sector-wide evaluation: adb’s finance sector operations

Asian Development Bank. 6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

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Evaluation Approach Paper

Sector-wide Evaluation: ADB’s Finance Sector Operations,

2011–2020 September 2021

Team Leaders: Paolo Obias, Principal Evaluation Specialist, IESP ([email protected]); Alexander Wellsteed, Principal Evaluation Specialist, IESP ([email protected])

Contact: [email protected]

A. Introduction

1. This paper sets out the approach, and methodology for an independent evaluation of AsianDevelopment Bank’s (ADB) finance sector operations during the study period, 2011–2020.The lessons learned from the evaluation will contribute to the implementation of ADB’s Strategy2030, its component operational plans, as well as the finalization of the finance sector frameworkto help operationalize ADB’s Strategy 2030.

2. A country's financial system including its banks, nonbank lenders; securities markets;pension, mutual, and other investment funds; insurers; and market infrastructures such as centralclearing counterparties, payment providers, and central banks, as well as its regulatory andsupervisory authorities provides an essential framework for carrying out economic activity andmonetary and financial policy and thereby helping to channel savings into productive investmentand support economic growth. The finance sector also plays a critical role in the fulfilment of globaldevelopment agendas, including supporting progress towards the Sustainable Development Goalsof 2030.1 Bank loans remain the dominant source of finance in Asia and the Pacific because equityand bond markets are still insignificant in comparison.2 This lack of financial diversification in Asiaimpacts mobilization of private sector finance, namely the availability of long-term finance,guarantee and insurance solutions and equity capital, which are key to fostering economicdiversification and increased economic stability.

3. As a result of the coronavirus disease (COVID-19) global health pandemic, developingAsia’s economy shrank by 0.2% in 2020, and divergences in the recovery path emerged within theregion.3 South Asia experienced the largest contraction on the back of an 8.0% fall in India’s grossdomestic product. Both consumption and investment declined in most economies, as a result ofdomestic lockdowns and a global recession. Economic activity declined in Central Asia ascommodity prices and remittances fell, while plunging tourism drove the Pacific into recession.East Asia, by contrast, was boosted by the fast rebound and 2.3% expansion in the People’sRepublic of China. It was the only region in developing Asia that registered positive growth in 2020.

4. In the second half of 2020, financial conditions improved in the Asian region as a whole.Expansionary policies, economic recovery, and the development of effective vaccines bolsteredinvestor sentiment. Stable foreign portfolio investment flows resumed from the fourth quarter of2020, and equity markets have soared above pre-pandemic levels in most subregions. Most Asiancurrencies strengthened amid a weak US dollar, but a few experienced continued depreciations(footnote 3).

1 ADB. 2018. ADB Strategy 2030. Achieving a Prosperous, Inclusive, Resilient, and Sustainable Asia and the Pacific. Manila. 2 ADB. 2015. Financial Soundness Indicators for Financial Sector Stability A Tale of Three Asian Countries. Manila. 3 ADB. 2021. Asian Development Outlook (ADO) 2021: Financing a Green and Inclusive Recovery. Manila.

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5. Dubbed the Great Reset, building back better after COVID-19 will require mobilizing capitalto fund investments, and especially the green and social investments envisaged in ADB’s Strategy2030. Especially after suffering sharp contractions in fiscal revenue during the pandemic, Asiangovernments will have to close the funding gap by catalyzing more private capital and mobilizingresources from a much broader funding base (footnote 3).

6. The evaluation comes at a critical time for many of ADB’s development member countries(DMC) where COVID-19 crisis is having a devastating effect on their economy, highlighting thefragility and interconnectedness of the region. As DMCs continue to address the challengesbrought about by the COVID-19 crisis and plan to rebuild their economies, the recovery period isan opportunity to move towards a more sustainable and resilient domestic financial markets,stronger financial regional cooperation, and protective reforms and programs for vulnerablehouseholds, particularly the micro, small and medium enterprises (MSMEs). As the new normalembraces social distancing, digital finance and financial technology will also play an important rolein improving financial sector services. ADB, as a provider of financing, policy, and technicalsupport, has a crucial role to play in helping address the current challenges and supporting a morefinancially sustainable recovery.

B. ADB’s Approach to Finance

7. ADB’s Financial Sector Operational Plan (FSOP) of 2011 articulates and guides theorganization’s implementation of its finance sector development (FSD) agenda. 4 The primaryobjectives of the FSOP were: (i) strengthen the foundation for financial sector development andbanking sector development, (ii) promote inclusive finance to mobilize domestic demand,(iii) develop capital markets and contractual savings for financing infrastructure, (iv) strengthenfinancial stability and integrity; and (v) enhance regional monetary and financial cooperation andintegration to promote cross border capital flow.5 A mid-term review of the FSOP, completed in2016, affirmed the FSOP’s objectives and prioritized three main areas: (i) Finance sectordevelopment (includes developing diverse, efficient, and stable financial markets, institutions, andsystems); (ii) Inclusive finance (delivers affordable financial services to previously underservedgroups such as low-income households, MSMEs, rural businesses, and female entrepreneurs);and (iii) Infrastructure finance (complements ADB’s major business line and includes facilitatingthe efficient allocation of long-term finance to meet financing needs for infrastructure).6

8. The 2011 FSOP clustered 15 themes and subsectors across those five objectives basedon the 2009 ADB project classification system: “Foundation for Financial Sector Development”included public debt markets, central banking, basic financial infrastructure like payment systems,core financial laws, and accounting systems; “Inclusive finance” included microfinance, small andmedium-sized enterprises (SME) finance, housing finance, and trade finance; “InfrastructureFinance and Access to Capital Markets” included debt, equity and derivatives markets, subnationaldebt markets and contractual savings (like insurance industries and pension funds); “FinancialStability and Integrity” included prudential regulatory frameworks and supervisory capacity, depositinsurance systems and anti-money laundering mechanisms; “Regional Monetary and FinancialCooperation and Integration” covered initiatives to liberalize capital accounts and foreign directinvestment in the finance sector, adopt common standards and develop infrastructure for cross-border financial transactions and services, and manage risks that emerge from the financialintegration process.

4 2011 FSOP operationalizes Strategy 2020. Strategy 2030 was operative 2018 onwards. 5 ADB. 2011. ADB Financial Sector Operation Plan. Manila. 6 ADB. 2017. Review of 2011 Financial Sector Operational Plan. Manila.

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9. Currently though ADB uses the project classification system approved in 2014 to classify its financial sector operations, which identifies 10 subsectors: (i) central banking systems; (ii) banking systems and nonbank financial institutions; (iii) housing finance; (iv) small and medium-sized enterprise finance and leasing; (v) inclusive finance; (vi) insurance and contractual savings; (vii) money and capital markets; (viii) trade finance; (ix) infrastructure finance and investment funds; and (x) finance sector development.7

10. As per the ADB’s Finance Sector Group, the contribution of finance sector operations to each of the seven operational priorities of ADB’s Strategy 2030 is articulated in Table 1:8

Table 1: Contribution of ADB’s Finance Sector Operations to ADB’s Strategy 2030

S2030 Operation Priority ADB’s Finance Sector Operation Focus Areas OP1: Addressing remaining poverty and reducing inequalities

Access to affordable, safe, and well-regulated financial products and services for low-income families and underserved populations, promoting financial awareness and digital financial literacy.

OP2: Accelerating progress in gender equality

Mainstreaming gender in financial inclusion for women.

OP3: Tackling climate change, building disaster resilience, and enhancing environmental sustainability

Incentivizing investments by institutional investors in green and blue sustainable infrastructure through the capital market and protecting the investments through risk sharing and risk transfer instruments.

OP4: Making cities more livable Catalyzation of innovative financing into urban development plans, including enhancing access to capital markets for long-term financing. Leveraging the use of property and casualty insurance products to mitigate disaster risks in urban environments.

OP5: Promoting rural development and food security

Investments in rural finance and rural technology and solutions to support financial risk protection and the adoption of insurance for crops.

OP6: Strengthening governance and institutional capacity

Reforms and policy and regulatory formulation and improvements towards stronger financial systems. Government capacity to improve coordination and collaboration, manage crisis and improving observance of international financial standards in financial regulations.

OP7: Fostering regional cooperation and integration

Enhancing funding and financing of cross-border infrastructure investments, deepening financial markets, regional risk pooling, and strengthening financial institutions and regulations.

ADB = Asian Development Bank, OP = operational priorities. Source: Independent Evaluation Department; ADB. 2018. Strategy 2030: Achieving a Prosperous, Inclusive, Resilient, and Sustainable Asia and the Pacific. Manila; ADB. 2017. Review of 2011 Financial Sector Operational Plan. Manila.

11. ADB Operational Plan for the Private Sector (2019–2024) also outlines the relevance of the financial sector to foster vibrant, stable, and efficient financial institutions (FIs) and capital markets which are critical for inclusive economic growth and job creation in DMCs. This operational plan also defines the relevance of ADB’s financial sector operations to achieve corporate targets on accelerating progress on gender equality and tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability. 9 12. Partnerships. The Finance Sector Group’s ongoing collaboration with standard-setting bodies, such as the International Organization of Securities Commissions, the International Association of Insurance Supervisors, Islamic Finance Services Board, and the Financial Action

7 See Attachment 1 for a description of subsectors under ADB’s finance sector following the 2014 project classification system. 8 ADB. Finance Sector webpage. ADB's Focus on Finance Sector Development: Strategy and Programs Asian Development Bank.

(accessed 24 Sep 2021). 9 ADB. 2019. Operational Plan for Private Sector Operations 2019–2024. Manila.

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Task Force on Money Laundering, contributes to the implementation of international financial standards in the region’s developing countries and allows ADB to share its knowledge and expertise, share information in sector policy dialogues, and update its technical knowledge. Moreover, ADB coordinates country programming with other development partners through donor coordination meetings and during project design to ensure coordination and complementarity of support to DMCs.

C. ADB’s Finance Sector Operations

13. This section provides an overview of ADB’s support to finance sector covering the period2011–2020. Projects identified under finance sector were based on ADB’s 2014 ProjectClassification System, such that all operations categorized under finance as primary sector wereincluded.10 Based on approved amount, finance sector operations accounted for 12.5% of ADB’stotal operations during 2011–2020.

14. Based on commitment amount, sovereign loans and grants comprised 68%, 31% fornonsovereign operations (NSO), and 1% for technical assistance (TA) projects.11 Figure 1 showsthe breakdown by each modality, totaling to $21.2 billion. Majority of the sovereign operations werepolicy-based program loans and grants (48% of commitment amount) and lending through financeinstitutions, including state-owned financial institutions (40% of commitment amount). There wasonly one results-based lending program approved during the period. More than 75% ofnonsovereign investments (by commitment amount) were loans, while 71% of TA projects (bycommitment amount) were capacity development TAs.12

Figure 1: ADB’s Finance Sector Operations, by Modality (2011–2020)

Note: Of the 126 approved NSO projects, 27 were either cancelled/dropped or unsigned to date (31 August 2021). Of the 254 TA projects, two had no commitment amounts. Of the 85 sovereign projects, one was terminated. Source: ADB Loans and Grants, and Technical Assistance Database (as of 31 December 2020), and IED Nonsovereign Database (as of 31 December 2020).

10 In addition, (i) operations under non-finance sectors but were on-lent to development financial institutions (DFIs)/financial institutions (FIs), (ii) operations under industry and trade (IND) sector with small and medium enterprises (SME) development as subsector, and (iii) a grant in Bangladesh classified under ANR but its main objective was to develop and implement a weather index-based cropinsurance, were included as part of ADB’s operation in the finance sector from 2011–2020.

11 Based on approved amounts, shares were 64% for sovereign loans and grants, 35% for nonsovereign operations, and 1% for TAs. The discrepancy was due to a significant amount of cancelled and/or unsigned projects under nonsovereign operations. See Attachment 2 for details.

12 See Attachment 2 for more detail.

8518%

12627%

25455%

68%14,348

31%6,579

1%293.1

Sovereign Loans andGrants

NonsovereignOperations

Technical AssistanceProjects

Commitment Amount

($ Million)

Number of

Approved Projects

5


15. ADB categorizes finance sector operations based on the ten subsectors described underthe 2014 Project Classification System (Attachment 1). During 2011–2020, finance sectordevelopment (FSD) and infrastructure finance and investment funds were the main subsectors,with each having a share of 24% ($5.1 billion) of the total commitment amount, followed by SMEfinance and leasing ($3.6 billion,17%). In terms of modality, Figure 2 shows that sovereign andnonsovereign loans and grants and TA projects followed a similar trend. For NSO, infrastructurefinance and investment funds subsector had the largest share (25%) of finance sector committedoperations, followed by FSD (24%), and SME finance leasing (18%). Inclusive finance subsectorranked 4th among sovereign and NSO, while it ranked 5th among TA projects.

Figure 2: ADB's Finance Sector Operation, by Subsector and Modality, 2011–2020 (Commitment Amount)

ADB = Asian Development Bank, LHS = left-hand side, RHS = right-hand side, TA =technical assistance Note: Figures in box refer to technical assistance amounts. Source: ADB Loans and Grants, and Technical Assistance Database (as of 31 December 2020), and IED Nonsovereign Database (as of 31 December 2020).

16. South Asia had the largest share of committed operations in the finance sector, in terms ofvalue (31%), followed by Southeast Asia (29%) and Central and West Asia (19%). As shown inFigure 3, although regional projects had the largest share in terms of number of committed projects(24%), its share to total commitment amount is only at 5%. This is because of the total 104 regionalprojects, 86 are TA projects.13 Breaking the amounts by modality, excluding TA projects, SoutheastAsia (37%) had the largest share for sovereign loans and grants, while South Asia had the largestshare for NSO (47%) (Figure 4).14

13 The rest are nonsovereign projects. Regional projects refer to those spanning multiple countries involving more than two subregions. 14 NSO projects tagged as regional are mostly private equity funds.

70

60

3,480

1,373 1,382

3,399

1,002 1,146

2,418

18 689

1,552

403 736

1,651

286

1,163

100

19

7

99

4 25

47

11

31

46

3

0

20

40

60

80

100

120

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

BankingSystems and

NonbankFinancial

Institutions

Centralbankingsystems

Financesector

development

Housingfinance

Inclusivefinance

Infrastructurefinance andinvestment

funds

Insuranceand

contractualsavings

Money andcapital

markets

Small andmedium

enterprisefinance and

leasing

Trade finance

Sovereign Loans and Grants (LHS) Nonsovereign Operations (LHS) TA Projects (RHS)

$ Billion $ Million

6


Source: ADB Loans and Grants, and Technical Assistance Database (as of 31 December 2020), and IED Nonsovereign Database (as of 31 December 2020).

17. In terms of total commitment amount, countries in South Asia, including India, Bangladesh,and Sri Lanka were among the top 10, with India receiving the highest share (19%). This is followedby the People’s Republic of China at 14%, Indonesia at 13%, then by Philippines at 11% (Figure5). Aside from country share, regional share was also among the top at 5%. As shown in Figure 6,regional investments and support were committed through NSO and TA projects. Majority ofcommitted amounts were also under the subregional TA projects, particularly to the Pacific Islands,Southeast Asia and Central and West Asia.

Figure 5: Top 10 Countries with Committed Amounts under ADB’s Finance Sector Operations, 2011–2020 (Share to Total Commitment Amount and $ Million)

ADB = Asian Development Bank, BAN = Bangladesh, IND = India, INO = Indonesia, KAZ = Kazakhstan, PAK = Pakistan, PHI = Philippines, PRC = People’s Republic of China, SRI = Sri Lanka, UZB = Uzbekistan, VIE = Viet Nam. Source: ADB Loans and Grants, and Technical Assistance Database (as of 31 December 2020), and IED Nonsovereign Database (as of 31 December 2020).

5%, 1,066

3%, 630

3%, 644

3%, 664

4%, 905

6%, 1,345

9%, 1,860

11%, 2,393

13%, 2,816

14%, 2,932

19%, 4,118

- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

Regional

VIE

PAK

KAZ

SRI

BAN

UZB

PHI

INO

PRC

IND

Figure 4: ADB’s Finance Sector Operations by Region, 2011–2020

(Share to Total)

Figure 3: ADB’s Finance Sector Operations by Region and Modality,

2011–2020 (Share to Total Commitment Amount)

20

15

3

21

17

24

19

16

0.3

31 29

5

0

5

10

15

20

25

30

35

Central andWest Asia

East Asia PacificIslands

South Asia SoutheastAsia

Regional

Count Commitment Amount

%

25

15

0.02

24

37

7

19

0.2

47

11 15

-

5

10

15

20

25

30

35

40

45

50

Central andWest Asia

East Asia PacificIslands

South Asia SoutheastAsia

Regional

Sovereign Loans and Grants Nonsovereign Operations

%

7


Figure 6: Top 10 Countries by Modality, 2011–2020 (Share to Total Commitment Amount and $ Million)

ARM = Armenia, AZE= Azerbaijan, BAN = Bangladesh, CAM = Cambodia, GEO = Georgia, IND = India, INO = Indonesia, KAZ = Kazakhstan, MON = Mongolia, PAK = Pakistan, PHI = Philippines, PRC = People’s Republic of China, SRI = Sri Lanka, UZB = Uzbekistan, VIE = Viet Nam. Source: ADB Loans and Grants, and Technical Assistance Database (as of 31 December 2020), and IED Nonsovereign Database (as of 31 December 2020).

18. Assessment of performance. To assess ADB’s performance, projects validated orevaluated during the evaluation period but approved prior to 2011 are also included. From 2011–2020, IED validated or evaluated 56 sovereign loans and grants and 96 nonsovereign operations(Table 2).

Table 2: Validated or Evaluated Projects during 2011–2020 Operations No. of Approved

Projects No. of

PCRs/XARRs No. of

PVRs/XVRs/PPERs Sovereign 82 58 56 Nonsovereign 1231 103 96

1 Of which, 18 were cancelled and 1 was dropped before loan signing. As of 31 August 2021, 7 are still unsigned. NSO = nonsovereign, PCR = project completion report, PPER = project performance evaluation report, PVR = project completion validation report, SOV = sovereign, TA = Techical assistance, XARR = extend annual review report, XVR = extend annual review validation report. Source: ADB Database for Loans and Grants, IED Nonsovereign Database, and IED Success Rate Database. Notes: 1. Projects or investments under trade finance subsector, including the Trade Finance Program and Supply Chain

Finance, as well as Microfinance Risk Participation and Guarantee Program, are excluded (see Attachment 2).2. L3971-INO: COVID-19: Disaster Resilience Improvement Program and L3968-PHI: COVID-19: Disaster Resilience

Improvement Program are excluded as they focus on disaster risk management (see Attachment 2).3. A sovereign project may include more than one loans/grants.4. One sovereign project is suspended (India's Loan 8309: Solar Rooftop Investment Program, Tranche 1, approved in

2016 amounting to $100 million). One sovereign project is terminated [India’s Loan 3307: Accelerating InfrastructureInvesment Facility in India, Tranche 2, approved in 2015 amounting to $300 million (commitment amount is zero)].

