The development framework of Cambodia's financial sector is based on the 10-year Financial Sector Blueprint that was updated as the Financial Sector Development Strategy 2006-2015 and adopted by the Government in February 2007. In line with the priority outlined in the Government's 5-year National Strategic Development Plan (NSDP) 2006-2010 and the draft NSDP 2011-2013, the development of Cambodia's financial sector has high priority within the private sector. The development the financial sector is one of five core areas that best support ADB's Strategy 2020 and its goal to reduce poverty in Cambodia.
|Project Name||Support for Financial Sector Program Cluster 3|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Governance and capacity development
|Sector / Subsector||
Finance / Finance sector development
|Gender Equity and Mainstreaming||No gender elements|
|Project Rationale and Linkage to Country/Regional Strategy||The development framework of Cambodia's financial sector is based on the 10-year Financial Sector Blueprint that was updated as the Financial Sector Development Strategy 2006-2015 and adopted by the Government in February 2007. In line with the priority outlined in the Government's 5-year National Strategic Development Plan (NSDP) 2006-2010 and the draft NSDP 2011-2013, the development of Cambodia's financial sector has high priority within the private sector. The development the financial sector is one of five core areas that best support ADB's Strategy 2020 and its goal to reduce poverty in Cambodia.|
|Impact||The expected overall ilmpact of the cluster program is enhanced mobilization of financial resources to support sustainable economic growth.|
|Description of Outcome||The expected outcome of the FSP III is a growing, resilient, and efficient financial system.|
|Progress Toward Outcome|
|Description of Project Outputs||
1. Improved confidence and financial intermediation
2. Maintain stability in the financial sector
3. Promote good governance
4. Enhance efficiency in the financial sector
|Status of Implementation Progress (Outputs, Activities, and Issues)|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design||Consulted the National Bank of Cambodia (EA), the Ministry of Economy and Finance and Ministry of Commerce (IAs) during design of PPTA. The Securities and Exchange Commission of Cambodia was also consulted during this phase.|
|During Project Implementation||The international firm of Maxwell Stamp has been contracted to undertake the TA work which commenced in October 2010. An initial draft Financial Sector Development Strategy (FSDS) 2011-2020 was circulated to the ADB, MEF, MOC, NBC and the SECC on 24 January 2011 for comments. Based on comments received, the revised FSDS was further discussed at a Government workshop hosted by the NBC on 1 March 2011 in Phnom Penh. Comments received during the above workshop plus further consultations by the team of consultants resulted in the re-submission of a revised draft FSDS to the Government on 4 April 2011. A series of workshops were held with each government agency from 7-10 June 2011 plus a joint government agencies' workshop on 16 June 2011 which helped build government ownership of the document. The draft FSDS 2011-2020 was further revised by the various government agencies and consolidated by the ADB Mission on 1 July 2011 and discussed at a one day national workshop with all related stakeholders on 19 July 2011. After it was reviewed and endorsed by the FS Steering Committee, it was endorsed by the Finance and Economic Policy Committee (chaired by the Deputy PM and Minister for Economy and Finance) before it was submitted to the Council of Ministers in early October 2011. The Khmer version of the FSDS 2011-2020 was adopted by the Council of Ministers on 25 November 2011. Translated to English and reviewed by the inter-ministerial technical working of the government, the draft FSDS is being reviewed and prepared by the ADB Department of external Relations before printing. The draft final report of the consulting firm was finalized in December 2011. The TA closing date has been extended to August 2012 to allow for printing and distribution of the English version of the FSDS 2011-2020. Work on the English version took much longer as it had to be translated to Khmer for the government's final inputs and submission to the Council of Ministers. After its approval by the Council of Ministers on 25 November 2011, the FSDS was translated back to English and reviewed by the Mission and then submitted for DER's editing and compliance review. The Khmer version of the FSDS was officially launched on 6 July 2012 in Phnom Penh. The English version will be finalized for printing in August 2012.|
A. International Consulting Firm
(i) Banking Expert and Team Leader - 6 person-months (PM), international
(ii) Microfinance Expert - 2.5 PM, international
(iii) Insurance and Pension Fund Expert - 2.5 PM, international
(iv) Leasing Expert (2.0 PM, international)
(v) Commercial Law Expert (3 PM, international)
(vi) Capital Market Expert (2 PM, international)
(vi) Money and Interbank Market Expert (2 PM, international)
(vii) Accounting Expert (2 PM, international)
B. National Consulting Firm
(i) Financial Sector Expert ( 8 PM, national)
(ii) Insurance Expert (4 PM, national)
(iii) Capital Market Expert (3 PM, national)
(iv) Legal Expert (4 PM, national)
(v) Accounting Expert (3 PM, national)
|Responsible ADB Officer||Samiuela T. Tukuafu|
|Responsible ADB Department||Southeast Asia Department|
|Responsible ADB Division||Public Management, Financial Sector and Trade Division, SERD|
National Bank of Cambodia
P.O. Box 25
22-24 Norodom Blvd.
Phnom Penh, Cambodia
|Concept Clearance||16 Apr 2010|
|Approval||16 Apr 2010|
|Last Review Mission||-|
|PDS Creation Date||16 Apr 2010|
|Last PDS Update||26 Jul 2012|
|Approval||Signing Date||Effectivity Date||Closing|
|16 Apr 2010||18 May 2010||18 May 2010||31 Aug 2011||31 Oct 2012||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|700,000.00||0.00||150,000.00||0.00||0.00||0.00||850,000.00||16 Apr 2010||600,672.61|
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