| Project Name | Rural Finance Sector Development (Project Loan) | ||||||||||||
| Project Number | 34320-013 | ||||||||||||
| Country / Economy | Sri Lanka |
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| Project Status | Closed | ||||||||||||
| Project Type / Modality of Assistance | Loan |
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| Source of Funding / Amount |
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| Strategic Agendas | Inclusive economic growth |
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| Drivers of Change | Gender Equity and Mainstreaming Governance and capacity development |
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| Sector / Subsector | Finance / Banking systems and nonbank financial institutions - Finance sector development - Inclusive finance |
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| Gender | Gender equity | ||||||||||||
| Description | The project loan objective is to strengthen key sector institutions for providing training in Rural Finance (RF), efficient service delivery, sector supervision, and outreach expansion. These will increase the access of rural households to adequate and demand adpated RF services. | ||||||||||||
| Project Rationale and Linkage to Country/Regional Strategy | TBD The poverty partnership agreement between the Government and ADB emphasizes on employment generation, pro-poor asset creation, promotion of RF intermediation, and a larger role of the private sector for sustainable growth. ADB?s country strategy for Sri Lanka underlines the need for a suitable regulatory framework for rural finance institutions (RFIs) and greater access to rural finance through RFIs, including microfinance NGOs. The Project will support rural micro and small enterprises for income expansion and employment generation. |
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| Impact | Reduce poverty level and facilitate economic growth in rural Sri Lanka | ||||||||||||
| Project Outcome | |
|---|---|
| Description of Outcome | Establish a sustainable RF system through policy, legal, regulatory, and institutional reforms |
| Progress Toward Outcome | |
| Implementation Progress | |
| Description of Project Outputs | Conducive Policies for RF development Legal framework for supervising RFIs Facilitating the recovery of dues from RFI defaulters Cooperative Rural Bank (CRB) Reforms Regional Development Banks (RDB) Reforms National Development Trust Fund (NDTF) Reform Samurdhi Banking Societies (SBS reforms) Redefining Rural Economy Resuscitation fund (RERF) Expansion of RF services in the conflict-affected areas Development of RF related training capacity of Center for Banking Studies Rural enterprise development |
| Status of Implementation Progress (Outputs, Activities, and Issues) | |
| Geographical Location | |
| Safeguard Categories | |
|---|---|
| Environment | B |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | |
| Involuntary Resettlement | |
| Indigenous Peoples | |
| Stakeholder Communication, Participation, and Consultation | |
| During Project Design | TBD |
| During Project Implementation | TBD |
| Business Opportunities | |
|---|---|
| Consulting Services | A total of 58 person-months of international and 628 person-months of domestic consulting services will be financed by the ADF project loan. Consulting services will support building sector capacity (82 person-months); RFI restructuring (307 person-months); developing financial infrastucture (120 person-months); and project implementation support (177 person-months). The consultants will be recruited in accordance with ADB's Guidelines on the Use of Consultants and arrangements for the engagement of domestic consultants satisfactory to ADB. Quality and cost-based selection (QCBS) method and simplified procedures will be used for consultant selection. Consultants will be recruited by MPDI on behalf of all IAs. |
| Procurement | Procurement of Goods and services will be in accordance with ADB's Guidelines for Procurement. Expenditure procedures will be in accordance with ADB's Loan Disbursement Handbook. |
| Responsible ADB Officer | Bertsch, Natalie D. |
| Responsible ADB Department | South Asia Department |
| Responsible ADB Division | Public Management, Financial Sector and Trade Division, SARD |
| Executing Agencies |
Ministry of Finance and Planning Ms. Melanie Gamage [email protected] P.O. Box 277 The Secretariat Building, Colombo 1 Sri Lanka |
| Timetable | |
|---|---|
| Concept Clearance | 01 Mar 2000 |
| Fact Finding | 17 Mar 2003 to 11 Apr 2003 |
| MRM | 05 Jun 2003 |
| Approval | 11 Dec 2003 |
| Last Review Mission | - |
| PDS Creation Date | 17 Oct 2006 |
| Last PDS Update | 26 May 2011 |
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 11 Dec 2003 | 21 Jan 2004 | 12 May 2004 | 30 Jun 2008 | - | 30 Jun 2008 |
| Financing Plan | Loan Utilization | ||||
|---|---|---|---|---|---|
| Total (Amount in US$ million) | Date | ADB | Others | Net Percentage | |
| Project Cost | 50.00 | Cumulative Contract Awards | |||
| ADB | 50.00 | 17 Jun 2022 | 35.25 | 0.00 | 100% |
| Counterpart | 0.00 | Cumulative Disbursements | |||
| Cofinancing | 0.00 | 17 Jun 2022 | 35.25 | 0.00 | 100% |
| Status of Covenants | ||||||
|---|---|---|---|---|---|---|
| Category | Sector | Safeguards | Social | Financial | Economic | Others |
| Rating | Satisfactory | Satisfactory | - | Satisfactory | - | Satisfactory |
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 11 Dec 2003 | 21 Jan 2004 | 12 May 2004 | 30 Jun 2008 | - | 30 Jan 2009 |
| Financing Plan | Loan Utilization | ||||
|---|---|---|---|---|---|
| Total (Amount in US$ million) | Date | ADB | Others | Net Percentage | |
| Project Cost | 10.00 | Cumulative Contract Awards | |||
| ADB | 10.00 | 17 Jun 2022 | 8.37 | 0.00 | 100% |
| Counterpart | 0.00 | Cumulative Disbursements | |||
| Cofinancing | 0.00 | 17 Jun 2022 | 8.37 | 0.00 | 100% |
| Status of Covenants | ||||||
|---|---|---|---|---|---|---|
| Category | Sector | Safeguards | Social | Financial | Economic | Others |
| Rating | Satisfactory | Satisfactory | - | Satisfactory | - | Satisfactory |
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 11 Dec 2003 | 21 Jan 2004 | 12 May 2004 | 30 Jun 2008 | - | 14 Feb 2012 |
| Financing Plan | Loan Utilization | ||||
|---|---|---|---|---|---|
| Total (Amount in US$ million) | Date | ADB | Others | Net Percentage | |
| Project Cost | 10.00 | Cumulative Contract Awards | |||
| ADB | 10.00 | 17 Jun 2022 | 5.58 | 0.00 | 100% |
| Counterpart | 0.00 | Cumulative Disbursements | |||
| Cofinancing | 0.00 | 17 Jun 2022 | 5.58 | 0.00 | 100% |
| Status of Covenants | ||||||
|---|---|---|---|---|---|---|
| Category | Sector | Safeguards | Social | Financial | Economic | Others |
| Rating | Satisfactory | Satisfactory | - | Satisfactory | - | Satisfactory |
| Project Page | https://www.adb.org//projects/34320-013/main |
| Request for Information | http://www.adb.org/forms/request-information-form?subject=34320-013 |
| Date Generated | 06 June 2023 |