3%, 386

4%, 621

5%, 661

5%, 701

9%, 1,240

9%, 1,303

12%, 1,779

13%, 1,849

15%, 2,100

19%, 2,700

- 500 1,000 1,500 2,000 2,500 3,000

VIE

PAK

KAZ

SRI

IND

BAN

PRC

UZB

PHI

INO

a. Sovereign Loans and Grants ($ Million)

15%, 985

2%, 110

2%, 115

2%, 116

2%, 145

3%, 195

3%, 206

4%, 240

4%, 277

17%, 1,143

43%, 2,866

- 500 1,000 1,500 2,000 2,500 3,000 3,500

Regional

MONCAMARMAZESRI

GEOVIEPHI

PRCIND

b. Nonsovereign Operations ($ Million)

3%, 8

3%, 9

3%, 10

4%, 12

4%, 13

5%, 16

5%, 16

7%, 22

16%, 45

27%, 82

- 20 40 60 80

Central and West Asia

PRC

SRI

IND

PAK

PHI

INO

Southeast Asia

Pacific Islands

Regional

c. Technical Assitance Projects ($ Million)

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5. One NSO project has more than one entry [Inv. No. 7471: GEO: TBC Bank (Financial Inclusion for Micro and SmallBusiness Growth) and TBC Bank Subordinated Loan (Financial Inclusion for Micro and Small Business Growth)].

6. NSO closed projects include those that have reached early operating maturity, for which XARRs/PPERs have beenor are being prepared.

7. Validation of TA completion report only started in 2019. From the list of completed TAs, only seven were validated.8. List of projects validated/evaluated during 2011–2020 but were approved before 2011 is in Attachment 4.

19. The success rate for sovereign finance sector projects started low in 2011–2013 comparedto the overall performance of ADB sovereign projects. It started to pick up and eclipse the overallADB performance in 2015–2017 but declined beginning 2017–2019 (Figure 7a). While fornonsovereign projects, finance sector’s performance was slightly lower than the overall trend ofADB’s performance except in 2014–2018 (Figure 7b).

Figure 7: ADB’s Overall Performance vis a vis ADB’s Finance Sector Performance (%) (3-year moving average, 2011–2020)

ADB = Asian Development Bank, n = number of PVR/XVR for finance sector only. Source: IED Success Rate Database, and IED. 2021. Annual Evaluation Review. Manila: ADB. Notes: Success rates are based on evaluation and validation reports. PCR/XARR Year refers to projects with PCR or XARR published during July 2010–June 2020. In 2014, sovereign Project 33357-LAO: Rural Finance Sector Development Program was rated successful, which was included in the figure, but its project component was rated less than successful. Projects or investments under trade finance subsector are excluded (see Attachment 2).

67

77

63

86

72 74

69 67

4653 50

60

7177

58 60

0

10

20

30

40

50

60

70

80

90

100

2011-13(n = 24)

2012-14(n = 19)

2013-15(n = 12)

2014-16(n = 15)

2015-17(n = 17)

2016-18(n = 13)

2017-19(n =12)

2018-20(n = 10)

a. Sovereign Operation: Overall Performance vis a vis Finance Sector Performance (%)

Overall Success Rate Success Rate of Finance Sector

5967 67

67

56 54

51 53

48

57 59

73

57 57

45 42

0

10

20

30

40

50

60

70

80

2011-13(n = 27)

2012-14(n = 35)

2013-15(n = 34)

2014-16(n = 30)

2015-17(n = 23)

2016-18(n = 23)

2017-19(n = 29)

2018-20(n = 33)

b. Nonsovereign Operation: Overall Performance vis a vis Finance Sector Performance (%)

Overall Success Rate Success Rate of Finance Sector

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D. Lessons from Past Evaluations from ADB and other International FinancialInstitutions

20. In the area of inclusive finance, an IED report on Indonesia draws attention to limitedresults in this area to date, with a lack of systematic analytical diagnostics, difficulties in providingfunding in local currency, and weak coordination and sequencing of ADB sovereign and NSO.15

Another report found that SME operations were less successful than ADB-wide operations.16 ADBcan also draw lessons from an IEG report on financial inclusion, which points to the need to takean integrated and comprehensive approach to identifying and tackling constraints to financialinclusion at the country level. This is of particular concern for areas that are not subject to prudentialregulations, such as mobile money and rural savings and credit cooperatives.17

21. On infrastructure finance and access to capital markets, an IED evaluation on privateequity investments found that there was a marked difference between the success rate of directequity investments (85%) and equity invested through private equity funds (PEFs) (37%).18 Directequity operations have been more financially sustainable and contributed more effectively todevelopment outcomes. PEFs by way of contrast have significantly underperformed in bothfinancial and development terms. PEFs and direct equity investments constitute 9% and 8% of thecommitted amounts in the NSO portfolio that is included in this evaluation. There are also somepotential lessons from an IEG evaluation of WBG support to capital markets that shows thatMDBs/IFIs can contribute to broader capital market development outcomes through knowledgeservices and convening power, provided that such services are provided in a well-integratedmanner across units and with stronger coordination with client countries and other developmentpartners. Lastly, much of the World Bank Group’s work supporting capital market development haslargely been financed through trust-funds – which are vulnerable to shifting donor priorities. Thereis a need for more stable sources of funding to ensure sustainable capital market developmentefforts in client countries.19

22. With regard to finance sector development and financial stability, the IMF found thatits Financial Sector Assessment Program (FSAP) was strengthened by covering a broader set ofrisks, including the analysis of spillovers and macroprudential frameworks.20 The program has alsobeen open to the advances in financial theory and empirics during recent years, which has allowedthe gradual mainstreaming of new tools in FSAPs and has promoted institutional learning-by-doing. The main challenge for the FSAP is to consolidate the gains of recent years, furtherstrengthen the analytics and the macrofinancial focus of the program, adapt to the evolving globalfinancial landscape, and continue to absorb emerging policy lessons.

23. On regional monetary and financial cooperation and integration, an IED evaluation onADB’s support for regional cooperation and integration found that the main driver behind Asia’sregional integration has been the growth of trade and investment, while monetary and financial

15 IED. 2019. Sector Assistance Program Evaluation on ADB support to Indonesia’s Finance Sector. Manila: ADB. 16 IED. 2018. Thematic Evaluation on support for Small and Medium-Sized Enterprises (2005–2017): Business Environment, Access

to Finance, Value Chains, and Women in Business. Manila: ADB. 17 IEG. 2016. Financial Inclusion: A Foothold on the Ladder toward Prosperity?. Washington, DC. 18 2019 IED Assessment of the development performance and results of 50 ADB equity operations during 2006–2017. The average

success rate of ADB equity investments was 56%. 19 IEG. 2016. The World Bank Group’s Support to Capital Market Development. Washington, DC. The report also mentions the leading

role of the WBG, especially IFC, in some housing finance markets. 20 IMF (2014). In developing and emerging market countries, FSAP assessments are usually conducted jointly with the World Bank

and include two components: a financial stability assessment (the main responsibility of the Fund) and a financial development assessment (the main responsibility of the World Bank). Each FSAP concludes with the preparation of a Financial System Stability Assessment (FSSA), which focuses on issues of relevance to IMF surveillance and is discussed by the IMF Executive Board normally together with the country’s Article IV staff report.

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integration has lagged. 21 As two-thirds of Asia cross-border investment holdings and liabilities were placed in non-regional economies and in the form of direct investments, the region remains exposed to changing non-regional profit earnings outlook, investor sentiment, and liquidity conditions.22. These indicators show that there is still much to do to achieve full regional financial integration and cooperation in Asia and the Pacific.

E. Evaluation Scope, Theory of Change, and Key Questions

24. Scope. The evaluation will cover ADB finance sector operations approved as well as thoseevaluated during 2011–2020. During the evaluation period, the committed projects amounted to$19.8 billion, which is 93% of the total committed amount for finance sector operations (paragraph14). List of approved projects during the evaluation period is described in detail in Attachments 2and 3. The list of projects evaluated during 2011–2020 is in Attachment 4. Supply Chain FinanceProgram and Microfinance Risk Participation and Guarantee Program, including their associatedtechnical assistance projects, as well as all projects tagged under trade finance subsector, areexcluded from the evaluation. The revolving nature of these programs make them different fromthe rest of the finance sector portfolio. The trade finance program (TFP) was evaluated in 2014and will be evaluated again together with the other programs in the future. The evaluation isintended to inform the Board and Management discussion on: (i) the relevance of ADB’s financesector operations vis-à-vis the changing regional environment, needs and priorities, (ii) theeffectiveness of ADB’s finance sector operations, and (iii) the areas where ADB has performedwell and where it is lagging. The evaluation will contribute to the finalization of the finance sectorframework and will make recommendations to help enhance the success of ADB’s finance sectoroperations.

25. ADB’s financial sector program framework is anchored in its finance sector operational planof 2011 as well as in its long-term corporate strategies, most recently its Strategy 2030. At a countrylevel it also reflects country partnership strategies, operational business plans as well as countryknowledge programs. Delivery of the program is based on available financial as well as staffresources, complemented by a pool of consultants at various levels.

26. Theory of change (TOC). The evaluative TOC presented in Figure 8 is informed byconsultation with ADB’s Finance Sector Group. The evaluation will focus on the areas in blueboxes. The areas in red boxes, while recognized as contributing to the TOC, are outside the scopeof the evaluation. Impacts and external drivers will only be covered at a strategic level.

21 IED. 2015. Thematic Evaluation Study: ADB Support for Regional Cooperation and Integration. Manila: ADB. 22 ADB. 2021. Asian Economic Integration Report 2021: Making Digital Platforms Work for Asia and the Pacific. Manila.

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Figure 8: Theory of Change for ADB Finance Sector Operations' Evaluation.

The Financial Sector Context in ADB Client Countries • Shallow financial markets • Reduced economic growth after COVID-19

• Financial volatility

• Increased inequality • Limited access to finance

• Poor resilience and high vulnerabilities to risks • Limited regional cooperation and integration

Outcomes

- Strengthened foundation for financial sector development

- Expanded and sustainable inclusive finance products more widely available

- Capital markets, contractual savings and insurance developed for financing infrastructure and enhancing financial resilience

- Strengthened financial stability and integrity

- Enhanced regional monetary and financial cooperation to promote cross border capital flows

Outputs

-Finance Sector development: *Central banking systems reformed *Instiutional capacity built *Financial infrastructure developed (payments)

-Inclusive Finance: *Increased access to Housing Finance *Increased access to Digital finance/ microfinance *Increased access to SME finance and leasing

-Infrastructure Finance and Access to Capital Markets: *Increased support for issuers of equity / bonds (money markets and government bond markets). *Increased support for institutional investors (contractual savings, insurance/pensions).

- Financial Stability and Integrity: *Prudential regulatory and supervisory framework (risk management, corporate governance) improved.

- Regional Monetary and Financial Cooperation and Integration: *Infrastructure for cross-border financial transactions and services improved.

Long Term impact

Resilient and Inclusive Economic Growth Promoted Reduced Poverty and Inequality Reduced Infrastructure financing Gap

The Financial Sector Framework for Delivery at ADB • Corporate / Sector / Thematic strategies and plans

• Country partnership strategies and business plans • Country knowledge programs, processes and practices

Institutional Expertise at ADB • Staff

• Consultants / secondees • Expert pool

Included in scope

Inputs By Modality

Sovereign and non-sovereign* loans, grants, equity, credit enhancements, guarantees

Technical Assistance and Knowledge products (e.g., learning events, policy advices working papers, technical studies)

Partnerships with other MDBs and standard setting bodies

Excluded from scope

* Excluded from scope of this evaluation: PSOD cofinancing programs (trade finance, supply chain finance, microfinance risk participation and guarantees). Assumptions from inputs to outputs: (i) Well-designed projects aligned with country context and financial sector needs; (ii) Implementation capacity of ADB staff and consultants. Assumptions from outputs to outcomes: (i) Robust political climate; (ii) Implementation capacity of counter-parts; (ii) Management of systemic risk; (iv) Financial inclusion with gender mainstreaming. Assumptions from outcomes to long-term impact: (i) Financial sector strengthening leads to economic growth, poverty reduction and long term finance for infrastructure.

12


27. The evaluation will analyze the intended outcomes of the theory of change to answer the overarching and subsidiary evaluation questions. Since the Asian financial crisis 1997–1998, the Asia Pacific region had emerged as a global growth center and together with the economy, the financial sector and markets in the region had grown significantly. Despite many achievements, the development of the region’s financial sector still lags substantially behind that of developed economies. The banking sector’s predominance in financial intermediation and the lack of long-term credit and underdevelopment of capital markets, especially of local currency and long-term bond markets, prevent financial systems in Asia from performing their role effectively.23 This can contribute to build-up or concentration of systemic risks and limits mobilization of long-term finance and risk capital. 28. There is limited financial access for the traditionally underserved, particularly poor households and SMEs. Additionally, the regional cooperation and integration of the financial sector is also lagging. Under Strategy 2020, ADB intended to strengthen its support for FSD at both national and regional levels by helping to develop financial infrastructure, institutions, products, and services. ADB’s program tried to respond to DMCs’ needs through its sovereign and NSO, partnerships and knowledge products. The expected outcomes of these interventions included strengthened foundation for financial sector development; promoted sustainable and inclusive finance for achieving sustainable development goals; developed capital markets and contractual savings for long term infrastructure financing; strengthened financial stability and integrity; and enhanced regional monetary and financial cooperation to promote cross border capital flows. These outcomes would lead to long-term impacts in terms of resilient and inclusive economic growth, reduced poverty and inequality, and reduced infrastructure financing gap (Figure 8). 29. Key evaluation questions. The evaluation intends to answer the following overarching question: Has ADB been relevant and effective in developing financial markets, including strengthening financial stability and integrity as well as enhancing regional integration to promote cross border capital flows, in increasing access to inclusive finance, and in improving the financing of infrastructure through the development of capital markets and savings?:

(i) How well was (and is) ADB's finance sector operational plan (2011) positioned vis-à-vis the evolving financial markets?

(ii) To what extent has ADB’s finance sector operations been successful in strengthening the foundation for finance sector development, expanding inclusive finance, developing capital markets and contractual savings for financing infrastructure, strengthening financial stability and integrity, and enhancing regional cooperation and integration to promote cross border capital flows?

(iii) What is ADB’s value addition through its finance sector operations in comparison to other MDBs?

(iv) Is ADB well-equipped to deliver long-term and sustainable results in the finance sector? Does it have the right skills in-house and the organizational capacity to deliver on finance sector operations?

30. A more detailed list of relevant subquestions can be found in the evaluation matrix at the end of this document (Attachment 5).

23 ADB. 2015. Financial Soundness Indicators for Financial Sector Stability: A Tale of Three Asian Countries. Manila.

13


F. Evaluation Methodology

31. To answer these questions, the evaluation will undertake the following analyses andassessments.

32. The study period has been defined as the time period for which the 2011 FSOP and themid-term review of the 2011 FSOP have been in force, i.e., 2011–2020. The evaluation will adopta mixed-methods approach that triangulates qualitative and quantitative data collected fromvarious sources. The most salient features of evaluation components and methods are portfolioanalysis, case assessments in selected countries, lessons from past evaluations of ADB supportto the Indonesia finance sector (2019) and of ADB private sector equity investments (2019),interviews with stakeholders in ADB and case assessment countries, literature review onemerging trends and risks in finance and systems and their interface with operational prioritiesoutlined in Strategy 2030, review of ADB documents that spell out directions and strategies at thecountry, review of regional and subregional levels as well as project documents, and an ADB staffsurvey at headquarter and resident missions to gauge staff perception on resources and skillsadequacy, interdepartmental coordination, and One ADB approach, and strategy and operationsalignment. Some of these evaluation components can be elaborated at this early stage.

33. Operational Priorities of Strategy 2030. Recent changes across the global financesector, including disruptive technologies, new business models, the SDGs, and the effect of theCOVID-19 global pandemic, will impact how ADB designs the new Finance Sector OperationalFramework. The evaluation will analyze the extent to which the 2011 FSOP continues to bealigned with current and likely future DMCs’ needs and requirements and how it responds to theevolving global financial context and Strategy 2030. Although the approved finance program wasnot guided by Strategy 2030, as an input to understanding the readiness of the bank with regardsto the upcoming implementation of Strategy 2030, the evaluation will, through illustratedexamples, provide insights on consistency of the existing finance program with Strategy 2030.Economic literature on the seven operational priorities, along with this portfolio analysis, will beuseful in identifying possible changes in emphasis that may be required in the coming years.

34. Literature review. This will help understand the context that will influence the ADB’sfinance sector operations related to inclusive finance, digitalization of services and the role offintech, finance infrastructure development and regional cooperation and integration. Financial,economic, technical, political, institutional, and social perspectives will be considered. Theevaluation will discuss digital finance opportunities and constraints on a forward-looking basis,including cryptocurrency’s impact on a DMC’s financial system and the risks fintech pose toconsumers. Information will be gathered from leading financial institutions (e.g., World BankGroup, International Monetary Fund, European Bank for Reconstruction and Development,European Investment Bank) as well as other sources (e.g., Bloomberg, McKinsey and Company)and academia.

35. Evidence gap map and systematic review. As part of its contextual review, IED willconduct an evidence gap mapping (EGM) exercise and systematic review (SR) of the impact ofaccess to finance interventions on MSME. The EGM and SR will be a background paper for thesector-wide evaluation. The EGM and SR will cover, and present, the evidence from a broadliterature base of impact evaluations. The EGM will highlight gaps in the evidence base and showwhere evidence is more abundant. The SR, on the other hand, will synthesize the results fromthe available evidence.

