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Papua New Guinea: Preparing the Improving Financial Access and Entrepreneurship Development Project

Sovereign (Public) Project | 53097-002 Status: Approved

The proposed Improving Financial Access and Entrepreneurship Development Project will aim to expand the financial access and entrepreneurial capabilities of households and micro, small, and medium-sized enterprises (MSMEs) by strengthening financial intermediation in Papua New Guinea (PNG). To support the government's implementation of its financial sector development strategy and financial inclusion and small and medium-sized enterprise (SME) policies, the proposed project will help (i) improve the financial capacity, behaviors, and access of both men and women in households; (ii) improve the financial management and planning skills of MSMEs owned by both women and men, including MSMEs that develop and deploy solutions for health care; (iii) improve the business and product management capacity of participating financial institutions (PFIs); (iv) increase the use of digital financial services (DFS); and (v) strengthen the regulatory environment for microfinancing.

Project Details

Project Officer
Bharat, Vimlesh Vikash Pacific Department Request for information
Country
  • Papua New Guinea
Sector
  • Finance
 
Project Name Preparing the Improving Financial Access and Entrepreneurship Development Project
Project Number 53097-002
Country Papua New Guinea
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 9972-PNG: Preparing the Improving Financial Access and Entrepreneurship Development Project
Technical Assistance Special Fund US$ 750,000.00
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 - Small and medium enterprise finance and leasing

Gender Equity and Mainstreaming Effective gender mainstreaming
Description The proposed Improving Financial Access and Entrepreneurship Development Project will aim to expand the financial access and entrepreneurial capabilities of households and micro, small, and medium-sized enterprises (MSMEs) by strengthening financial intermediation in Papua New Guinea (PNG). To support the government's implementation of its financial sector development strategy and financial inclusion and small and medium-sized enterprise (SME) policies, the proposed project will help (i) improve the financial capacity, behaviors, and access of both men and women in households; (ii) improve the financial management and planning skills of MSMEs owned by both women and men, including MSMEs that develop and deploy solutions for health care; (iii) improve the business and product management capacity of participating financial institutions (PFIs); (iv) increase the use of digital financial services (DFS); and (v) strengthen the regulatory environment for microfinancing. The proposed project will continue ADB's lead role in supporting greater financial inclusion in PNG through financial literacy programs and improving the capacity of microfinance institutions. It will address the very low levels of financial access in the population at large and among MSMEs that is weighing on entrepreneurship in a weakening economy and frustrates efforts to create jobs, raise incomes and reduce poverty.
Project Rationale and Linkage to Country/Regional Strategy The transaction technical assistance (TA) is for project preparatory work to evaluate the approaches available, undertake necessary due diligence, identify the appropriate implementation arrangements, and design the project properly. Many of the project's subsequent activities will be based on this transaction TA study and analysis. The transaction TA will enable ADB to continue to consult relevant stakeholders up to and beyond the submission of the proposed project for ADB Board consideration, currently scheduled for the first quarter of 2021, and facilitate timely project start-up. The transaction TA will also provide support alongside ongoing consultations with government counterparts that will be important to the effective delivery of the intended project outputs. The transaction TA is in PNG country operations business plan for 2020-2022.
Impact
Project Outcome
Description of Outcome
Progress Toward Outcome
Implementation Progress
Description of Project Outputs
Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Nation-wide
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design Government agencies, financial institutions, micro, small and medium-size enterprises, development partners and other stakeholders
During Project Implementation Government agencies, financial institutions, micro, small and medium-size enterprises and development partners and other stakeholders
Business Opportunities
Consulting Services ADB will engage consultants following ADB's Procurement Policy (2017, as amended from time to time), ADB's Procurement Regulations (2017, as amended from time to time) and the relevant staff instructions. Individual consultant selection is proposed for the recruitment of six lead international consultants to provide 52 person-months of intermittent services to design the Improving Financial Access and Entrepreneurship Development Project. The lead consultants will recruit specialist short-term consultants with required technical expertise for on-demand assignments, using the individual consultant selection method. Resource person contracts will also be considered for any immediate in-country support, including support for surveys and data collection. The requirements and lengths of the engagements will vary with the scope of work. The terms of reference for assignments by specialist consultants will be prepared by the lead consultants and submitted to the transaction TA supervising team for endorsement.
Responsible ADB Officer Bharat, Vimlesh Vikash
Responsible ADB Department Pacific Department
Responsible ADB Division Pacific Liaison and Coordination Office in Sydney, Australia
Executing Agencies
Bank of Papua New Guinea
Douglas St., P. O. Box 121
Port Moresby
Papua New Guinea
Department of Finance
Vulupindi Haus, P.O. Box 710
Waigani, Papua New Guinea
Department of Treasury
6/F The Treasury Building, Lamana Road
P.O Box 542, Waigani Drive, NCD
Papua New Guinea
Timetable
Concept Clearance -
Fact Finding -
MRM -
Approval 30 Apr 2020
Last Review Mission -
Last PDS Update 13 May 2020

TA 9972-PNG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
30 Apr 2020 - - 30 Jun 2022 - -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
750,000.00 0.00 37,500.00 0.00 0.00 0.00 787,500.00 30 Apr 2020 0.00

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.

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Evaluation Documents See also: Independent Evaluation

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Related Publications

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Tenders

Tender Title Type Status Posting Date Deadline
MSME development expert Individual - Consulting Closed 14 May 2020 20 May 2020
Finance Sector Development expert Individual - Consulting Closed 23 Apr 2020 29 Apr 2020
Financial management expert Individual - Consulting Closed 16 Apr 2020 29 Apr 2020

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.