Project Name Financial Markets Program for Private Sector Development
Project Number 36357-013
Country Sri Lanka
Project Status Closed
Project Type / Modality of Assistance Loan
Source of Funding / Amount
Loan 2138-SRI: Financial Markets Program for Private Sector Development
Ordinary capital resources US$ 60.00 million
Loan 2139-SRI: Supporting the Private Sector & Financial Markets Development Program (TA Loan)
Asian Development Fund US$ 5.00 million
Strategic Agendas Inclusive economic growth
Drivers of Change Governance and capacity development
Private sector development
Sector / Subsector

Finance - Finance sector development

Gender Equity and Mainstreaming No gender elements
Description The objective of the Program is to facilitate private sector participation, including SMEs, in the Sri Lankan economy by supporting Government reforms to eliminate impediments and develop opportunities for greater private sector involvement. The Program aims to create a more vibrant private sector that should take a lead in generating employment opportunities for economic growth and in raising income levels for a larger segment of the country, including the rural areas.
Project Rationale and Linkage to Country/Regional Strategy The program is integral part of the Country Strategy and Program agreed between the Government and ADB
Impact

(1) Develop financial markets

(2) Reduce public sector spending in PBank

Project Outcome

Description of Outcome
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

(1.a) Increased financial products and services available to the capital market

(1.b) Enhanced corporate governance in the financial market; resulting in fostered competition and promoted transparency in the financial market

(1.c) Improved regulations of the insurance industry

(2.a) Improved Corporate Governance of Stateowned Banks

(2.b) Operational Improvement of PBank

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Sri Lanka

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 tbd
Procurement tbd

Responsible Staff

Responsible ADB Officer Huang, Anqian
Responsible ADB Department South Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SARD
Executing Agencies
Ministry of Finance and Planning
Mr. HM Gunasekera
[email protected]
Ministry of Finance and Planning

Timetable

Concept Clearance 20 Feb 2004
Fact Finding 16 Aug 2004 to 06 Sep 2004
MRM 21 Oct 2004
Approval 15 Dec 2004
Last Review Mission -
PDS Creation Date 31 Jan 2007
Last PDS Update 14 Feb 2008

LoanĀ 2138-SRI

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
15 Dec 2004 20 Dec 2004 21 Mar 2005 31 Dec 2007 31 Dec 2010 28 Oct 2010
Financing Plan Loan Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 60.00 Cumulative Contract Awards
ADB 60.00 15 Dec 2004 60.00 0.00 100%
Counterpart 0.00 Cumulative Disbursements
Cofinancing 0.00 15 Dec 2004 60.00 0.00 100%

LoanĀ 2139-SRI

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
15 Dec 2004 20 Dec 2004 21 Mar 2005 01 Dec 2007 01 Dec 2010 13 Sep 2011
Financing Plan Loan Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 6.00 Cumulative Contract Awards
ADB 5.00 15 Dec 2004 0.43 0.00 95%
Counterpart 1.00 Cumulative Disbursements
Cofinancing 0.00 15 Dec 2004 0.45 0.00 100%

 
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