14


36. Portfolio analysis. The portfolio will comprise sovereign and nonsovereign technical and financial assistance projects approved and under implementation during 2011–2020 that are classified under the finance sector as per the 2014 project classification system.24 The evaluation will review separately the sovereign and nonsovereign sub-portfolios to reflect the different nature of those operations before making a final aggregate analysis. To assess whether or not there was a discernable change in the ADB’s finance portfolio after the 2011 FSOP came into effect, the portfolio analysis will also cover finance projects approved before 2011 but were under implementation and evaluated after the FSOP became effective. A review of the Financial Sector Development Partnership Special Fund will also be conducted to better assess TA project performance. The evaluation will also review projects that have reached significant operating maturity, including those approved in 2021, where finance activities are already underway and an assessment of outcomes and relevance can be made.25 To enable an understanding of the extent ADB has helped synergize finance sector development with other development priorities (e.g., tackling climate change, gender equity, poverty alleviation, governance and institutional strengthening, and enhancing regional cooperation) the portfolio will attempt to include interventions classified under other sectors (as per ADB’s project classification system) but have some explicitly stated finance activity, output, or outcome. 37. Country case studies. Considering ADB’s support, the evolution of the finance sector in the past several years, and the future outlook, this review will include specific case studies of selected DMCs in order to provide detailed analysis of specific issues and lessons learned in each case. The evaluation will factor in linkages between sector strategy, country partnership strategies (CPSs), and the portfolio pipeline planning in terms of alignment of areas of impact. The country case studies were selected based on a mix of criteria between representation for each region of ADB operations and total share of ADB commitments by country to provide coverage of various modalities and country context. These country assessments will cover 61% of the finance sector portfolio and will include People’s Republic of China (14.1%) for East Asia region; India (19.7%), Bangladesh (6.5%) for South Asia region; Philippines (11.5%) for Southeast Asia; Uzbekistan (9.0%) for Central and West region; and Papua New Guinea (0.1%) for the Pacific region.26 Where appropriate, country case studies will also be used as starting off point to examine selected regional finance sector interventions such as examination of ADB’s support to digital financial service provision in smaller Pacific Island economies.

38. Interviews with key stakeholders. The evaluation team will meet with key ADB staff at headquarters and the resident missions to gauge strategic and operational perspectives on ADB’s finance sector interventions. Key stakeholders in government agencies during country visits, client public sector entities and private sector participants will be interviewed to gauge their perspectives on finance sector development and needs, ADB strategies and interventions, as well as on ADB’s efficiency and institutional matters. Additionally, other MDBs and international organizations (e.g., WBG, IMF), bilateral donors, think-tanks, academics, and civil society organizations will also be interviewed to gather information on issues of coordination and collaboration.

39. Other evaluation evidence. Country case studies will be complemented by recent sector and/or country assessments carried out by IED within the last 4 years, including Indonesia SAPE (2019); Climate Change Evaluation (under preparation); Thematic evaluation of ADB’s NSO additionality (under preparation); One ADB evaluation (under preparation); evaluation of ADB’s private sector equity investments (2019), evaluation of ADB’s Support for Small and Medium-

24 Refer to Tables 2.1 and 2.2 of Attachment 2 for details. 25 Inclusion of projects approved in 2021 will follow the criteria described in Attachment 2. 26 Figures in parentheses indicate the country share to total ADB commitment amount during 2011–2020.

15


Sized Enterprises (2018), and the evaluation of the role of credit enhancement products in ADB’s mobilization capacity (2017). In order to address thematic and corporate issues related directly or indirectly with the sector program, this study will build also on IED’s evaluations of applicable thematic and corporate issues, such as safeguards, gender, knowledge, regional cooperation, governance, specific modalities, and partnerships. The ongoing climate change evaluation will discuss climate change financing and the finance evaluation will rely on those findings to draw conclusions on its implication on the finance sector, especially in the area of climate-related financial risk disclosure.

40. Organization for delivery. The evaluation will examine the extent to which existing ADB staff, protocols, and reporting structures are geared toward performing efficiently and effectively in an environment that is characterized by rapid technological change, changing government and client expectations and changing competitive environment. The evaluation will examine the adequacy of ADB’s sectoral structure to deliver finance projects, including cross-sectoral interventions and private sector participation. The report will look in detail at the following:

(i) Quality at entry, and whether risk assessments and appropriate DMF are properly defined at project appraisal and used during project implementation.

(ii) Staff skills and reliance on external consultants to deliver the project portfolio, as well as to engage in a meaningful policy dialogue (outside CPS boundaries) with the clients.

(iii) Internal collaboration among sectoral divisions, regional departments, as well as knowledge and private sector groups.

(iv) Collaboration and partnerships with global and/or regional centers of excellence in the finance sector and use of innovative approaches.

(v) Knowledge and innovation, and the role of ADB (and ADB Institute) as a knowledge center, and the role it plays in supporting research, innovation, technology transfer, knowledge events, and demonstrative projects in the finance sector.

41. Staff surveys. ADB staff working on the design and/or implementation of sovereign and nonsovereign financial and technical assistance finance sector programs and projects, will be surveyed anonymously to gauge among others, the following: (i) the extent of reliance on external consultants, (ii) skills existing inhouse in finance divisions and other relevant divisions of regional departments as well as skills sought from consultants; (iii) perspective on skills required going forward, (iv) skills available in the Finance Sector Group and other relevant sector groups and thematic groups, (v) collaboration and information exchanges among departments (the One ADB approach); and (vi) whether partner organizations have provided value added services (e.g., guidance during finance program and project design stage). 42. Limitations. A number of limitations could potentially affect the evaluation process and its results. One limitation is an overlap in the definition of finance sectors and subsectors; hence, the tagging of finance sector projects will likely need to be verified project by project to ascertain the actual contribution of each project to finance sector outputs and intended outcomes. A second limitation is the high probability of limited or no in-person country missions to gain firsthand DMC perspectives. This will be mitigated to the extent possible through the use of virtual missions and meetings, surveys, and available geospatial data.

16


G. Resource Requirements and Tentative Timetable 43. Resource requirements. The evaluation will be conducted by a team of IED staff comprising: (i) Paolo Obias and Alexander Wellsteed, co-team leaders, with the overall responsibility for the evaluation implementation and report delivery; (ii) Ambra Avenia, evaluation specialist; (iii) Mitzirose Legal and Aldous Tirona, national officers; and (iv) Christine Grace Marvilla, administrative assistant. 44. Dissemination plan. The evaluation findings will be disseminated within ADB and externally within the region. The final report will be posted on the IED website. After the Development Effectiveness Committee discussion of the final report, knowledge sharing and learning activities will be held, including publication of learning lessons materials, dissemination seminars, and presentations in conferences inside (e.g., in consultation with SDCC and regional departments), and possibly outside ADB will follow. 45. Resource requirements. A team of consultants will be engaged in accordance with ADB Procurement Policy (2017, as amended from time to time): (i) international consultants to support analysis of financial trends, policy, strategies and regional integration; (ii) headquarter-based national consultants to support documentation review, survey of ADB staff, and basic data analysis; and (iii) an in-field national consultant in each country of field visit, to assist in arranging and participating in mission meetings, facilitating interviews, and discussions at the country level, and following up with documents and data as necessary. The evaluation report will be peer reviewed by Jaime Jaramillo-Vallejo, former Senior Financial Sector Expert at the Monetary and Capital Markets Department of the International Monetary Fund, Iwan Azis, professor at Cornell University’s Dyson School of Applied Economics and Management and former head of ADB’s Office of Regional Economic Integration and other external peer reviewers who are experts in the field of finance to improve the content of the evaluation report as well as the approach to effectively communicate the findings and key messages. 46. Tentative timetable. The evaluation will be carried out with the following tentative schedule:

Activity/Milestone Target Date Approval of the evaluation approach paper IV Sep 2021 Recruitment of consultants IV Sep–III Oct 2021 Country desk review III Oct–III Nov 2021 Country missions IV Oct–IV Nov 2021 Staff survey IV Nov 2021 Writing of country/background/survey reports III Nov 2021–III Jan 2022 Storyline OSM IV Feb 2022 Report writing I Mar–IV May 2022 Report editing, quality review, formatting IV May–I Jun 2022 Peer review II–III Jun 2022 Draft report for interdepartmental review I–III Jul 2022 Editing I–III Aug 2022 Heads of departments meeting I Sep 2022 Technical review meeting I Sep 2022 Finalization and approval of report II–IV Sep 2022 OSEC Circulation IV Sep 2022 DEC Meeting III Oct 2022

17


Attachments Attachment 1: ADB’s finance subsectors under the 2014 Project Classification Systems Attachment 2: ADB finance sector portfolio of evaluation Attachment 3: List of approved sovereign, nonsovereign, and technical assistance projects

(2011–2020) Attachment 4: List of validated/evaluated sovereign and nonsovereign (2011–2020) Attachment 5: Evaluation matrix

18 Attachment 1


ADB’s Finance Subsectors under the 2014 Project Classification Systems

Central banking systems Actions to support central bank, including investment in: • central bank capacity building; • payment and settlement systems; and • banking and nonbank financial institutions supervision.

Banking systems and nonbank financial institutions

Actions to support banks and nonbank financial institutions, including investment in:

• bank restructuring/ownership and governance restructuring (public bank privatization)/nonperforming loan resolution/asset management company/capital adequacy;

• deposit insurance; • credit Information bureau/credit rating agencies; • nonbank financial institutions; • long-term project finance and industrial finance; and • anti-money laundering.

Housing finance Actions to support housing finance, including investment in: • mortgage markets and services; • real estate finance; and • housing finance and secondary mortgage

Small and medium-sized enterprise finance and leasing

Actions to support financing of small and medium-sized enterprise (SME) and leasing, including investment in:

• SME finance; • leasing; and • risk management financing instruments (e.g., financing

against warehouse receipts, loan guarantees). Inclusive finance Actions to support inclusive finance including investment in

microfinance institutional development: • credit cooperatives and credit unions; • agriculture finance and rural micro enterprise; • branchless/mobile banking; • financial literacy and consumer protection; • remittance management; • savings mobilization; • micro finance; and • rural banks.

Insurance and contractual savings

Actions on insurance and contractual savings, including investment in:

• life insurance; • nonlife insurance; • reinsurance; • microinsurance; • weather index-based crop insurance; • insurance supervision; • pensions; • other contractual savings; and • disaster risk finance.

Note: Health insurance is included in health sector. Money and capital markets Actions to support for money and capital markets, including

investment in: • money markets; • debt markets;

Attachment 1 19


• equity markets; • securities; • structured finance and derivatives; • guarantees; • securitization; • stock exchange; and • capital market supervision.

Trade finance Actions for support financing a trade, including investment in: • trade finance; • supply chain finance; • long-term (export credits); and • short-term (letter of indents).

Infrastructure finance and investment funds

Actions to support infrastructure finance and investment funds, including investment in:

• financial intermediation to core infrastructure investment, through

• banks and dedicated infrastructure financing institutions; and

• financial sector development, through private equity investments in investment funds.

Note: Direct financing of infrastructure projects are classified under the relevant sectors.

Finance sector development Actions to support financial sector development, including investment in:

• financial sector policies and strategies; • legal and regulatory framework, including secured

transaction, • insolvency, and bankruptcy laws; • financial stability; • sector management and finance reforms; • capacity building and institutional strengthening; and • financial intermediation, including augmentation of

financial resources of development finance institutions. Source: ADB. 2014. The project classification system toward strategy 2020. A user guide. Manila.

20 Attachment 2


ADB’s Finance Sector Portfolio (Approved during 2011–2020) 1. In total, ADB’s finance sector operations amount to $22.9 billion or 12.5% of the total ADB approved operations during 2011–2020. This approved amount includes (i) operations categorized under finance as the primary sector, (ii) operations under non-finance sectors but were on-lent to development finance institutions (DFI) and financial institutions, (iii) a grant in Bangladesh classified under agriculture and natural resources (ANR) but its main objective was to develop and implement a weather index-based crop insurance; and (iv) operations under industry and trade (IND) sector with small and medium enterprises (SME) development as subsector. Sovereign loans and grants comprised 64%, 35% for nonsovereign investments, and 1% for TA projects. Table 2.1 shows the breakdown by year and modality. Table 2.1. Total Operations in Finance Sector during 2011–2020 (Approved Amount in $ Million)

Approval Year

Database Database 1 Database 2 Revised Database

SOV NSO TA Total SOV NSO TA Total SOV NSO TA Total SOV NSO TA Total

2011

565

180

17

762

143 265 - 408 - - - -

708

445

17

1,170

2012

730

404

27

1,161 - 200 - 200 10 35

1

46

740

639

28

1,407

2013

1,044

290

13

1,347 - 175 - 175 21 -

5

27

1,065

465

18

1,548

2014

395

708

25

1,128 - 160 - 160 - -

0

0

395

868

25

1,288

2015

1,611

1,013

26

2,649

159 - - 159 60 35 -

95

1,830

1,048

26

2,904

2016

1,372

593

29

1,993

313 - - 313 66 - -

66

1,752

593

29

2,373

2017

1,745

926

31

2,701

605 - - 605 - - - -

2,350

926

31

3,306

2018

1,083

1,055

21

2,158

76 750 - 826 - -

2

2

1,158

1,805

23

2,986

2019

1,362

600

59

2,020 - - - - 50 -

5

55

1,412

600

64

2,075

2020

3,120

654

27

3,801

60 - - 60 - -

2

2

3,180

654

29

3,863

Total 13,025

6,422

274

19,721

1,356 1,550

- 2,906

208 70

15

293

14,590

8,042

289

22,921

ANR = agriculture and natural resources, DFI = development financial institution, FI = financial institution, IND = industry and trade, NSO = nonsovereign, SOV = sovereign, TA = technical assistance. Notes: Database 0 = Operations with Finance as the primary sector; Database 1 = Operations with Finance as not the primary sector, but implemented through DFI/FIs; Database 2 = One grant on weather index-based crop insurance under ANR sector, operations with IND as primary sector with SME development as subsector and a technical assistance under IND that supports Supply Chain Finance. Totals may not add up due to rounding off. Sources: ADB Database for Loans and Grants and TA projects; and IED Nonsovereign Database.

2. Note that approved amount may change subject to the final project signing, which reflects the actual commitment amount. Under sovereign loans and grants, one loan was terminated ($300 million) resulting to zero commitment amount, and four technical assistance (TA) projects were cancelled, of which, one ($0.6 million) has zero commitment amount. Under NSO investments, a total of $628 million were cancelled. In addition to cancelled NSO operations, there are unsigned projects up to this date, hence, having no commitment amount. 3. Projects and investments tagged under trade finance subsector, as well as supply chain finance and microfinance risk programs under the NSO and their associated TAs, are excluded from the portfolio under evaluation. The COVID-19 Disaster Resilience Improvement Programs approved in 2020 for Indonesia and Philippines are also excluded from the portfolio under

Attachment 2 21


evaluation.1 Taking in consideration the parameters described here and in paragprah 2, share by modality slightly changed to—67% ($13.3 billion) for sovereign loans and grants, 31% ($6.2 billion) for NSO, and 1% (279 million) for TA projects. Discussion of the evaluation portfolio will be based on these commitment amounts, which is 86.4% of the total approved ADB operations in the finance sector during 2011–2020 (Table 2.1). Table 2.2 presents the total commitment amount by approval year.

Table 2.2. Total Portfolio of Evaluation under the Finance Sector Approved during 2011–2020 (Commitment Amount in $ Million)

Approval Year SOV NSO TA Total 2011 708 90 15 813 2012 741 170 28 938 2013 1,048 464 14 1,526 2014 391 860 30 1,281 2015 1,528 944 24 2,497 2016 1,761 523 29 2,312 2017 2,346 678 30 3,055 2018 1,158 1,452 19 2,630 2019 1,408 556 62 2,026 2020 2,240 454 28 2,722 Total 13,330 6,191 279 19,800

NSO = nonsovereign, SOV = sovereign, TA = technical assistance Note: totals may not add up due to rounding off. Source: ADB Database for Loans and Grants and TA projects; and IED Nonsovereign Database.

4. Of the total sovereign operations, 44% were policy-based program loans and grants, and 43% were lending through FIs, including state-owned FIs. Seventy-five percent of nonsovereign investments were loans,while 18% were equity. Out of the $279 million TA projects, 70% were intended to provide capacity and development. Detailed breakdown by investment type is shown in Figure 2. 1.

Figure 2.1. ADB’s Finance Sector Operations, by Investment Type (% Share to Total Commitment Amount)

CDTA = capacity development technical assistance, DFI = development finance institution, L&E = loan and equity, L&G = loan and guarantee, PATA = policy advisory technical assistance, RBL = results-based lending, RDTA = research and development technical assistance. Source: ADB Database for Loans and Grants and TA projects; and IED Nonsovereign Database.

1 According to ADB’s Southeast Asia Department, although they were primarily classified as finance projects under insurance and

contractual savings subsector, their focus are on disaster risk management, hence, should be dropped from the portfolio of evaluation.

CDTA70%

PATA22%

RDTA8%

Loans75%

Equity18%

L&E3%

L&G4%

Credit line6%

DFI43%

Program44%

Project3%

RBL4%

SovereignNonsovereign

22 Attachment 2


a. Sovereign Loans and Grants

5. During 2011–2020, about 52% of sovereign investments supported the infrastructure finance and investment funds and finance sector development subsectors combined, followed by small and medium enterprise finance and leasing subsector at 18%. In 2017, three loans amounting to $806 million were provided to DFIs to support infrastructure development and facility in Bangladesh, the People’s Republic of China (PRC), Pakistan, and Sri Lanka.2 A project to enhance public-private partnership in Punjab in Pakistan was approved in 2017 amounting to $120 million.3 During the same year, program loans supporting the finance sector development in Indonesia and the Philippines were approved amounting to $400 million and $300 million, respectively.4 Indonesia’s program was continued until 2019 with the approval of its subprogram 3 amounting to $500 million, while a new program supporting capital market infrastructure financing in the Philippines was approved in 2020 amounting to $400 million.5 During 2015–2016, support to SMEs, mostly through DFIs, peaked (Figure 2.2). The only investment under the insurance and contractual savings subsector was in 2013, which amounted to $2 million.6

Figure 2.2. Sovereign Loans and Grants, by Subsector (% Share to Total Commitment Amount)

Note: Others include Banking System and Nonbank Financial Institutions, and Central Banking Systems subsectors. During 2011-2020, they comprised 1% of the total sovereign support in the finance sector. Source: ADB Loans and Grants Database (as of 31 December 2020).

