The program directly supports reforms outlined in the government's National Strategic Development Plan, 2019 2023, the Financial Sector Development Strategy (FSDS), 2016 2025, and Cambodia's commitment to implement the Association of Southeast Asian Nations (ASEAN) special declaration on Coronavirus Disease (COVID-19).
Under subprogram 3, the government has implemented the national financial inclusion strategy and key legislation adopted under subprogram 2, and launched several initiatives to increase access to finance, including Cambodia's first ever public SME credit guarantee scheme (CGS) to support COVID-19 recovery and beyond. The government has also made significant strides to preserve financial stability and improve crisis management.
| Project Name | Inclusive Financial Sector Development Program, Subprogram 3 | ||||
| Project Number | 44263-016 | ||||
| Country | Cambodia |
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| Project Status | Proposed | ||||
| Project Type / Modality of Assistance | Loan |
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| Source of Funding / Amount |
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| Strategic Agendas | Environmentally sustainable growth Inclusive economic growth |
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| Drivers of Change | Gender Equity and Mainstreaming Governance and capacity development Knowledge solutions Partnerships Private sector 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 | Effective gender mainstreaming | ||||
| Description | The program directly supports reforms outlined in the government's National Strategic Development Plan, 2019 2023, the Financial Sector Development Strategy (FSDS), 2016 2025, and Cambodia's commitment to implement the Association of Southeast Asian Nations (ASEAN) special declaration on Coronavirus Disease (COVID-19). Under subprogram 3, the government has implemented the national financial inclusion strategy and key legislation adopted under subprogram 2, and launched several initiatives to increase access to finance, including Cambodia's first ever public SME credit guarantee scheme (CGS) to support COVID-19 recovery and beyond. The government has also made significant strides to preserve financial stability and improve crisis management. |
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| Project Rationale and Linkage to Country/Regional Strategy | The program represents a long-term partnership between the Asian Development Bank (ADB) and the Government of Cambodia to develop an efficient and stable financial sector and to increase financial inclusion. This subprogram will build on reforms achieved under subprogram 2 by: (i) increasing access to finance; (ii) enhancing financial sector stability; and (iii) upgrading financial infrastructure to support the introduction of new financial services and products. | ||||
| Impact | Sound, efficient, diversified, and inclusive market-based financial system developed | ||||
| Outcome | Inclusiveness, stability, and infrastructure of Cambodia's financial sector improved | ||||
| Outputs | |||||
| Geographical Location | Nation-wide | ||||
| Safeguard Categories | |
|---|---|
| Environment | C |
| Involuntary Resettlement | C |
| Indigenous Peoples | C |
| Summary of Environmental and Social Aspects | |
|---|---|
| Environmental Aspects | The program is not expected to have any environmental impacts. |
| Involuntary Resettlement | None of the program activities involve resettlement. |
| Indigenous Peoples | The program does not have potential impacts to the indigenous peoples. |
| Stakeholder Communication, Participation, and Consultation | |
| During Project Design | |
| 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 | 06 Nov 2013 |
| Fact Finding | 16 Nov 2020 to 20 Nov 2020 |
| MRM | 13 Apr 2021 |
| Approval | - |
| Last Review Mission | - |
| Last PDS Update | 30 Mar 2021 |
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