| General Information |
Project/Program |
Program |
| Project Name |
Financial Sector Program Cluster 32431 |
| Duration |
Subprogram 1: Approval: 15-Nov.-2001 Actual Closing Date: 13-Dec.-2003 Subprogram 2: Approval Date: 28.-Nov.-2002 Actual Closing Date: 31-Aug.-2005 Subprogram 3: Approval: 29-Sep.-2005 Actual Closing Date: 31.-Oct.-2007 |
| Donor |
Asian Development Bank (ADB) |
| Implementiong Organization |
National Bank of Cambodia (NBC) |
| Sector and/or Subsector Classification |
Others |
| Region |
Not Available |
| Financing |
Total of USD 30 million , Each subprogram consisting of USD 10 million each |
| Analytical Information |
Stakeholders |
National Bank of Cambodia (NBC), People's Bank of Kampuchea, Rural Development Bank, 14 other commercial banks (unspecified), Caminco (insurance firm), Ministry of Economic and Finance, Ministry of Commerce, International Monetary Fund, Financial Sector Steering Committee, Council for Development of Cambodia, social community, local financial institutions ( administered by local residents). All stakeholders were carefully considered and their consultations were realized in the Financial Sector Blueprint 2001-2010. |
| Cross-cutting Issue |
Environment |
Due to previous domestic turmoil, lack of financial capacity, and 2003 Government Election, the project was politically effected for example, the need of sub components to be approved by the National Assembly and government officials. |
| Gender |
No gender related materials are mentioned in completion report. |
| Impact Analysis |
The project aligns with the Government's Socioeconomic Development Plan II (2001-2005) and the Financial Sector Blueprint (2001- 2010). |
| Effectiveness |
Ownership/Partnership |
Evaluation |
All executing/ implementing agencies showed very high levels of ownership. The Government fully realized the potential and financial development objectives of this project which were showed in the Socioeconomic Development Plan, and the annual reports of the National Bank of Cambodia. It showed high emphasis on transparency and a sequence of various reform actions which enhanced the project prior to implementation. Coordination among all executing agencies were very well structured, as seen from the review missions and regularly received quarterly progress reports. Commitment of all agencies were highly valued through the completion report, as it had good leadership despite the lack of good environment such as educated staff capacity. |
| Rating |
4/5 |
| Policy Coherence/Harmonization |
Evaluation |
Asian Development Bank was very flexible in dealing with crisis management, and was highly aligned with all of the government's financial plans. With the help of these reforms and good harmonization among the donors and recipient agencies, the project was able to progress toward to the second financial sector program, approved in December 2007. |
| Rating |
4/5 |
| Evaluation Framework |
Evaluation |
Project schedule was delayed several times due to the July 2003 national election which needed the Council of Ministers approval & formal adoption of the National Assembly. Evaluation framework was not specified in the completion report. However, the performance of all agencies, donors and recipients, were all highly satisfactory with a good dialogue leading to the second program. |
| Rating |
3/5 |
| Alignment/Composition of Finance |
Evaluation |
Sustainability of the project is most likely, if all key agencies are able to be maintained with current level of participation and ownership. Most of the concerns of sustainability depend on revisions, new enacted legislations, and the introduction of new products and services. |
| Rating |
4/5 |
| Other Remarks |
According to the completion report, subprograms 2 and 3 were delayed by the local commune elections; the drafting and implementation of projects can be highly affected. |
