
Asian Development Bank6 ADB Avenue, Mandaluyong
Metro Manila, Philippines
P.O. Box 789, 1099 Manila,
Philippines
Timetable
Concept Clearance 18 Nov 2010
Fact Finding 12 Nov 2010 to 12 Nov 2010
MRM -
Approval 14 Dec 2010
Last Review Mission -
PDS Creation Date 19 Nov 2010
Last PDS Update 26 Mar 2015

TA 7709-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
14 Dec 2010 - 14 Dec 2010 31 Dec 2013 30 Nov 2014 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,500,000.00 0.00 0.00 0.00 0.00 0.00 1,500,000.00 14 Dec 2010 1,319,446.09
Title Document Type Document Date
Financial Sector Development in Central and West Asia Technical Assistance Reports Dec 2010

Safeguard Documents

See also: Safeguards

No documents found.

Evaluation Documents

See also: Independent Evaluation

No documents found.


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