2 ADB. Bangladesh: Third Public-Private Infrastructure Development Facility. (Loan 3554/3555); ADB. People’s Republic of China:

Air Quality Improvement in the Greater Beijing–Tianjin–Hebei Region—Regional Emission-Reduction and Pollution-Control Facility. (Loan 3629); and ADB. Sri Lanka: Rooftop Solar Power Generation Project. (Loan 3571). In 2018, Loan 3728: Accelerating Infrastructure Investment Facility in India, Project 3 ($300 million) was approved.

3 ADB. Pakistan: Enhancing Public-Private Partnerships in Punjab Project. (Loan 3636 and Grant 0562). 4 ADB. Indonesia: Financial Market Development and Inclusion Program (Subprogram 2). (Loan 3541); and ADB. Philippines:

Encouraging Investment through Capital Market Reforms Program (Supplementary). (Loan 3595). 5 ADB. Indonesia: Financial Market Development and Inclusion Program - Subprogram 3. (Loan 3779); and ADB. Philippines.

Support to Capital Market Generated Infrastructure Financing Program (Subprogram 1). (Loan 3925). 6 ADB. Bangladesh: Pilot Project on Weather Index-Based Crop Insurance (Grant 9172).

37.0

49.3

16.7

35.0

10.3

1.0

8.6

26.3

29.0

40.1

3.5

22.4

36.9

9.7

13.5

2.9

4.3

1.8

10.0

23.8

13.8

13.9

3.0

16.4

8.2

41.9

15.2

1.1

0.1

-

1.4

3.0

- 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

2011-2012

2013-2014

2015-2016

2017-2018

2019-2020

Infrastructure finance and investment funds Finance sector development

Small and medium enterprise finance and leasing Inclusive finance

Housing finance Money and capital markets

Insurance and contractual savings Others

Total($ Million)

3,648

3,505

3,289

1,439

1,449

Attachment 2 23


6. During 2011–2020, Southeast Asia had the largest sovereign investment volume at 32%, followed by Central and West Asia (25%) and South Asia (25%). Within the Southeast Asia subregion, Indonesia had a total of $2.2 billion-worth of loans, while the Philippines had $1.6 billion.7 Among the countries in South Asia, Bangladesh has the biggest share at 38% followed by India at 37% of its subregional total (Figure 2.3). During 2019–2020, support to South Asia’s finance sector was only at 12%. In Central and West Asia, Uzbekistan had the highest share at 52% of its subregional total ($3.5 billion). In East Asia, 85% went to the PRC—all except one were implemented through DFIs.8 In the Pacific, only one grant project was approved during the 10-year period, which was an additional financing to the Microfinance Expansion Project.9 Among the ADB subregional programs, only the Greater Mekong Subregion in Southeast Asia had a project under the finance sector.10

Figure 2.3: Sovereign Loans and Grants, by Subregion (Commitment Amount in $ Million)

Source: ADB Loans and Grants Database (as of 31 December 2020).

b. Nonsovereign Projects 7. Support to infrastructure financing, finance sector development and SME were also the top three subsectors in nonsovereign operations, comprising 70% of the total nonsovereign investments during 2011–2020. In 2018 alone, a total of $1.5 billion were invested in the finance sector under ADB’s private sector arm through FIs. This amount surpassed any two-year period investments during the evaluation period, resulting to a significant increase in the nonsovereign investments during 2017–2018. However, during the last two years, nonsovereign investment reached the lowest level since 2013–2014 period (Figure 2.4). It can be noted that during these periods, there was a change in focus of ADB’s private sector operations from dollar commitments towards number of projects.

7 One loan in Indonesia: (i) ADB. Indonesia: Promoting Innovative Financial Inclusion Program Subprogram 1 (Loan 4038). Two

loans in the Philippines includes: (i) ADB. Philippines: Inclusive Finance Development Program, Subprogram 2 (Loan 3959), and (ii) ADB. Philippines: Support to Capital Market Generated Infrastructure Financing Program, Subprogram 1 (Loan 3925).

8 ADB. The People’s Republic of China: Guangxi Regional Cooperation and Integration Promotion Investment (Loan 3501). 9 ADB. Papua New Guinea: Microfinance Expansion Project, Additional Financing (Grant 0425). 10 ADB. Regional: GMS Livelihood Support for Corridor Towns (Grant 9173).

240

514 948 933 889

243

20 602 727

493

612

712 899 745

421

354 194

838 1,100

1,845

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011-2012 2013-2014 2015-2016 2017-2018 2019-2020

Central and West Asia East Asia Pacific Islands South Asia Southeast Asia

24 Attachment 2


Figure 2.4. Nonsovereign Operations, by Subsector (% Share to Total Commitment Amount)

Source: IED Nonsovereign Database (as of 31 December 2020).

8. South Asia had the largest nonsovereign investment share at 50%, followed by East Asia (20%) and regional (11%). Out of the 49% in South Asia, 93% were invested in India; and of the 20% in East Asia, 91% were invested in the PRC. Regional investments were mostly invested to support infrastructure finance and investments in the region. The sole nonsovereign investment in the Pacific was in Papua New Guinea approved in 2019 at $10 million (Figure 2.5).11

Figure 2.5. Nonsovereign Projects, by Subregion (Commitment Amount in $ Million)

Source: IED Nonsovereign Database (as of 31 December 2020).

11 Investment No. 7612: Kina Securities Limited (Supporting Inclusive Finance through the Development of Private Sector Banking).

47.9

23.0

4.2

45.8

18.3

9.6

44.9

21.2

10.8

38.7

25.0

3.0

19.1

21.8

31.1

6.1

17.4

14.0

2.3

14.1

20.6

1.0

5.6

15.1

5.0

5.8

9.4

12.3

5.9

- 500 1,000 1,500 2,000 2,500

2011-2012

2013-2014

2015-2016

2017-2018

2019-2020

Infrastructure finance and investment funds Finance sector development

Small and medium enterprise finance and leasing Banking Systems and Nonbank Financial Institutions

Inclusive finance Money and capital markets

Housing finance

Total($ Million)

1,010

2,130

1,467

1,324

260

81

120 211

52 29

354 125

428

346

10 40

645

847 1,205

360 40

75 242 280

20

100

130 42

165

245

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011-2012 2013-2014 2015-2016 2017-2018 2019-2020

Central and West Asia East Asia Pacific Islands South Asia Southeast Asia Regional

Attachment 2 25


c. Technical Assistance Project

9. The top three subsectors supported by TA projects were similar with sovereign and nonsovereign investments, with finance sector development leading at 36%. This was followed by support to infrastructure financing (17%) and SME (15%). Under finance sector development, the biggest approval was made in 2019 (Figure 2.6), when the regional TA project amounting to $28.57 million was approved for the Pacific Private Sector Development Initiative, Phase IV.12 Two huge TA support to infrastructure financing were provided to Southeast Asia region, one approved in 2012 and the other one in 2018, amounting to $16.8 million in total. 13 Support to SME was highest in 2014 when the Pacific Business Investment Facility was approved amounting to $11 million, comprising 94% of the total TA support to SME during that year.14 In 2020, a COVID-19 related support to MSMEs was provided to the Pacific subregion amounting to $3 million.15

Figure 2.6.Technical Assistance Projects, by Subsector (% Share to Total Commitment Amount)

Source: ADB Technical Assistance Database (as of 31 December 2020).

10. Of the total $278.6 million worth of TA projects, a quarter of each were provided in Southeast Asia and across various subregions. More than 30% of the approved TA projects in Southeast Asia were regional in nature. These includes support to the capital markets and infrastructure financing within its subregion. Similarly, in Central and West Asia, 20% of the total approved TA projects were intended to support the CAREC Program. In the Pacific, the huge TA amount during the periods 2013–2014 and 2019–2020 (Figure 2.7) was due to TA projects for the Pacific subregion’s Business Investment Facility ($11 million) approved in 2014, and for the phase four of the Pacific Private Sector Development Initiative ($28.6 million) approved in 2019.

12 ADB. Regional: Pacific Private Sector Development Initiative IV, Phase IV (CDTA 9848). 13 ADB. Regional: Supporting Regional Project Development for Association of Southeast Asian Nations Connectivity (CDTA 8240)

and ADB. Regional: Green and Innovative Finance Initiative for Scaling Up Southeast Asian (CDTA 9621). 14 ADB. Regional: Pacific Business Investment Facility (CDTA 8729). 15 ADB. Regional: Support Recovery by Micro, Small and Medium Enterprises in Pacific from Effects of COVID-19 (CDTA 6686).

28.8

28.1

29.6

40.8

43.3

25.0

0.7

20.8

30.7

10.7

7.8

29.4

15.2

4.1

16.5

6.6

15.5

10.3

3.9

7.4

5.2

2.1

17.3

14.5

10.9

7.3

8.9

4.6

6.7

2.5

5.3

9.9

3.8

5.9

2.8

4.5

1.4

4.9

5.2

1.4

- 10 20 30 40 50 60 70 80 90 100

2011-2012

2013-2014

2015-2016

2017-2018

2019-2020

Finance sector development Infrastructure finance and investment funds

Small and medium enterprise finance and leasing Inclusive finance

Housing finance Money and capital markets

Insurance and contractual savings Banking Systems and Nonbank Financial Institutions

Central banking systems

Total($ Million)

89.74

49.61

52.93

43.61

42.72

26 Attachment 2


Figure 2.7. Technical Assistance Projects by Subregion

(Commitment Amount in $ Million)

Source: ADB Technical Assistance Database (as of 31 December 2020).

11. More than 70% of the total approved amount for regional TA projects were being implemented by ADB’s knowledge departments, such as the SDCC and ERCD. This amounts to $50.8 million. PSOD provides regional support amounting to $10.5 million (Figure 2.8).

Figure 2.8. Regional Technical Assistance Projects, by Department

(Commitment Amount in $ Million)

ERCD = Economic Research and Regional Cooperation Department, SDCC = Sustainable Development and Climate Change Department, PSOD = Private Sector Operations Department. Source: ADB Technical Assistance Database (as of 31 December 2020). Note: Others include the following: CTL (0.6%), OAI (3.8%), OCRP (0.3%), OGC (2.8%), ORM (2.8%), and TD (3.0%).

2.0 6.1 5.3

15.8

7.0 2.7

3.1 4.4

3.2

3.9

13.3

0.4

2.5

31.6

5.6

3.3

15.8

3.1

9.2 21.1

8.4 16.9

11.2 12.2

11.5 9.4 10.1

13.9 25.9

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011-2012 2013-2014 2015-2016 2017-2018 2019-2020

Central and West Asia East Asia Pacific Islands South Asia Southeast Asia Regional

ERCD 25.7 36%

PSOD 10.5 15%

SDCC 25.1 36%

Others 9.5

13%

Attachment 3 27


List of Projects Approved during 2011–2020 A. Sovereign Loans and Grants

Project Count

Modality

Loan/ Grant

Number

Status Loan Title Type Approval Date

Subsector Approved Amount

($ Million)

Commitment Amount

($ Million)

with PCR

with PVR/ PPER

Central and West Asia Armenia

1 Loan 3859 Closed Second Public Efficiency and Financial Markets Program

Program 14-Nov-19 Money and capital markets

40.00 40.28

2 Loan 3735 Closed Public Efficiency and Financial Markets Program, Subprogram 2

Program 09-Nov-18 Finance sector development

50.00 50.00

Loan 3584 Closed Public Efficiency and Financial Markets Program, Subprogram 1

Program 24-Oct-17 Finance sector development

40.00 40.00

3 Loan 2922 Closed Women's Entrepreneurship Support Sector Development Program

Program 25-Oct-12 Small and medium enterprise finance and leasing

20.00 20.04 √ √

Loan 2923 Closed Women's Entrepreneurship Support Sector Development Program

DFI 25-Oct-12 Small and medium enterprise finance and leasing

20.00 20.04

Subtotal 170.00 170.35 Kazakhstan

4 Loan 3841 Active Promoting Gender Equality In Housing Finance Project

Credit Line 24-Oct-19 Housing finance 100.00 97.64

5 Loan 3447 Closed Supporting Resilience of Micro, Small, and Medium-Sized Enterprises Finance Project

DFI 27-Oct-16 Small and medium enterprise finance and leasing

200.00 213.49

6 Loan 3261 Closed MFF: Small and Medium Enterprise Investment Program, Tranche 3 (Additional Financing)

DFI 24-Jun-15 Small and medium enterprise finance and leasing

98.00 98.00

Loan 3231 Closed MFF:Small and Medium Enterprise Investment Program, Tranche 3

DFI 15-Dec-14 Small and medium enterprise finance and leasing

130.00 130.00

7 Loan 3093 Closed MFF: Small And Medium Enterprise Investment Program, Tranche 2


122.00 122.00 √ √

Subtotal 650.00 661.14 Kyrgyz Republic

8 Grant 0657 Closed Promoting Economic Diversification Program, Phase 1

Program 16-Sep-19 Small and medium enterprise finance and leasing

50.00 50.00

9 Grant 0563 Closed Second Investment Climate Improvement Program, Subprogram 3

Program 18-Dec-17 Finance sector development

25.00 25.00 √ √

Loan 3410 Closed Second Investment Climate Improvement Program, Subprogram 2

Program 29-Jul-16 Finance sector development

12.50 12.37

Grant 0487 Closed Second Investment Climate Improvement Program, Subprogram 2

Program 29-Jul-16 Finance sector development

12.50 12.50

10 Grant 9170 Closed Women's Entrepreneurship Development Project

Project 14-Jan-13 Inclusive finance 1.50 1.50

Subtotal 101.50 101.37

28 Attachment 3


Project Count

Modality

Loan/ Grant

Number



($ Million)

Commitment Amount

($ Million)

with PCR

with PVR/ PPER

Pakistan 11 Loan 3975 Active Third Capital Market Development

Program, Subprogram 1 Program 28-Sep-20 Finance sector

development 9.80 9.80

Loan 3976 Active Third Capital Market Development Program, Subprogram 1

Program 28-Sep-20 Finance sector development

290.20 290.20

12 Grant 0639 Active National Disaster Risk Management Fund (Additional Financing)

Sector 18-Jan-19 Infrastructure finance and investment funds

1.50 1.50

Loan 3473 Active National Disaster Risk Management Fund

Project 23-Nov-16 Infrastructure finance and investment funds

75.00 75.00

Loan 3474 Active National Disaster Risk Management Fund


125.00 121.90

Grant 0519 Active National Disaster Risk Management Fund


3.36 3.36

13 Loan 3636 Active Enhancing Public-Private Partnerships in Punjab Project

Project 15-Dec-17 Infrastructure finance and investment funds

100.00 100.00

Grant 0562 Active Enhancing Public-Private Partnerships in Punjab Project

Project 15-Dec-17 Infrastructure finance and investment funds

19.62 19.62

Subtotal 624.48 621.38 Tajikistan

14 Grant 0782 Active Financial Sector and Fiscal Management Improvement Program, Subprogram 1

Program 09-Dec-20 Banking Systems and Nonbank Financial Institutions

50.00 50.00

15 Loan 3343 Closed Investment Climate Reforms Program, Subprogram 1

Program 04-Dec-15 Small and medium enterprise finance and leasing

6.60 6.47

Grant 0463 Closed Investment Climate Reforms Program, Subprogram 1

Program 04-Dec-15 Small and medium enterprise finance and leasing

53.40 53.40

16 Grant 0346 Closed Access to Green Finance Project Project 25-Jun-13 Inclusive finance 10.00 10.00 Subtotal 120.00 119.87

Uzbekistan 17 Loan 3869 Active Mortgage Market Sector Development

Program Program 28-Nov-19 Housing finance 50.00 50.00

Loan 3870 Active Mortgage Market Sector Development Program

Credit Line 28-Nov-19 Housing finance 150.00 150.00

18 Loan 3823 Active Livestock Value Chain Development Project

DFI 25-Sep-19 Small and medium enterprise finance and leasing

150.00 150.00

Attachment 3 29


Project Count

Modality

Loan/ Grant

Number



($ Million)

Commitment Amount

($ Million)

with PCR

with PVR/ PPER

19 Loan 3673 Active Horticulture Value Chain Development Project-Additional Financing

DFI 14-Jun-18 Small and medium enterprise finance and leasing

198.00 198.00

Loan 3471 Active Horticulture Value Chain Development Project

DFI 25-Nov-16 Small and medium enterprise finance and leasing

154.00 151.07

20 Loan 3535 Active RBL: Affordable Rural Housing Program

RBL 01-Jun-17 Housing finance 500.00 500.00

21 Loan 3405 Active Small Business Finance Project DFI 30-Jun-16 Small and medium enterprise finance and leasing

100.00 100.00

22 Loan 3271 Closed MFF: Housing for Integrated Rural Development Investment Program, Tranche 3

DFI 20-Aug-15 Housing finance 100.00 100.00 √ √

Loan 3039 Closed MFF: Housing for Integrated Rural Development Investment Program, Tranche 2

DFI 01-Oct-13 Housing finance 200.00 200.00

Loan 2775 Closed MFF: Housing for Integrated Rural Development Investment Program, Tranche 1

DFI 09-Sep-11 Housing finance 200.00 200.00

23 Loan 3043 Closed Small Business and Entrepreneurship Development Project

Credit Line 01-Oct-13 Inclusive finance 50.00 50.00 √ √

Subtotal 1,852.00 1,849.07 East Asia China, People's Republic of

24 Loan 4023 Active Air Quality Imprvement in Greater Beijing Tianjin-Hebei Region Green Financing Scale Up Project

DFI 03-Dec-20 Finance sector development

15.00* 15.15*

25 Loan 4012 Active MFF: Inner Mongolia Sustainable Cross-Border Development Investment Program, Tranche 1


20.00* 20.55*

26 Loan 3999 Active Bank of Xingtai Green Finance Development Project

DFI 09-Nov-20 Finance sector development

198.51 206.58

27 Loan 8385 Active Shandong Green Development Fund Project (Additional Financing)

DFI 29-Oct-20 Infrastructure finance and investment funds

100.00 151.51

Loan 3824 Active Shandong Green Development Fund Project

DFI 25-Sep-19 Infrastructure finance and investment funds

100.00 98.76

28 Loan 3629 Active Air Quality Improvement in the Greater Beijing-Tianjin-Hebei Region-Regional Emission-Reduction and Pollution-Control Facility

DFI 14-Dec-17 Infrastructure finance and investment funds

499.00 495.58

29 Loan 3613 Active Heilongjiang Green Urban and Economic Revitalization Project


56.00* 56.00*

30 Attachment 3


Project Count

Modality

Loan/ Grant

Number



($ Million)

