fbpx 44263-015: Inclusive Financial Sector Development Program, Subprogram 2 | Asian Development Bank

Cambodia: Inclusive Financial Sector Development Program, Subprogram 2

Sovereign (Public) Project | 44263-015 Status: Closed

Following the successful implementation of previous and ongoing ADB Financial Sector Programs (FSP and IFSD 1), which demonstrated effective and flexible ways of converting complex policy objectives into implementable policy actions, the government requested continued ADB support to the finance sector through a policy-based loan. The proposed Inclusive Financial Sector Development Program (IFSDP) for a total of $120 million equivalent, from the Asian Development Fund (ADF) comprises three subprograms. This being the second (IFSD 2), it is included in the country operations business plan (COBP) 2018-2020. It has been designed in line with Cambodia's Financial Sector Development Strategy (FSDS) 2016-2025.

Project Details

Project Officer
Ainabe, Benita Southeast Asia Department Request for information
Country
  • Cambodia
Sector
  • Finance
 
Project Name Inclusive Financial Sector Development Program, Subprogram 2
Project Number 44263-015
Country Cambodia
Project Status Closed
Project Type / Modality of Assistance Loan
Source of Funding / Amount
Loan 3831-CAM: Inclusive Financial Sector Development Program, Subprogram 2
concessional ordinary capital resources lending / Asian Development Fund US$ 40.00 million
Strategic Agendas Inclusive economic growth
Drivers of Change Gender Equity and Mainstreaming
Governance and capacity development
Knowledge solutions
Partnerships
Private sector development
Sector / Subsector

Finance / Banking systems and nonbank financial institutions - Finance sector development - Inclusive finance - Money and capital markets

Gender Equity and Mainstreaming Some gender elements
Description Following the successful implementation of previous and ongoing ADB Financial Sector Programs (FSP and IFSD 1), which demonstrated effective and flexible ways of converting complex policy objectives into implementable policy actions, the government requested continued ADB support to the finance sector through a policy-based loan. The proposed Inclusive Financial Sector Development Program (IFSDP) for a total of $120 million equivalent, from the Asian Development Fund (ADF) comprises three subprograms. This being the second (IFSD 2), it is included in the country operations business plan (COBP) 2018-2020. It has been designed in line with Cambodia's Financial Sector Development Strategy (FSDS) 2016-2025.
Project Rationale and Linkage to Country/Regional Strategy As the financial sector expands its scope and moves towards a sound market-oriented system, the proposed program will build on the established relationships with government counterparts and ensure that the momentum is not lost on reforms completed under IFSD 1. A total of $40 million equivalent from ADB''s Special Funds resources is programmed for the Inclusive Financial Sector Development Program, Subprogram 2 (IFSD 2). The size of the budget support program is based on achieving the following outputs: 1) Access to formal financial services to the poor expanded; 2) Financial sector stability enhanced; and 3) Financial sector infrastructure upgraded.
Impact Sound, efficient, diversified, and inclusive market-based financial system developed
Project Outcome
Description of Outcome Inclusiveness, stability, and infrastructure of Cambodia's financial sector improved.
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

Access to formal financial services for the poor

Financial sector stability

Financial sector infrastructure

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Nation-wide
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 An ADB mission visited Phnom Penh from 28 Nov to 1 Dec 2017. The purpose of the mission was to meet with the Executing and Implementing Agencies and take stock of progress in meeting SP2 policy actions ahead of the fact-finding mission in Feb 2018. The mission also proposed suitable compliance documents to be sent ahead of the presented during fact-finding. A pre-fact-finding mission was subsequently fielded from 5-9 March 2018. Loan negotiations are planned after the mid-year elections. In the interim, ADB has been organizing consultations on the Govt's proposed e-Commerce Law and is providing support to financial education.
During Project Implementation
Responsible ADB Officer Ainabe, Benita
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 -
Fact Finding 26 Nov 2018 to 30 Nov 2018
MRM 11 Jul 2019
Approval 30 Sep 2019
Last Review Mission -
Last PDS Update 30 Sep 2019

Loan 3831-CAM

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
30 Sep 2019 30 Oct 2019 02 Dec 2019 31 Mar 2020 - 31 Mar 2020
Financing Plan Loan Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 40.00 Cumulative Contract Awards
ADB 40.00 30 Sep 2019 40.00 0.00 100%
Counterpart 0.00 Cumulative Disbursements
Cofinancing 0.00 30 Sep 2019 40.00 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 Access to Information Policy (AIP) 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.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

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

None currently available.


The Access to Information Policy (AIP) 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.

Requests for information may also be directed to the InfoUnit.

Tenders

No tenders for this project were found.

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.