The Asian Development Bank is working with Cambodia to strengthen the country’s financial system so that it can more effectively support the country’s economic growth. The program is supporting a broad range of initiatives, including upgrading the payment, clearance, and settlement systems; improving public financial information disclosure; and establishing a credit information bureau.
| Project Name | Second Financial Sector Program Cluster - Subprogram 3 (SF) | ||||
| Project Number | 34389-033 | ||||
| Country | Cambodia |
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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 | Governance and capacity development |
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| Sector / Subsector | Finance / Banking systems and nonbank financial institutions - Finance sector development - Inclusive finance - Money and capital markets |
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| Gender Equity and Mainstreaming | |||||
| Description | |||||
| Project Rationale and Linkage to Country/Regional Strategy | |||||
| Impact | To promote the development of a sound, market-based financial system to enhance resource moblization and support sustainable economic growth. | ||||
| Project Outcome | |
|---|---|
| Description of Outcome | A growing, resilient, and efficient financial system. |
| Progress Toward Outcome | |
| Implementation Progress | |
| Description of Project Outputs | Improve confidence and financial intermediation by: (i) NBC adopting the updated roadmap for upgrading the payment system and implement the 2009 activities, (ii) NBC issuing a regulation covering interbank repurchase agreement for valuable papers, (iii) NBC introducing regulations to facilitate MFIs access to voluntary deposits from the general public and enhance the provision of credits to MFIs by domestic commercial banks; maintain stability in the financial system by (iv) NBC submitting the amendment law on banking and financial institutions to the Council of Ministers, (v) NBC requiring banks to comply with applicable Basel I core principles for effective bank supervision, (vi) NBC developing a code of conduct for registered moneychangers, (vii) MOC submitting the draft commercial contract law to the Council of Ministers; promote good governance by (viii) MEF submitting the draft revised insurance law to the CoM, (ix) MOC establishing the national arbitration center with appropriate rules and procedures, (x) MEF continuing to provide 70 CPA scholarships annually; and enhance efficiency by (xi) NBC installing the integrated computer systems for its key operating functions and undertake relevant training staff. |
| Status of Implementation Progress (Outputs, Activities, and Issues) | |
| Geographical Location | |
| 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 | |
| During Project Implementation | |
| Business Opportunities | |
|---|---|
| Consulting Services | - |
| Procurement | The loan proceeds will be used to finance the full foreign exchange costs (excluding local duties and taxes) of items produced and procured in ADB member countries, excluding ineligible items and imports financed by other bilateral and multilateral sources. All procurement of goods and services produced in, and originating from, ADB member countries, will be made wtih due consideration to economy and efficiency, in accordance with standard public procedures in Cambodia and normal private sector commercial practicies acceptable to ADB. In accordance with the provisions of ADB's Simplification of Disbursement Procedures and Related Requirements for Program Loans (1998), the loan proceeds will be disbursed to the Kingdom of Cambodia as the Borrower. |
| Responsible ADB Officer | Tukuafu, Samiuela |
| Responsible ADB Department | Southeast Asia Department |
| Responsible ADB Division | Public Management, Financial Sector and Trade Division, SERD |
| Executing Agencies |
National Bank of Cambodia P.O. Box 25 22-24 Norodom Blvd. Phnom Penh, Cambodia |
| Timetable | |
|---|---|
| Concept Clearance | 06 Dec 2007 |
| Fact Finding | 21 Apr 2009 to 29 Apr 2009 |
| MRM | 13 Jul 2009 |
| Approval | 26 Nov 2009 |
| Last Review Mission | - |
| PDS Creation Date | 09 Jun 2009 |
| Last PDS Update | 15 Apr 2010 |
Loan 2585-CAM
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 26 Nov 2009 | 27 Dec 2009 | 25 Feb 2010 | 30 Apr 2010 | - | 05 Mar 2010 |
| Financing Plan | Loan Utilization | ||||
|---|---|---|---|---|---|
| Total (Amount in US$ million) | Date | ADB | Others | Net Percentage | |
| Project Cost | 10.00 | Cumulative Contract Awards | |||
| ADB | 10.00 | 26 Nov 2009 | 9.61 | 0.00 | 100% |
| Counterpart | 0.00 | Cumulative Disbursements | |||
| Cofinancing | 0.00 | 26 Nov 2009 | 9.61 | 0.00 | 100% |
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
The Public Communications Policy (PCP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
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| Title | Document Type | Document Date |
|---|---|---|
| Implementation of Key Policy Triggers of Subprogram 3 | Consultants' Reports | Feb 2010 |
| Loan Agreement (Special Operations) for Financial Sector Program II Cluster - Subprogram 3 between Kingdom of Cambodia and Asian Development Bank dated 27 December 2009 | Loan Agreement (Special Operations) | Dec 2009 |
| Financial Sector Program II - Subprogram 3 | Reports and Recommendations of the President | Nov 2009 |
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
None currently available.
Related Publications
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The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.
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Tenders
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Procurement Plan
None currently available.