Commitment Amount

($ Million)

with PCR

with PVR/ PPER

30 Loan 3508 Active MFF:Guangxi Regional Cooperation and Integration Promotion Investment Program, Tranche 1


63.58 63.58

Loan 3501 Active MFF: Guangxi Regional Cooperation and Integration Promotion Investment Program, Tranche 1

Project 12-Dec-16 Small and medium enterprise finance and leasing

66.42 66.42

31 Loan 3504 Active Air Quality Improvement in the Greater Beijing–Tianjin–Hebei Region—China National Investment and Guaranty Corporation’s Green Financing Platform Project


99.80* 102.81*

32 Loan 3475 Active Shaanxi Accelerated Energy Efficiency and Environment Improvement

DFI 28-Nov-16 Infrastructure finance and investment funds

150.00 150.00

33 Loan 3312 Active Gansu Featured Agriculture and Financial Services System Development Project

DFI 12-Nov-15 Inclusive finance 9.31* 9.31*

34 Loan 3308 Active Chemical Industry Energy Efficiency and Emission Reduction Project


100.00 100.00

35 Loan 2835 Closed Hebei Energy Efficiency Improvement and Emission Reduction Project


100.00 100.00

36 Loan 2773 Closed MFF: Guangdong Energy Efficiency and Environment Improvement Investment Program, Tranche 3


42.94 42.94 √ √

37 Loan 2771 Closed Shandong Energy Efficiency and Emission Reduction Project

DFI 18-Aug-11 Infrastructure finance and investment funds

100.00 100.00 √ √

Subtotal 1,720.56 1,779.19 Mongolia

38 Loan 8348 Active Ulaanbaatar Green Affordable Housing and Resilient Urban Renewal Sector Project

DFI 24-Aug-18 Housing finance 75.70* 75.70*

39 Loan 3533 Closed Banking Sector Rehabilitation and Financial Stability Strengthening Program

Program 30-May-17 Finance sector development

100.00 100.00

40 Loan 3338 Active Supporting the Credit Guarantee System for Economic Diversificatn and Employment Project


60.00 60.00

41 Loan 3287 Active Agriculture and Rural Development Project (Additional Financing)

DFI 23-Sep-15 Inclusive finance 35.00 35.00

Loan 3288 Active Agriculture and Rural Development Project (Additional Financing)

DFI 23-Sep-15 Inclusive finance 15.00 15.01

Attachment 3 31


Project Count

Modality

Loan/ Grant

Number



($ Million)

Commitment Amount

($ Million)

with PCR

with PVR/ PPER

42 Loan 3072 Active Payment System Modernization Project

Project 26-Nov-13 Banking Systems and Nonbank Financial Institutions

20.00 20.00

Subtotal 305.70 305.71 Pacific Islands Papua New Guinea

43 Grant 0425 Closed Microfinance Expansion Project (Additional Financing)

Project 09-Feb-15 Finance sector development

2.85 2.85

Subtotal 2.85 2.85 South Asia Bangladesh

44 Loan 4031 Active Microenterprise Development Project (Additional Financing)

DFI 07-Dec-20 Inclusive finance 50.00 50.00

Loan 3744 Active Microenterprise Development Project DFI 26-Nov-18 Inclusive finance 50.00 50.00 45 Loan 3958 Active Strengthening Bangladesh

Infrastructure Finance Fund Limited Project


25.00* 25.00*

46 Loan 3554 Active MFF:Third Public-Private Infrastructure Development Facility, Tranche 1


250.00 250.00

Loan 3555 Active MFF:Third Public-Private Infrastructure Development Facility, Tranche 1


10.00 10.17

Loan 3045 Closed Second Public-Private Infrastructure Development Facility


100.00 100.00

Loan 3046 Closed Second Public-Private Infrastructure Development Facility


10.00 10.20

47 Loan 3367 Active Second Small and Medium-Sized Enterprise Development Project

DFI 19-Jan-16 Small and medium enterprise finance and leasing

200.00 200.00

48 Loan 3318 Closed Third Capital Market Development Program


150.00 150.00

Loan 3319 Closed Third Capital Market Development Program


100.00 98.77

49 Grant 9172 Closed Pilot Project on Weather Index-Based Crop Insurance

Project 27-Mar-13 Insurance and contractual savings

2.00 2.00

50 Loan 2951 Closed Second Capital Market Development Program


95.00 95.00 √ √

Loan 2952 Closed Second Capital Market Development Program


155.00 156.19

Loan 2953 Closed Second Capital Market Development Program


50.00 50.38

32 Attachment 3


Project Count

Modality

Loan/ Grant

Number



($ Million)

Commitment Amount

($ Million)

with PCR

with PVR/ PPER

51 Loan 2865 Closed Financing Brick Kiln Efficiency Improvement Project

DFI 10-May-12 Infrastructure finance and investment funds

30.00 30.00

Loan 2866 Closed Financing Brick Kiln Efficiency Improvement Project

DFI 10-May-12 Infrastructure finance and investment funds

20.00 19.71

52 Grant 9153 Closed Institutional Support For Migrant Workers' Remittances

Project 18-Jan-11 Inclusive finance 2.00 2.00

53 Grant 0253 Closed Public-Private Infrastructure Development Facility (Supplement)

Project 17-May-11 Infrastructure finance and investment funds

1.30 1.30 √ √

Grant 0254 Closed Public-Private Infrastructure Development Facility (Supplement)

Project 17-May-11 Infrastructure finance and investment funds

2.00 2.00

Subtotal 1,302.30 1,302.72 Bhutan

54 Loan 4042 Active Rural Finance Development Project Credit Line 11-Dec-20 Inclusive finance 20.00 20.00 55 Loan 3992 Closed Financial Market Development

Program, Subprogram 2 Program 27-Oct-20 Central banking

systems 30.00 30.00

Loan 3863 Closed Financial Market Development Program, Subprogram 1

Program 26-Nov-19 Central banking systems

30.00 30.00

Subtotal 80.00 80.00 India

56 Loan 3728 Active Accelerating Infrastructure Investment Facility in India, Tranche 3


300.00 300.00

Loan 3307 Terminated

MFF: Accelerating Infrastructure Investment Facility in India, Tranche 2


300.00 -

Loan 3048 Closed MFF: Accelerating Infrastructure Investment Facility in India, Tranche 1


400.00 400.00

57 Loan 8309 Suspended

MFF:Solar Rooftop Investment Program, Tranche 1


100.00 100.00

58 Loan 3186 Closed MFF: Clean Energy Finance Investment Program, Tranche 1

DFI 17-Nov-14 Infrastructure finance and investment funds

200.00 200.00

59 Loan 2822 Closed Second India Infrastructure Project Financing Facility, Trance 3


240.00 240.00 √

Subtotal 1,540.00 1,240.00 Maldives

60 Loan 2867 Closed Inclusive Micro,Small and Medium-Sized Enterprise Development Project

Project 25-May-12 Small and medium enterprise finance and leasing

5.57 5.61 √ √

Attachment 3 33


Project Count

Modality

Loan/ Grant

Number



($ Million)

Commitment Amount

($ Million)

with PCR

with PVR/ PPER

Grant 0290 Closed Inclusive Micro,Small and Medium-Sized Enterprise Development Project

Project 25-May-12 Small and medium enterprise finance and leasing

4.45 4.45

Subtotal 10.02 10.06 Nepal

61 Loan 3856 Active Rural Enterprise Financing Project DFI 11-Nov-19 Small and medium enterprise finance and leasing

50.00 50.00

62 Grant 0252 Closed Capital Market and Infrastructure Capacity Support Project

Project 19-Apr-11 Money and capital markets

5.00 5.00

Subtotal 55.00 55.00 Sri Lanka

63 Loan 4007 Active Small and Medium-Sized Enterprises Line of Credit Project

Credit Line 23-Nov-20 Small and medium enterprise finance and leasing

165.00 165.00

Grant 9214 Active Small and Medium-Sized Enterprises Line of Credit Project (Additional Financing)

Project 23-Nov-20 Small and medium enterprise finance and leasing

1.25 1.25

Grant 0574 Active Small and Medium-Sized Enterprises Line of Credit Project

Project 08-Jun-18 Small and medium enterprise finance and leasing

9.50 9.50

Loan 3640 Active Small and Medium-Sized Enterprises Line of Credit Project (Additional Financing)

Credit Line 15-Jan-18 Small and medium enterprise finance and leasing

75.00 75.00

Loan 3370 Closed Small and Medium-Sized Enterprises Line of Credit Project

Credit Line 15-Feb-16 Small and medium enterprise finance and leasing

100.00 100.00

64 Loan 3774 Active Strengthening the Regional Department Bank Project

DFI 14-Feb-19 Small and medium enterprise finance and leasing

50.00 50.00

65 Loan 3571 Active Rooftop Solar Power Generation Project


50.00 50.00

66 Loan 3446 Active Capital Market Development Program Program 26-Oct-16 Money and capital markets

250.00 250.00

Subtotal 700.75 700.75 Southeast Asia Cambodia

67 Loan 3831 Closed Inclusive Financial Sector Development Program, Subprogram 2


40.00 40.00

Loan 3460 Closed Inclusive Financial Sector Development Program, Subprogram 1


40.00 38.51

68 Loan 3185 Closed Third Financial Sector Program, Subprogram 3


15.00 14.43 √

Loan 3002 Closed Third Financial Sector Program, Subprogram 2


15.00 15.07

34 Attachment 3


Project Count

Modality

Loan/ Grant

Number



($ Million)

Commitment Amount

($ Million)

with PCR

with PVR/ PPER

Loan 2815 Closed Third Financial Sector Program, Subprogram 1

Sector 29-Nov-11 Finance sector development

15.00 14.71

Subtotal 125.00 122.72 Indonesia

69 Loan 4038 Active Promoting Innovative Financial Inclusion Program, Subprogram 1

PROGRAM 09-Dec-20 Inclusive finance 500.00 500.00

70 Loan 3840 Active Leveraging Private Infrastructure Investment Project

Credit Line 18-Oct-19 Infrastructure finance and investment funds

100.00 100.00

71 Loan 3779 Closed Financial Market Development and Inclusion Program, Subprogram 3

Program 28-Mar-19 Finance sector development

500.00 500.00

Loan 3541 Closed Financial Market Development and Inclusion Program, Subprogram 2

Program 28-Jun-17 Finance sector development

400.00 400.00

Loan 3274 Closed Financial Market Development and Inclusion Program, Subprogram 1


400.00 400.00

72 Loan 2895 Closed Financial Market Development and Integration Program

Program 21-Sep-12 Money and capital markets

300.00 300.00 √ √

Subtotal 2,200.00 2,200.00 Lao People's Democratic Republic

73 Loan 3036 Closed Second Private Sector and Small and Medium-Sized Enterprises Development Program, Subprogram 2


15.00 15.20

Loan 3037 Active Second Private Sector and Small and Medium-Sized Enterprises, Subprogram 2

TA 01-Oct-13 Small and medium enterprise finance and leasing

4.38 4.44

Subtotal 19.38 19.64 Philippines

74 Loan 3959 Active Inclusive Finance Development Program, Subprogram2

Program 21-Aug-20 Inclusive finance 300.00 300.00

Loan 3707 Closed Inclusive Finance Development Program, Subprogram 1

Program 19-Sep-18 Inclusive finance 300.00 300.00

75 Loan 3925 Closed Support to Capital Market Generated Infrastructure Finance, Subprogram 1


400.00 400.00

76 Loan 3595 Closed Encouraging Investment Through Capital Market Reforms Program, Subprogram 2


300.00 300.00 √ √

Loan 3334 Closed Encouraging Investment Through Capital Market Reforms Program, Subprogram 1


300.00 300.00

Subtotal 1,600.00 1,600.00 Viet Nam

77 Grant 0781 Active COVID-19: Relief for Women-Led Small and Medium-Sized Enterprises

Project 09-Dec-20 Small and medium enterprise finance and leasing

5.00 5.00

78 Loan 3743 Closed Financial Sector Development and Inclusion Program, Subprogram 1


100.00 100.00

Attachment 3 35


Project Count

Modality

Loan/ Grant

Number



($ Million)

Commitment Amount

($ Million)

with PCR

with PVR/ PPER

79 Loan 3335 Closed Financial Sector Deepening Program, Suprogram 2


100.00 99.10 √ √

Loan 3081 Closed Financial Sector Deepening Program, Subprogram 1


45.00 44.72

80 Loan 3213 Closed Microfinance Development Program, Subprogram 2


50.00 46.92 √ √

Loan 2877 Closed Microfinance Development Program, Subprogram 1

Program 05-Jul-12 Inclusive finance 40.00 39.47

81 Loan 3050 Closed Second Small and Medium-Sized Enterprises Development Program


50.00 50.50 √ √

Subtotal 390.00 385.72 Greater Mekong Subregion

82 Grant 9173 Closed Greater Mekong Subregion: Livelihood Support for Corridor Towns

Project 21-May-13 Finance Sector Development

2.50 2.50

Subtotal 2.50 2.50 Total 13,572.03 13,330.05 17 15

DFI= development finance institution, MFF = multitranche financing facility, PCR = project completion report, PVR = PCR validation report, PPER = project/program evaluation report, RBL = results-based lending, TA = technical assistance, * Approved and commitment amounts only refer to the DFI component. Note: Difference in approved and commitment amounts is due to exchange rate adjustments and/or change in government’s funding needs.

36 Attachment 3


B. Nonsovereign Investments

Project Count

Inv. No. Status Company (Project Name) Approval

Date Subsector

Approved Amount

($ Million)

Commitment Amount ($ Million)

with XAAR

with XVR/ PPER

Central and West Asia Armenia

1 7626 Active Armeconombank OJSC (Increasing Gender-Inclusive Lending to Micro, Small, and Medium-Sized Enterprises)

24-Mar-20 Small and Medium Enterprise Finance and Leasing

15.00 15.00

2 7521 Active Ameriabank CJSC (Strengthening the Banking Sector for Financial Inclusion)

27-Sep-17 Finance Sector Development 60.00 30.00

3 7496 Closed Finca Armenia UCO CJSC (Rural Financial Inclusion)

07-Dec-16 Inclusive Finance 6.00 6.00 √*

4 7343 Closed ACBA Credit Agricole Bank (SME Finance Program)

22-Nov-11 Small and Medium Enterprise Finance and Leasing

20.00 20.00 √ √

5 7344 Closed Ameriabank (SME Finance Program) 22-Nov-11 Small and Medium Enterprise Finance and Leasing

20.00 20.00 √ √

6 7345 Closed Ardshinin investbank (SME Finance Program) 22-Nov-11 Small and Medium Enterprise Finance and Leasing

15.00 15.00 √ √

7 7346 Closed Inecobank (SME Finance Program) 22-Nov-11 Small and Medium Enterprise Finance and Leasing

10.00 10.00 √ √

Subtotal 146.00 116.00 Azerbaijan

8 7446 Active AccessBank Azerbaijan (Improving Financial Service Outreach for Agriculture)

22-Apr-15 Banking Systems and Nonbank Financial Institutions

75.00 75.00

9 7447 Cancelled Finca Azerbaijan (Improving Financial Service Outreach for Agriculture)

22-Apr-15 Banking Systems and Nonbank Financial Institutions

20.00 -

10 7441 Closed Demir Bank (Supporting Micro, Small, and Medium-Sized Enterprises)

10-Dec-14 Finance Sector Development 20.00 20.00 √ √

11 7388 Active AccessBank Azerbaijan (Promoting Rural Financial Inclusion)

19-Jul-13 Banking Systems and Nonbank Financial Institutions

50.00 50.00

Subtotal 165.00 145.00 Georgia

12 7655 Unsigned Joint Stock Company Bank of Georgia (Bank of Georgia COVID-19 Response to Support Micro, Small, and Medium-Sized Enterprises)


100.00 -

13 7648 Active Credo Bank JSC (Credo COVID-19 Support for Agriculture Borrowers)

15-Oct-20 Small and Medium Enterprise Finance and Leasing

4.00 4.00

14 7578 Active Credo Bank JSC (Low-Income Housing Finance)

05-Dec-18 Housing Finance 25.00 22.26

15 7580 Unsigned TBC Bank JSC (Affordable Mortgage Finance) 05-Dec-18 Housing Finance 100.00 -

16 7469 Closed Credo Microfinance Organization (Financial Inclusion for Micro and Small Business Growth)

10-Dec-15 Banking Systems and Nonbank Financial Institutions

23.00 23.00 √

17 7470 Closed FINCA Bank Georgia (Financial Inclusion for Micro and Small Business Growth)


7.00 7.00 √

18 7471 Closed TBC Bank (Financial Inclusion for Micro and Small Business Growth)


50.00 50.00 √

Attachment 3 37


Project Count


Date Subsector

Approved Amount

($ Million)


with XAAR

with XVR/ PPER

7471 Closed TBC Bank Subordinated Loan (Financial Inclusion for Micro and Small Business Growth)


50.00 50.00

19 7379 Closed TBC Bank of Georgia (Promoting Financial Sector Growth and Diversity)

14-Jan-13 Banking Systems and Nonbank Financial Institutions

50.00 50.00 √ √

Subtotal 409.00 206.26 Kyrgyz Republic

20 7625 Dropped CJSC FINCA Bank (Rural Financial Inclusion for Women)

24-Mar-20 Inclusive Finance 5.01 -

21 7448 Cancelled Bai Tushum Bank (Broadening Access to Finance)

01-Jun-15 Small and Medium Enterprise Finance and Leasing

10.00 -

22 7350 Closed Kyrgyz Investment and Credit Bank (SME Finance)

17-Jan-12 Banking Systems and Nonbank Financial Institutions

10.00 10.00 √ √

Subtotal 25.01 10.00 Pakistan

23 7586 Active Kashf Foundation (Expanding Access to Credit for Women)

04-Feb-19 Inclusive Finance 15.00 10.00

24 7500 Cancelled Khushhali Bank Limited (Expanding Access to Credit for Agriculture and Micro, Small, and Medium-Sized Enterprise Borrowers)

12-Dec-16 Finance Sector Development 20.00 -

Subtotal 35.00 10.00 Tajikistan

25 7433 Cancelled AccessBank Tajikistan (Promoting Financial Inclusion through Greenfield Banking)


8.00 -

Subtotal 8.00 - Uzbekistan

26 7372 Closed Joint-Stock Commercial Bank Ipak Yuli 19-Oct-12 Banking Systems and Nonbank Financial Institutions

6.00 5.89 √*

Subtotal 6.00 5.89 East Asia China, People's Republic of

27 7658 Active Far East Horizon Limited (Far East Horizon Health Care Finance in Rural Areas for COVID-19 Response)


75.00 75.00

28 7657 Unsigned CD Finance Management Co., Ltd. (CD Finance Management Expanding Access to Finance for Farmers and Microentrepreneurs )


40.00 -

29 7621 Active Citic Financial Leasing Co. Ltd. (Solar Energy Finance)

07-Feb-20 Finance Sector Development 70.00 70.03

30 7620 Active Bank of Communications Financial Leasing Co., Ltd. (New Energy Bus Leasing)

23-Jan-20 Finance Sector Development 100.00 80.00

31 7606 Active CDH VGC Fund II, L.P. 18-Oct-19 Finance Sector Development 30.00 30.00 32 7601 Active Maxwealth Financial Leasing Co., Ltd.

(Industrial and Municipal Wastewater Treatment)


38 Attachment 3


Project Count


Date Subsector

Approved Amount

($ Million)


with XAAR

with XVR/ PPER

33 7574 Active Far East Horizon Limited (Health Care Finance in Underdeveloped Provinces)


150.00 150.00

34 7565 Active MicroCred Nanchong Company Limited (Financing Micro, Small, and Medium-Sized Enterprises in the Western Region)

06-Aug-18 Small and Medium Enterprise Finance and Leasing

17.00 19.67

35 7566 Active MicroCred Sichuan Company Limited (Financing Micro, Small, and Medium-Sized Enterprises in the Western Region)


3.00 Reallocated to 7565

36 7564 Active Zhujiang Financial Leasing Company Limited (Small and Medium-Sized Enterprises Finance in Underdeveloped Regions)

27-Jul-18 Small and Medium Enterprise Finance and Leasing

60.00 58.81

37 7517 Active Minsheng Financial Leasing Co. Ltd. (Green Transport Finance)

30-Aug-17 Finance Sector Development 200.00 200.00

38 7461 Closed CFPA Microfinance Management (Microfinance in Poverty-Stricken Counties)

17-May-16 Finance Sector Development 50.00 50.00

39 7454 Closed Yingda International Leasing (Healthcare Finance in Underdeveloped Regions)


40 7413 Closed Industrial Bank Financial Leasing Company (Clean Bus Leasing)

07-Jul-14 Infrastructure Finance and Investment Funds

100.00 100.18 √ √

41 7380 Closed Far East Horizon (Clean Bus Leasing) 15-Jan-13 Infrastructure Finance and Investment Funds

100.00 100.00 √ √

42 7404 Closed Everbright Financial Leasing (Clean Bus Leasing)

15-Jan-13 Infrastructure Finance and Investment Funds

75.00 73.73 √ √

43 7355 Cancelled Microfinance Wholesale Lending Facility 28-Mar-12 Inclusive Finance 20.00 - 44 7336 Cancelled Sino-Green Climate Investment Fund 29-Aug-11 Infrastructure Finance and

Investment Funds 25.00 -

45 7333 Cancelled Keytone Ventures II 20-May-11 Infrastructure Finance and Investment Funds

20.00 -

Subtotal 1,270.00 1,143.01 Mongolia

46 7605 Active XacBank LLC (Micro, Small, and Medium-Sized Enterprises Financing)


30.00 30.00

47 7410 Closed Khan Bank (Supporting Micro, Small, and Medium-Sized Enterprises)


40.00 40.00 √ √

48 7401 Closed XacBank (Supporting Micro, Small, Medium-Sized Enterprises and Leasing Finance)


30.00 30.00 √ √

49 7402 Closed TenGer Financial Group (Supporting Micro, Small, Medium-Sized Enterprises and Leasing Finance)


10.00 10.00 √ √

Subtotal 110.00 110.00 Pacific Islands Papua New Guinea

50 7612 Active Kina Securities Limited (Supporting Inclusive Finance through the Development of Private Sector Banking)

02-Dec-19 Finance Sector Development 10.00 10.00

Subtotal 10.00 10.00

Attachment 3 39


Project Count


Date Subsector

Approved Amount

($ Million)


with XAAR

with XVR/ PPER

South Asia Bangladesh

51 7492 Closed Eastern Bank (Sustainable Projects in the Textile and Garment Sector)

29-Nov-16 Finance Sector Development 20.00 20.00

52 7444 Closed BRAC Bank (Sustainable Projects) 16-Sep-15 Finance Sector Development 30.00 15.00 √*

53 7349 Cancelled Industrial and Infrastructure Development Finance Company (Industrial Energy Efficiency Finance Program)

14-Dec-11 Infrastructure Finance and Investment Funds

- -

54 7378 Cancelled Prime Bank (part of Industrial Energy Efficiency Finance Program, Investment No. 7349 )


24.00 -

55 7403 Cancelled Industrial and Infrastructure Development Finance Company (Industrial Energy Efficiency Finance Program)


6.00 -

Subtotal 80.00 35.00 India

56 7654 Active Northern Arc Capital Limited [Debt Financing] (Northern Arc COVID-19 Livelihood Support)


50.00 40.00

57 7617 Active Tata Capital Growth Fund II 10-Dec-19 Infrastructure Finance and Investment Funds

10.00 10.00

58 7616 Cancelled Indian School Finance Company Private Limited (Supporting Private Education Ecosystem, including Affordable Private Schools)

06-Dec-19 Finance Sector Development 9.60 -

59 7610 Active Aavas Financiers Limited [Debt Financing] (Supporting Access to Housing Finance for Women in Lower-Income Groups and in Lagging States)

21-Nov-19 Housing Finance 60.00 60.00

60 7600 Active National Investment and Infrastructure Fund Limited (NIIF Fund of Funds I)

23-Aug-19 Finance Sector Development 100.00 100.00

61 7598 Active Fullerton India Credit Company Limited [Debt Financing] (Expanding Micro, Small, Medium-Sized Enterprise Lending)

26-Jul-19 Small and Medium Enterprise Finance and Leasing

150.00 150.00

62 7575 Active Multiples Private Equity Fund III Limited 13-Dec-18 Infrastructure Finance and Investment Funds

35.00 35.00

63 7573 Active Annapurna Finance Private Limited [Debt Financing] (Supporting Access to Finance for Women in Rural Areas)

14-Nov-18 Inclusive Finance 50.00 30.42

64 7560 Active Indian Railway Finance Corporation (Railways Track Electrification)


750.00 746.21

65 7543 Active True North Fund VI LLP 18-Dec-17 Infrastructure Finance and Investment Funds

50.00 50.00

66 7537 Closed Cholamandalam Investment and Finance Company Limited [Debt Financing] (Expanding Credit Delivery for Micro, Small, and Medium-Sized Enterprises)

08-Dec-17 Inclusive Finance 150.00 150.00

40 Attachment 3


Project Count


Date Subsector

Approved Amount

($ Million)


with XAAR

with XVR/ PPER

67 7522 Active Capital First Limited [Debt Financing] (Expanding Micro, Small and Medium Enterprise Lending)

29-Sep-17 Inclusive Finance 150.00 147.98

68 7511 Closed Satin Creditcare Network Limited (Supporting Access to Finance for Women in Lagging States)

05-Apr-17 Inclusive Finance 10.00 10.00

69 7488 Closed Au Financiers (India) Limited [Debt Financing] (Expanding Micro and SME Lending in Semi-Urban and Rural Areas)


75.00 76.26 √*

70 7486 Closed IndusInd Bank Limited (Supporting Access to Finance for Women in Less-Developed States)

20-Sep-16 Inclusive Finance 200.00 200.00 √*

71 7481 Closed Janalakshmi Financial Services Private Limited [Debt Financing]


150.00 148.82

72 7473 Closed PNB Housing Finance Limited (Low-Cost Affordable Housing Finance)

15-Dec-15 Housing Finance 150.00 150.00 √ √

73 7468 Closed RBL Bank (Supporting Financial Inclusion) 09-Dec-15 Finance Sector Development 151.00 151.00 √ √

74 7452 Active Drashti Developers Private Limited (Shapporji Affordable Housing Project)

07-Jul-15 Housing Finance 35.00 30.85

75 7427 Closed Dewan Housing Finance Corporation (Low-Cost Affordable Housing Finance)

18-Nov-14 Housing Finance 125.00 125.00 √ √

76 7428 Closed Axis Bank Limited (Strengthening Rural Financial Inclusion and Farmer Access to Markets Project)

18-Nov-14 Finance Sector Development 200.00 200.00 √ √

77 7429 Closed YES Bank Limited (Strengthening Rural Financial Inclusion and Farmer Access to Markets Project)

18-Nov-14 Finance Sector Development 200.00 200.00 √ √

78 7411 Active India Agri Business Fund II 18-Jul-14 Inclusive Finance 30.00 30.00 79 7373 Cancelled KUL Urban Development Private Limited [Pune

Nirvana Hills Slum Rehabilitation Project] 26-Oct-12 Housing Finance 35.00 -

80 7360 Closed Credit Enhancement of Project Bonds 20-Sep-12 Money and Capital Markets 128.00 14.59 √ √ 81 7353 Cancelled Industrial Credit and Investment Corporation of

India (Renewable Energy and Energy Efficiency Projects)

28-Mar-12 Infrastructure Finance and Investment Funds

100.00 -

82 7334 Active VenturEast Life Fund III 20-May-11 Infrastructure Finance and Investment Funds

20.00 10.00

83 7331 Cancelled Solar Power Generation Guarantee Facility 19-Apr-11 Infrastructure Finance and Investment Funds

150.00 -

Subtotal 3,323.60 2,866.13 Sri Lanka

84 7557 Active DFCC Bank PLC (Improving Access to Finance for Micro, Small, and Medium-Sized Enterprises)

16-May-18 Small and Medium Enterprise Finance and Leasing

50.00 35.00

85 7484 Cancelled Hatton National Bank (Supporting Growth of Private Sector Banking)

29-Aug-16 Finance Sector Development 50.00 -

Attachment 3 41


Project Count


Date Subsector

Approved Amount

($ Million)


with XAAR

with XVR/ PPER

86 7457 Closed LOLC Finance [Senior Loan] 20-Nov-15 Small and Medium Enterprise Finance and Leasing

30.00 30.00 √ √

87 7458 Closed LOLC Micro Credit [Senior Loan] 20-Nov-15 Small and Medium Enterprise Finance and Leasing

25.00 25.00 √ √

88 7434 Closed Hatton National Bank (Supporting Infrastructure Development)

04-Dec-14 Finance Sector Development 75.00 75.00 √ √

89 7382 Closed Nations Trust Bank 06-Feb-13 Banking Systems and Nonbank Financial Institutions

15.00 15.00 √ √

90 7359 Closed DFCC Vardhana Bank 29-Aug-12 Housing Finance 15.00 15.00 √ √ Subtotal 260.00 195.00

Southeast Asia Cambodia

91 7667 Unsigned Cambodia Post Bank Plc (Cambodia Post Bank Expanding Micro, Small, and Medium-Sized Enterprise Lending)

11-Dec-20 Small and Medium Enterprise Finance and Leasing

20.00 -

92 7562 Active PRASAC Microfinance Institution Limited (Expanding Micro, Small, and Medium-Sized Enterprise Lending)

17-Jul-18 Inclusive Finance 40.00 40.00

93 7546 Cancelled BRED Bank Cambodia (Supporting Inclusive Finance through Greenfield Banking)

09-Feb-18 Finance Sector Development 10.00 -

94 7399 Closed ACLEDA Bank Plc (Promoting Financial

Inclusion) 10-Dec-13 Banking Systems and Nonbank

Financial Institutions 75.00 75.00 √ √

Subtotal 145.00 115.00 Indonesia

95 7603 Unsigned PT Indosurya Inti Finance (Small and Medium-Sized Enterprise Financing)


30.00 -

Subtotal 30.00 - Myanmar

96 7581 Active Ascent Myanmar Growth Fund I L.P. 11-Dec-18 Infrastructure Finance and Investment Funds

10.00 10.00


Philippines 97 7567 Active ASA Philippines Foundation, Inc. (Fostering

Women's Empowerment through Financial Inclusion in Conflict-Impacted and Lagging Provinces)

21-Aug-18 Inclusive Finance 30.00 30.00

98 7451 Closed AP Renewables, Inc. (Tiwi and MakBan Geothermal Power Green Bonds)

02-Jul-15 Money and Capital Markets 221.81 221.81 √ √

99 7357 Closed Philippine Investment Alliance for Infrastructure Fund

30-Jul-12 Finance Sector Development 25.00 25.00

Subtotal 276.81 276.81 Thailand

100 7529 Cancelled Energy Absolute Public Company Limited (Bond Guarantee for Renewable Energy and Energy Storage)

10-Nov-17 Money and Capital Markets 95.87 -

42 Attachment 3


Project Count


Date Subsector

Approved Amount

($ Million)


with XAAR

with XVR/ PPER

Subtotal 95.87 - Viet Nam

101 7632 Active Mekong Enterprise Fund IV L.P. 29-May-20 Infrastructure Finance and Investment Funds

20.00 20.00

102 7569 Active Joint Stock Commercial Bank for Investment and Development of Vietnam (Mainstreaming Small and Medium-Sized Enterprises Lending)


300.00 200.00

103 7538 Unsigned An Binh Commercial Joint Stock Bank (Expanding Micro, Small, and Medium Enterprise Lending)


100.00 -

104 7490 Active VI (Vietnam Investments) Fund III, L.P. 15-Nov-16 Infrastructure Finance and Investment Funds

20.00 20.00

Subtotal 440.00 240.00 Regional (Southeast Asia)

105 7347 Active Aureos South East Asia Fund II 01-Dec-11 Infrastructure Finance and Investment Funds

15.00 15.00

Subtotal 15.00 15.00 Regional

106 7666 Unsigned Lombard Asia V, L.P (Investment in Lombard Asia V, L.P)


20.00 -

107 7650 Active OrbiMed Advisors LLC (Follow-on Investment in OrbiMed Asia Partners IV, L.P.)

23-Oct-20 Infrastructure Finance and Investment Funds

75.00 75.00

108 7636 Active Clifford Capital Holdings Pte. Ltd. (Asian Sustainable Infrastructure Mobilization)


50.00 60.00

109 7634 Active Navegar II L.P. 23-Jun-20 Infrastructure Finance and Investment Funds

10.00 14.99

110 7607 Active Everbridge Partners Fund I, L.P. 22-Oct-19 Finance Sector Development 40.00 40.00 111 7604 Active Kaizen Private Equity II Pte. Ltd. 25-Sep-19 Infrastructure Finance and

Investment Funds 5.00 5.00

112 7595 Active Credit Guarantee and Investment Facility (Proposed Additional Capital Contribution Credit Guarantee and Investment Facility)

26-Jun-19 Money and Capital Markets 50.00 50.00

113 7570 Active Creador Management IV Limited (Creador IV, L.P.)

24-Sep-18 Infrastructure Finance and Investment Funds

50.00 50.00

114 7561 Active Exacta Asia Investment II, L.P. 12-Jul-18 Infrastructure Finance and Investment Funds

25.00 25.00

115 7516 Active OrbiMed Asia Partners III, LP Fund 25-Aug-17 Infrastructure Finance and Investment Funds

60.00 60.00

116 7510 Active Equity Investment in CreditAccess Asia 21-Feb-17 Inclusive Finance 50.00 30.00 117 7482 Closed Micro-Credit Ratings International Limited

(Strengthening the Microfinance Ecosystem) 14-Jul-16 Inclusive Finance 1.50 1.50

118 7456 Active Equity Investment in Creador III LP 06-Nov-15 Infrastructure Finance and Investment Funds

45.00 40.90

119 7438 Active Olympus Capital Asia V, L.P. Fund 05-Dec-14 Finance Sector Development 40.00 40.00 120 7430 Active Asia Environmental Partners II, L.P 26-Nov-14 Infrastructure Finance and


Attachment 3 43


Project Count


Date Subsector

Approved Amount

($ Million)


with XAAR

with XVR/ PPER

121 7394 Active OrbiMed Asia Partners II, LP Fund 12-Nov-13 Finance Sector Development 60.00 60.00 122 7352 Active Climate Public Private Partnership Fund 15-Feb-12 Infrastructure Finance and


123 7332 Cancelled Aloe Environment Fund III 20-May-11 Infrastructure Finance and Investment Funds

20.00 -

Subtotal 731.50 681.89 Total 7,591.79 6,190.99 34 26

COVID-19 = coronavirus disease, Inv. = investment, SME = small and medium enterprise, XARR = extended annual review report, XVR = XARR validation report, PPER = project/program evaluation report * XARRs published in November/December 2020, hence are not included in the XARR Year (2011–2020). Note: Difference in approved and commitment amounts is due to exchange rate adjustments and/or partial cancellations due to a change in funding needs.

C. Technical Assistance Projects

Project Count

TA No.

Status Title Nature of

Activity

Approval Date

Subsector Approved Amount ($

Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

Central and West Asia Afghanistan

1 7983 Closed Rural Finance Expansion CDTA 14-Dec-11 Banking systems and nonbank financial institutions

0.50

0.50

US

Subtotal 0.50 0.50

Armenia 2 9664 Cancelled Ameriabank CJSC: Capacity Building For

Ameriabank CDTA 5-Dec-18 Finance sector

development 0.60 -

3 8200 Closed Capacity Building for Women's Entrepreneurship Support

CDTA 25-Oct-12 Small and medium enterprise finance and leasing

0.60 0.60 S

Subtotal 1.20 1.60

Azerbaijan 4 9658 Active Development of Nonbank Finance and

Alternative Financial Instruments for Economic Diversification

PATA 29-Nov-18 Banking systems and nonbank financial institutions

0.50 0.50

5 8864 Active Capacity Building for Rural Financial Inclusion

CDTA 24-Dec-14 Inclusive finance 0.75 0.75

6 8621 Closed Microfinance Sector Development PATA 21-Feb-14 Finance sector development

0.60 0.60 LS

Subtotal 1.85 1.85

Georgia 7 9687 Active Credo Bank:Enhancing Rural Financial

Inclusion for Women CDTA 5-Dec-18 Housing finance 0.50 0.50

8 9028 Active Financial Inclusion for Micro and Small Business Growth for Credo, Finca Bank, and TBC Bank

CDTA 10-Dec-15 Banking systems and nonbank financial institutions

1.05 1.05

44 Attachment 3


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

9 8716 Closed Strengthening Domestic Resource Mobilization

PATA 11-Sep-14 Money and capital markets

1.28 1.28 S (HR, E, E)

LS

10 8218 Closed Promoting Financial Sector Resilience CDTA 9-Nov-12 Finance sector development

0.15 0.15 HS

Subtotal 2.98 2.98

Kazakhstan 11 9834 Active Supporting the Promoting Gender Equality in

Housing Finance Project CDTA 24-Oct-19 Housing finance 0.42 0.62

12 9667 Closed Scoping the Green Investments Finance Program

RDTA 26-Nov-18 Inclusive finance 0.23 0.23 S (R, E, E)

LS

13 9650 Active Developing Rural Financial Intermediation CDTA 25-Sep-18 Inclusive finance 0.23 0.23

14 9496 Closed Support to Small and Medium Enterprises and Entrepreneurship Development

CDTA 5-Feb-18 Small and medium enterprise finance and leasing

0.23 0.23

15 9380 Active Promoting Finance Sector Resilience PATA 22-Sep-17 Central banking systems

0.50 0.50

16 9214 Active Strengthening Micro,Small and Medium-Sized Enterprise Finance


0.50 0.50

17 8738 Closed Enhancing Insurance Market Efficiency and Outreach

PATA 17-Oct-14 Insurance and contractual savings

0.80 0.80 S

Subtotal 2.90 3.10

Kyrgyz Republic 18 9900 Active Promoting Financial Sector Resilience CDTA 12-Dec-19 Central banking

systems 0.23 0.23

Subtotal 0.23 0.23

Pakistan 19 6567 Active Third Capital Market Development Program,

Subprogram 1 PATA 28-Sep-20 Finance sector


20 9483 Active Capacity Building For Khushhali Bank Limited


21 9469 Active Enhancing Public-Private Partnerships in Punjab Project

CDTA 15-Dec-17 Infrastructure finance and investment funds

4.01 4.01

22 9467 Active Strengthening the Federal Public–Private Partnership Framework and Enabling Reforms for Infrastructure Financing Support

PATA 13-Dec-17 Finance sector development

3.27 3.27

23 9246 Active Capacity Building of Disaster Risk Management Institutions

CDTA 23-Nov-16 Infrastructure finance and investment funds

3.27 3.27

24 8832 Closed Prioritizing Interventions for Financial Sector Development In Pakistan


0.23 0.23 S

Attachment 3 45


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

25 8862 Cancelled Implementation Support for the Rural Financial Inclusion Facility

CDTA 28-Nov-14 Inclusive finance 0.23 0.23


Tajikistan 26 8605 Closed Capacity Building for Rural Financial

Inclusion CDTA 24-Dec-13 Small and medium

enterprise finance and leasing

0.06

0.50

NR

27 8394 Closed Access to Green Finance Project CDTA 25-Jun-13 Inclusive finance 0.75 0.75

Subtotal 0.81 1.25

Turkmenistan 28 6578 Active Supporting the Introduction of International

Financial Reporting Standard 9 Financial Instruments in Two Commercial Banks

CDTA 19-Oct-20 Finance sector development

0.23 0.23

29 8755 Cancelled Financial Sector Reforms PATA 12-Nov-14 Banking systems and nonbank financial institutions

0.50 0.50

Subtotal 0.73 0.73

Uzbekistan 30 6698 Active

Republic of Uzbekistan: Business Plan Development for the Infrastructure Finance Intermediary Vehicle

PATA 22-Dec-20 Infrastructure finance and investment funds

0.23 0.23

31 6631 Unsigned Aloqabank, Transformation and Privatization Technical Assistance

CDTA 3-Dec-20 Finance sector development

0.88 -

32 9877 Active Implementing the Mortgage Market Sector Development Program

CDTA 28-Nov-19 Housing finance 0.80 0.80

33 9722 Active Operationalization of the Uzbekistan Mortgage Refinancing Company

CDTA 29-Mar-19 Housing finance 0.50 0.50

34 9479 Active Mortgage Market Development Program RDTA 19-Dec-17 Housing finance 0.56 0.56

35 9322 Active Affordable Rural Housing Program CDTA 1-Jun-17 Housing finance 1.50 1.50

36 9128 Active Strengthening Participating Financial Institutions

CDTA 30-Jun-16 Small and medium enterprise finance and leasing

0.50 0.50

37 8480 Closed Improving Rural Small Business Access to Finance

CDTA 1-Oct-13 Inclusive finance 0.50 0.50

38 8247 Closed Insurance Sector Development CDTA 10-Dec-12 Insurance and contractual savings

0.50 0.50 LS

39 8252 Closed Ssta:Jsc Bank Ipak Yuli CDTA 5-Dec-12 Banking systems and nonbank financial institutions

0.23 0.23 S

Subtotal 6.19 5.31

Regional (Central and West Asia) 40 6569 Active CAREC Regional Infrastructure Projects

Enabling Facility RDTA 24-Sep-20 Infrastructure

finance and investment funds

0.23 0.23

46 Attachment 3


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

41 6525 Active Scaling Up Private Sector Participation in the Infrastructure Sector in the Central and West Asia Region

CDTA 25-Jun-20 Infrastructure finance and investment funds

0.63 0.63

42 9878 Active Developing a Disaster Risk Transfer Facility In The CAREC Region

CDTA 18-Nov-19 Insurance and contractual savings

2.75 2.75

43 9630 Active Assessing Economic Corridor Development Potential Among Kazakhstan, Uzbekistan, and Tajikistan

PATA 31-Oct-18 Small and medium enterprise finance and leasing

1.80

1.80

44 9453 Active Islamic Finance for Inclusive Growth CDTA 7-Dec-17 Finance sector development

2.00

2.00

Subtotal 7.40 7.40

East Asia

China, People's Republic of

45 6687 Active Supporting Sustainable Finance and Regional Cooperation


1.50 1.50

46 9882 Active Expanding Access to Finance for Small and Medium-Sized Enterprises through Financial Technology Innovations

CDTA 3-Dec-19 Small and medium enterprise finance and leasing

0.70

0.70

47 9563 Active Reform and Diversification of the Local Government Bond Market

PATA 28-Aug-18 Banking systems and nonbank financial institutions

0.40

0.40

48 9377 Closed Establishing a Market Conduct Supervision Mechanism for Financial Consumer Protection

CDTA 19-Sep-17 Finance sector development

0.35

0.40

49 9251 Active Strengthening Capacity in Implementation of Green Financing Platform for the Greater Beijing-Tianjin-Hebei Region

CDTA 29-Nov-16 Banking systems and nonbank financial institutions

1.00

1.00

50 9091 Closed Supporting the Reform of the Role of the People's Bank of China

PATA 8-Apr-16 Central banking systems

0.30

0.30 S (R, E, E)

LS

51 9039 Closed Promotion of Environmentally Sustainable Infrastructure Investment in Asia and the Pacific

PATA 10-Dec-15 Infrastructure finance and investment funds

0.40 0.40 S (R, E, E)

LS

S (R, E, E)

LS 52 8932 Closed Pilot Program for Establishing a Support

Framework for Sustainable Village Community Funds

PATA 21-Jul-15 Inclusive finance 0.30 0.30

53 8866 Closed Ssta-Green Finance Reform PATA 23-Dec-14 Finance sector development

0.23 0.23 S

54 8743 Closed Study On Local Financial Market Development and Supervisory Framework

PATA 30-Oct-14 Finance sector development

0.40 0.40 S (R, E, E)

LS

S (LR, E, E)

LS 55 8722 Closed Study of Financial Reform in Rural Areas of

the Central Plains Economic Zone PATA 18-Sep-14 Finance sector

development 0.40 0.40 S

56 8684 Closed Improving the Legal Framework for Securities and Future Markets

PATA 10-Jul-14 Banking systems and nonbank financial institutions

0.30 0.30 S

Attachment 3 47


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

57 8580 Closed Innovative Models for Climate Change Financing


0.30 0.30 LS

58 8461 Closed Innovative Small and Medium-Sized Enterprise Bond Financing and Investor Protection Mechanism

PATA 25-Sep-13 Small and medium enterprise finance and leasing

0.40 0.40 S

59 8463 Closed Study on the Sustainable Development of Urban Pension Insurance

PATA 25-Sep-13 Insurance and contractual savings

0.40 0.40 S

60 8355 Closed Strengthening the Stress Testing Capacity of the Banking System

CDTA 23-Apr-13 Banking systems and nonbank financial institutions

0.40 0.40 S

61 8282 Closed Credit and Social Services Rating System Development for Microcredit Companies


0.40 0.40 S

62 8099 Closed Capacity Building on Statistical Competence for County-level Financial Institutions

CDTA 29-Jun-12 Finance sector development

0.40 0.40

63 8082 Closed Promoting Private Investment for Social and Economic Development in Shaanxi Province

PATA 25-May-12 Infrastructure finance and investment funds

0.40 0.40

64 7835 Closed Developing a Legal System for the Credit Market

PATA 18-Jul-11 Finance sector development

0.45 0.45 S

Subtotal 9.43 9.48

Mongolia 65 6613 Active Strengthening Banking Sector Stability and

Performance CDTA 26-Nov-20 Finance sector


66 9870 Active Green Finance Policy Framework PATA 21-Nov-19 Finance sector development

0.50 0.50

67 9810 Active Supporting Development of a Resilient and Well-Functioning Money Market and Macroprudential Policy Framework


0.40 0.40

68 9654 Active Expanding the Capacity of the Nonbank Finance Sector to Support Financial Access

CDTA 26-Nov-18 Finance sector development

0.40 0.40

69 9338 Active Establishing Sovereign Wealth Fund Management Institution

CDTA 4-Jul-17 Finance sector development

0.50 0.50

70 9320 Closed Banking Sector Rehabilitation and Financial Stability Strengthening Program

CDTA 30-May-17 Finance sector development

1.50 1.50

71 9180 Closed Supporting Financial Sector Development and Stability


1.55 1.55 HS (HR, E, E)

MS

S (R, E, E)

LS 72 9000 Closed Supporting the Credit Guarante E-System for

Economic Diversification and Employment Project

CDTA 27-Nov-15 Small and medium enterprise finance and leasing

0.80 0.80

73 7971 Closed Government Bond Market Development PATA 14-Dec-11 Money and capital markets

1.00 1.00 S

Subtotal 7.40 7.40

48 Attachment 3


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

Regional (East Asia)

74 8600 Closed Strategies to Support Small and Medium-Sized Enterprises in the People's Republic of China and Mongolia

RDTA 10-Dec-13 Small and medium enterprise finance and leasing

0.23 0.23

Subtotal 0.23 0.23

Pacific Islands Nauru

75 9143 Active Strengthening Financial Inclusion and Financial Sector Development

CDTA 25-Jul-16 Banking systems and nonbank financial institutions

0.35 0.35

Subtotal 0.35 0.35

Papua New Guinea 76 8515 Closed Supporting Anti-Money Laundering &

Combatting the Financing Terrorism in Papua New Guinea

PATA 14-Nov-13 Money and capital markets

0.23 0.23 HS

Subtotal 0.23 0.23

Solomon Islands 77 8723 Closed Strengthening Financial Inclusion CDTA 24-Sep-14 Central banking

systems 0.60 0.60 S

(R, LE, E) LS

Subtotal 0.60 0.60

Timor Leste 78 8762 Active Expansion of Financial Services CDTA 20-Nov-14 Inclusive finance 1.28 1.28

Subtotal 1.28 1.28

Vanuatu 79 8336 Closed Expansion of Rural Financial Services CDTA 15-Feb-13 Inclusive finance 0.23 0.23 LS

Subtotal 0.23 0.23

Regional (Pacific Islands) 80 6686 Active Supporting Recovery by Micro, Small, and

Medium-Sized Enterprises in the Pacific from the Effects of the COVID-19 Pandemic


3.00 3.00

81 9848 Active Pacific Private Sector Development Initiative, Phase IV

PATA 6-Nov-19 Finance sector development

28.57 28.57

82 9340 Active Supporting Finance Sector and Private Sector Development in The Pacific

PATA 12-Jul-17 Finance sector development

2.50 2.50

83 8729 Closed Pacific Business Investment Facility CDTA 26-Sep-14 Small and medium enterprise finance and leasing

6.08 11.00 LS



84 9652 Active Capacity Development for Microenterprise Development


Attachment 3 49


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

85 9344 Active Capacity Development in Infrastracture Development Company Ltd.

CDTA 18-Jul-17 Infrastructure finance and investment funds

0.75 0.75

86 9068 Active Second Small and Medium-Sized Enterprise Development

CDTA 19-Jan-16 Small and medium enterprise finance and leasing

2.00 2.00

87 8994 Active Supporting Third Capital Market Development

CDTA 20-Nov-15 Money and capital markets

0.70 0.70

88 8228 Closed Enhancing Effeciency of the Capital Market CDTA 28-Nov-12 Money and capital markets

0.75 0.75 S

89 8197 Closed Supporting Brick Sector Development Program


0.75 0.75

90 8144 Closed Capacity Building for Disaster Risk Finance CDTA 28-Aug-12 Finance sector development

0.50 0.50 S

91 7841 Closed Capacity Development for Bangladesh Bank CDTA 26-Jul-11 Banking systems and nonbank financial institutions

0.50 0.50 S

Subtotal 6.95 6.95

Bhutan 92 6677 Active Capacity Building for Rural Finance

Development CDTA 11-Dec-20 Inclusive finance 1.00 1.00

93 6581 Active Strengthening the Financial Market Development Program

CDTA 27-Oct-20 Central banking systems

0.50 0.50

94 6537 Active Improving Market Linkages for Cottage and Small Industries

CDTA 9-Jul-20 Small and medium enterprise finance and leasing

2.00 2.00

95 9872 Active Supporting Financial Market Development Program

CDTA 26-Nov-19 Central banking systems

0.50 0.50

96 9805 Closed Diagnostic Study and Strategy Development for Rural Finance Sector Development


0.23 0.23

97 8280 Closed Capital Market Development CDTA 14-Dec-12 Money and capital markets

1.25 1.25 S

98 8076 Closed Strengthening Royal Monetary Authority's Regulatory Capacity for Nonbank Financial Institutions

CDTA 11-May-12 Banking systems and nonbank financial institutions

0.53 0.53 S

Subtotal 6.00 6.00

India 99 6691 Active Strengthening Micro, Small, and Medium

Enterprises Ecosystem Development CDTA 18-Dec-20 Finance sector


100 6630 Active Enhancing Capacity to Design and Implement Public Resource Management, Finance, and Multisector Development Projects


0.50 0.50

50 Attachment 3


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

101 9622 Active Expanding Infrastracture Financing Capacity CDTA 23-Oct-18 Infrastructure finance and investment funds

0.50 0.50

102 9304 Active Capacity Building for RBL Bank in India CDTA 16-Mar-17 Finance sector development

0.80 0.80

103 9187 Active Solar Rooftop Investment Program CDTA 30-Sep-16 Infrastructure finance and investment funds

5.00 5.00

104 8937 Closed Capacity Building of the Indian Renewable Energy Development Agency

CDTA 6-Aug-15 Infrastructure finance and investment funds

0.75 0.75

105 8876 Closed Enabling Monetization of Infrastructure Assets in India

CDTA 13-Feb-15 Banking systems and nonbank financial institutions

0.23 0.23 S

106 8857 Active Strengthening Rural Financial Inclusion and Farmer Access to Markets – Axis Bank and Yes Bank


2.00 2.00

107 8764 Closed Enhancing Bond Guarantee Structuring Skills in India


0.23 0.23 S

108 8279 Closed Preparing the Bond Guarantee Fund tor India


0.80 0.80 S


Nepal 109 9853 Active Capacity Development for Rural Enterprise

Financing CDTA 11-Nov-19 Small and medium


0.75 0.75

110 9280 Closed Hydroelectricity Financing Project CDTA 14-Dec-16 Infrastructure finance and investment funds

0.23 0.23 S (HR, E, LE)

LLS

Subtotal 0.98 0.98

Sri Lanka 111 6609 Active Value Chain Development for Tea Sector CDTA 23-Nov-20 Small and medium


1.75 1.75

112 9711 Active Enhancing Rural Micro and Small-Sized Enterprises Finance


1.00 1.00

113 9213 Active Developing the Capital Market CDTA 26-Oct-16 Money and capital markets

2.20 2.20

114 9102 Closed Mobilizing Finance to Sri Lanka CDTA 22-Apr-16 Finance sector development

0.50 0.50 S

115 9080 Active Cluster Development and Small and Medium-Sized Enterprise Finance Innovation


4.24 4.24

Subtotal 9.69 9.69

Attachment 3 51


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

Regional (South Asia)

116 8811 Closed Promoting Capacity Building in Financial Institutions in Emerging Countries in South Asia


0.75 0.75

117 8725 Closed Promoting Remittance for Development Finance


0.30 0.30 S

118 8284 Closed Supporting Financial Stability in Bhutan and the Maldives


0.50 0.50 S

Subtotal 1.55 1.55

Southeast Asia Cambodia

119 9232 Active Implementing the Inclusive Financial Sector Development Program


0.60 0.60

120 7934 Closed Implementing Subprogram 2 of the Third Financial Sector Program


1.90 1.90 S

Subtotal 2.50 2.50

Indonesia 121 9857 Active Small and Medium-Sized Enterprise

Financing Project CDTA 13-Nov-19 Small and medium


0.23 0.23

122 9778 Active Sustainable Infrastructure Assistance Program Phase II - Innovative Infrastructure Financing, Infrastructure Planning, and Program Management Support, Subproject 1

CDTA 23-Jul-19 Infrastructure finance and investment funds

8.00 8.00

123 9615 Closed Sustainable Infrastructure Assistance Program - Municipal Bond Issuance and Infrastructure Finance, Subproject 16

CDTA 15-Oct-18 Infrastructure finance and investment funds

0.70 0.70

124 9333 Active Promoting Innovative Financial Inclusion CDTA 28-Jun-17 Finance sector development

1.40 1.40

125 9054 Closed Enhancing the Regulatory Framework of Financial Sector Development and Oversight

PATA 16-Dec-15 Money and capital markets

1.50 1.50 S (R, E, E)

LS

S (R, E, E)

LS 126 8753 Closed Strengthening Local Government Bond

Market CDTA 30-Oct-14 Finance sector

development 0.42 0.42 LS

127 8326 Closed Enhancing Financial Sector Governance,Risk Management, and Depth

CDTA 24-Jan-13 Finance sector development

1.00 1.00

128 8224 Closed Improving Access to Finance in Aceh and North Sumatra

CDTA 8-Nov-12 Inclusive finance 0.80 0.80 S


Lao People's Democratic Republic 129 8848 Closed Strengthening Access to Finance for

Micro,Small, and Medium-Sized Enterprises CDTA 17-Dec-14 Finance sector


52 Attachment 3


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

130 8182 Closed Implementing Regulatory Impact Assessment


0.75 0.75 HS

Subtotal 2.25 2.25

Malaysia 131 8014 Cancelled Supporting the Tenth Malaysia Plan, 2011–

2015 CDTA 15-Dec-11 Money and capital

markets 0.40 0.40

Subtotal 0.40 0.40

Myanmar 132 9026 Closed Strengthening Law, Regulation, and the

Legal Profession for a Better Investment Climate


2.75 2.75

133 8532 Closed Financial Sector Reforms CDTA 4-Dec-13 Finance sector development

1.58 1.58 S

Subtotal 4.33 4.33

Philippines 134 6667 Active Upgrading and Enhancing the Corporate

Registration System CDTA 10-Dec-20 Finance sector


135 9492 Active Islamic Finance for the Philippines CDTA 22-Dec-17 Finance sector development

0.55 0.55

136 9424 Active Institutionalizing Capital Market Reforms CDTA 21-Nov-17 Finance sector development

0.50 0.50

137 9166 Active Financial Inclusion Framework Strengthening

CDTA 31-Aug-16 Inclusive finance 0.95 0.95

138 8984 Active Support for the Nationwide Rollout of Jobstart Philippines


8.80 8.80

139 8718 Closed Strengthening Treasury Operations and Capital Market Reform


0.50 0.50 S

140 8608 Closed Capacity Development to Support Regulation and Oversight at the Insurance Commission

CDTA 13-Dec-13 Insurance and contractual savings

0.23 0.23

141 8495 Closed Strengthening Treasury's Liquidity Management

CDTA 10-Oct-13 Money and capital markets

0.21 0.21 S

142 8258 Closed Capacity Building for Microinsurance CDTA 11-Dec-12 Insurance and contractual savings

1.00 1.00 S

143 8037 Closed Developing a Public-Private Earthquake Pool in the Philippines


0.23 0.23 LS

144 8038 Closed Capacity Development of Financial Regulators


1.00 1.00 HS


Thailand 145 9010 Active Strengthening Specialized and Semi-Formal

Financial Institutions to Support Financial Inclusion


146 8768 Closed Advancing National Financial Literacy PATA 25-Nov-14 Inclusive finance 0.50 0.50 S

Attachment 3 53


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

147 7998 Closed Development of a Strategic Framework for Financial Inclusion

PATA 15-Dec-11 Inclusive finance 1.50

1.50

S

Subtotal 3.50 3.50

Viet Nam

148 9910 Active Joint Stock Commercial Bank for Investment and Development of Viet Nam: Mainstreaming Small and Medium-Sized Enterprises


0.75 0.75

149 8793 Closed Strengthening Financial Markets CDTA 12-Dec-14 Money and capital markets

0.60 0.60 LS

150 8587 Closed Supporting Microfinance Development PATA 12-Dec-13 Inclusive finance 0.60 0.60 S

151 8538 Closed Enhanding Financial Stability (Scoping) PATA 4-Dec-13 Finance sector development

0.23 0.23 S

152 8391 Closed Strengthening Microfinance Sector Operations and Supervision

CDTA 21-Jun-13 Inclusive finance 1.00 1.00 S

153 8184 Closed Supporting the Second Small and Medium-Sized Enterprises Development Program

PATA 4-Oct-12 Small and medium enterprise finance and leasing

0.80 0.80 S

154 8108 Closed Supporting Microfinance Development Program

PATA 5-Jul-12 Inclusive finance 0.50 0.50 S

Subtotal 4.48 4.48

Regional (Southeast Asia) 155 9924 Active Promoting an Interconnected, Inclusive, and

Resilient Association of Southeast Asian Nations Capital Market

CDTA 18-Dec-19 Money and capital markets

1.50 1.50

156 9621 Active Green and Innovative Finance Initiative for Scaling Up Southeast Asian Infrastructure

CDTA 25-Oct-18 Infrastructure finance and investment funds

6.50 6.50

157 9447 Active Capacity Bldg Support to the Asean Financial Integration Phase II

CDTA 6-Dec-17 Central banking systems

1.50 1.50

158 9058 Closed Capacity Building in Support of Monetary and Financial Integration of the Association of Southeast Asian Nations


0.85 0.85 HS

159 8321 Closed A Study of Bond Trading Costs Across Southeast Asia

PATA 22-Jan-13 Money and capital markets

0.08 0.08 S

160 8240 Closed Supporting Regional Project Development for Association of Southeast Asian Nations Connectivity


10.30 10.30 S (HR, E, E)

LS

161 8214 Closed Implementing Prudential Standards in Islamic Finance

PATA 13-Nov-12 Finance sector development

0.75 0.75 S

162 8040 Closed Master Plan on Asean Connectivity Implementation


0.98 0.98 LS

163 7969 Closed Promotion of Capital Market Instruments for Infrastructure Financing in the ASEAN


0.15 0.15 S


Regional

54 Attachment 3


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

164 6709 Active Enabling Close-out Netting in Derivatives Transactions and Use of International Standard Contracts in Financial Markets


0.23 0.23

165 6705 Active Technical Assistance for the Women s Financing Marketplace–Capacity Building, Subproject 3


166 6641 Active Support for ASEAN+3 Bond Market Forum under the Asian Bond Markets Initiative Medium-Term Road Map, 2019–2022

RDTA 7-Dec-20 Money and capital markets

1.80 1.80

167 6645 Active Strengthening Resilience and Stability of Banking and Nonbank Financial Systems in Asia

RDTA 7-Dec-20 Banking systems and nonbank financial institutions

0.75 0.75

168 6646 Active Technical Assistance for the Women's Financing Marketplace–Innovation and Technology, Subproject 2


169 6611 Active Technical Assistance for the Women’s Financing Marketplace–Design, Set-up, and Maintenance of Women’s Financing Marketplace, Subproject 1


170 6592 Active Building Financial Resilience and Stability to Reinvigorate Growth


1.30 1.30

171 6600 Active Support for Cross Border Settlement Infrastructure Forum under the new Asian Bond Markets Initiative Medium-Term Road Map

RDTA 18-Nov-20 Money and capital markets

0.50 0.50

172 6590 Active Technical Assistance to Strengthen Implementation of Gender Mainstreaming in Nonsovereign Investments, Subproject 1


173 6585 Active Impact Evaluation of Financial Technology Innovations in Selected Developing Member Countries

RDTA 30-Oct-20 Inclusive finance 0.50 0.50

174 6561 Active Strengthening the Enabling Environment for Disaster Risk Financing, Phase 2

CDTA 9-Sep-20 Insurance and contractual savings

1.00 1.00

175 6555 Active Supporting Microfinance and Lending Partner Financial Institutions in their COVID-19 and Post-pandemic Response

CDTA 1-Sep-20 Inclusive finance 0.50 0.50

176 6532 Active Promoting Digital Finance Solutions for Inclusive Finance among Partner Financial Institutions

CDTA 1-Jul-20 Finance sector development

1.00 1.00

177 9989 Active Developing Social Bond Market to Mobilize Resources in Containing Pandemics and Disasters

RDTA 9-Jun-20 Finance sector development

0.10 0.10

178 9957 Active Enhance AsianBondsOnline as the Primary Bond Information Platform in ASEAN+3

RDTA 11-Mar-20 Money and capital markets

2.00 2.00

Attachment 3 55


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

179 9953 Active Creating Ecosystems for Green Local Currency Bonds for Infrastructure Development in ASEAN+3


0.50 0.50

180 9937 Active Supporting Internationalization of Small and Medium-Sized Enterprises: Linking India and the Greater Mekong Subregion


3.00 3.00

181 9922 Active Strengthening Regional Cooperation and Knowledge Sharing on the Application of Technology in Financial Services

RDTA 19-Dec-19 Finance sector development

0.23 0.23

182 9917 Active Developing Insurance Markets for Sustainable and Resilient Societies in Asia and the Pacific


1.00 1.00

183 9863 Active Knowledge and Support in Sovereign Asset-Liability Management


0.75 0.75

184 9841 Active Debt Analytics and Technical Capacity Building

RDTA 30-Oct-19 Money and capital markets

1.50 1.50

185 9833 Active Building Community Resilience through Microfinance in Lagging Peri-Urban Settlements

CDTA 23-Oct-19 Inclusive finance 3.00 3.00

186 9746 Active Upgrading Asia Small and Medium Enterprise Monitor

RDTA 17-Jun-19 Small and medium enterprise finance and leasing

1.60 1.60

187 9744 Active Supporting the Implementation of ADB's Climate Change Operational Framework 2017–2030: Enhancing Financial Mechanisms to Develop Climate Actions of Developing Member Countries, Subproject 2


0.80 0.80

188 9718 Closed Developing an Accountability Mechanism Framework for Financial Intermediaries

PATA 7-Mar-19 Finance sector development

0.23 0.23 S HR, E, E)

LLS

S (R, LE, E)

LLS 189 9706 Active Developing Anti-Money Laundering and

Combating the Financing of Terrorism Approaches, Methodologies, and Controls, Subproject B

CDTA 11-Jan-19 Banking systems and nonbank financial institutions

2.00 2.00

190 9610 Active Promoting Investments and Economic Growth in Central and West Asia, East Asia, and South Asia Subregions


2.30

2.30

191 9537 Active Strengthening Regional Cooperation and Integration Knowledge Partnerships and Research Network in Asia and the Pacific

RDTA 25-Jun-18 Infrastructure finance and investment funds

0.50 0.50

192 9518 Active Sustainable Infrastracture for Asian and the Pacific

CDTA 1-May-18 Infrastructure finance and investment funds

2.20 2.28

193 9501 Active Capacity Building Support for Asia-Pacifc Economic Cooperation Financial Regulators Training Initiative

CDTA 12-Feb-18 Central banking systems

0.60 0.60

56 Attachment 3


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

194 9497 Active Strengthening Asia's Financial Safety Nets and Resolution Mechanisms

RDTA 29-Jan-18 Banking systems and nonbank financial institutions

0.50 0.50

195 9404 Active Supporting the Development of Asian Bond Markets through AsianBonds Online


1.50 1.50

196 9395 Active Support for Implementation of the Asia-Pacific Climate Finance Fund


0.95 0.95

197 9418 Active Loan Accounting and Servicing Workshops and e-Learning for DMCs


0.23 0.23

198 9364 Active Strengthening Financial Sector Operations in Asia and the Pacific

CDTA 30-Aug-17 Finance sector development

2.95 2.95

199 9303 Active Support for ASEAN+3 Bond Market Forum under the New Asian Bond Markets Initiative Medium-Term Road Map


1.60 1.60

200 9294 Closed Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3

RDTA 24-Jan-17 Money and capital markets

0.50 0.50 HS (HR, HE, HE) LS

S (R, LE, E) LS

201 9287 Closed Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies, and Controls Developing Risk-Based Customer Due Diligence Requirements and Tools, Subproject A


0.50 0.50

202 9197 Closed Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum

RDTA 30-Sep-16 Money and capital markets

0.50 0.50 HS (HR, HE,

HE) LS

HS (HR, E, E)

LS

203 9159 Active Legal Readiness for Climate Finance and Climate Investments

CDTA 16-Aug-16 Infrastructure finance and investment funds

1.27 1.27

204 9133 Active Strengthening Financial Inclusion through Responble Finance Practices

CDTA 8-Jul-16 Inclusive finance 1.95 1.95

205 9077 Active Enhancing Regional Capacity for Economic Surveillance and Financial Vulnerability Assessment

CDTA 8-Feb-16 Central banking systems

1.20 1.20

206 9067 Active Promoting Financial Inclusion through Financial Technology


207 9029 Active Asian Regional Forum on Investment Management of Foreign Exchange Reserves

CDTA 10-Dec-15 Central banking systems

1.50 1.10

208 9007 Closed Strengthening the Enabling Environment for Disaster Risk Financing, Phase 1

RDTA 2-Dec-15 Insurance and contractual savings

1.26 1.30

209 8973 Active Supporting the Asian Exim Banks Forum CDTA 5-Oct-15 Finance sector development

0.40 0.50

210 8947 Closed Enhancing the Capacity of the Asian Financial Sector through the Asia-Pacific

CDTA 25-Aug-15 Finance sector development

0.68 0.68 S

Attachment 3 57


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

Economic Cooperation Financial Regulators Training Initiative

211 8907 Closed Market Study for a Fund Focused on PPPs in Developing Asia

RDTA 16-Jun-15 Infrastructure finance and investment funds

0.10 0.10 S

212 8883 Active ADB Financial Products Workshop CDTA 24-Mar-15 Finance sector development

0.35 0.28

213 8861 Active Sustainable Financing of Small-Scale Agriculture in South Asia and Southeast Asia


214 8867 Closed Strengthening Disaster Resilience of Small and Medium Enterprises in Southeast Asia


0.23 0.23 S

215 8807 Active Promoting Capacity Building in Financial Institutions in Emerging Countries in Southeast Asia and the Pacific


0.75 0.75

216 8719 Closed Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies and Controls for Nonbanking Financial Institutions

RDTA 15-Sep-14 Banking systems and nonbank financial institutions

0.23 0.23 S

217 8700 Closed Study on SMEs and Trade Driven Productivity

RDTA 13-Aug-14 Small and medium enterprise finance and leasing

0.23 0.23 S

218 8679 Closed Asia SME Finance Monitor, Phase 2 RDTA 4-Jul-14 Small and medium enterprise finance and leasing

0.23 0.23

219 8659 Closed Targeted Pacific Financial Sector Strengthening: Supporting National Risk Assessments

PATA 28-May-14 Finance sector development

0.47 0.47

220 8643 Closed Implementation of Microfinance Industry's Client Protection Principles

CDTA 28-Apr-14 Inclusive finance 0.20 0.20 S

221 8635 Closed Support for ASEAN+3 Bond Market Forum: Regional Standardization of Bond Issuance Framework and Transaction Flows

PATA 8-Apr-14 Money and capital markets

1.23 1.23 HS

222 8629 Closed Strengthening the Capacity of Public Financial Institutions for Low Carbon, Climate Resilient Infrastructure and Technology Investment

CDTA 31-Mar-14 Finance sector development

0.20 0.20 S

223 8602 Closed Supporting the APEC in Public-Private Partnership for Infrastructure Financing

PATA 19-Dec-13 Money and capital markets

0.23 0.23 S

224 8561 Closed Thematic Self-Assessment and Peer Review of International Association of Insurance Supervisors Insurance Core Principles and Standards for Asia and the Pacific


1.00 1.00 S

225 8528 Closed Establishing Sound Microinsurance Markets in Asia and the Pacific


0.50 0.50 S

58 Attachment 3


Project Count

TA No.


Activity

Approval Date


Million)

Commitment Amount

($ Million)

TCR Rating

TCRV Rating

226 8510 Closed Developing Local Currency Bonds for Infra Finance In ASEAN+3


0.23 0.23 HS

227 8400 Closed Promoting Asian Bond Markets thru the Asianbonds Online Website

RDTA 8-Jul-13 Money and capital markets

1.50 1.50 S

228 8370 Closed Establishment of the International Public Asset Management Company Forum


0.50 0.50 S

229 8348 Closed Loan Accounting and Servicing Seminars and eC-LAS Enhancement for DMCs

CDTA 3-Apr-13 Finance sector development

0.20 0.20

230 8325 Closed Assessing the Financial Landscape and Formulating Milestone for Monetary Financial Integration

CDTA 7-Feb-13 Money and capital markets

0.75 0.75 HS

231 8300 Active Enhancing Regional Capacity for Risk Management


2.00 2.00

232 8265 Closed Capacity Building-Asia Finance and Risk Mitigation 2013


0.13 0.13 S

233 8316 Closed ADB-OECD Joint Study on Enhancing Financiall Accessibility for SMEs

RDTA 11-Dec-12 Small and medium enterprise finance and leasing

0.23 0.23 S

234 8250 Closed Improving Financial Inclusion in Asia and the Pacific

RDTA 6-Dec-12 Finance sector development

0.85 0.85 S

235 8275 Closed Support to the Pacific Pension Institute in the Strengthening Pension


0.23 0.23 S

236 8211 Closed Designing a Framework for the Asia SME Finance Monitor

RDTA 28-Sep-12 Small and medium enterprise finance and leasing

0.23 0.23 S

237 8049 Closed Harmonization of Bond Standards and Market Practices in ASEAN+3: Support for ASEAN+3 Bond Market Forum, Phase 2

PATA 13-Jan-12 Money and capital markets

1.20 1.20 HS

238 8012 Closed Enabling Climate Change Responses in Asia and the Pacific: Disaster Risk Financing for Total Climate Risk, Subproject 6


1.00 1.00 S

239 7911 Closed Broadening the Scope of Asian Bond Markets Initiative under ASEAN+3


0.15 0.15 S

240 7878 Closed AsianBondsOnline Website Project, Phase IV


1.50 1.50 S

241 7864 Closed Financial Regulatory Reforms in Asia RDTA 20-Sep-11 Finance sector development

0.80 0.80 S

242 7812 Closed Developing a Disaster Risk Financing Capability

PATA 23-May-11 Finance sector development

2.00 2.00 S

243 7805 Closed Strengthening Support for the Asia-Pacific Economic Cooperation Financial Regulators Training Initiative

CDTA 29-Apr-11 Finance sector development

1.17 1.17 HS


Total Approved Amount 274.72 278.61 96 7

Attachment 3 59


ADB = Asian Development Bank; ASEAN = Association of Southeast Asian Nations; ASEAN+3 = ASEAN with People’s Republic of China, Japan, and Republic of Korea; CAREC = Central Asia Regional Economic Cooperation Program; CDTA = capacity development technical assistance; COVID-19 = coronavirus disease; DMC = development member country; OECD = Organisation for Economic Co-operation and Development; PATA = policy and advisory technical assistance; PPP = public-private partnership; RDTA = research and development technical assistance; SME = small and medium enterprise; TA = technical assistance, TCR = TA completion report, TCRV = TCR validation report. Notes: Overall Rating: Highly successful (HS), Successful (S), Less than successful (LS), US = unsuccessful.

Relevance Rating: Highly relevant (HR), Relevant (R), Less than relevant (LR), Irrelevant (IR). Effectiveness Rating: Highly effectiveness (HE), Effective (E), Less than effective (LE), Ineffective (IE). Efficiency Rating: Highly efficient (HE), Efficient (E), Less than efficient (LE), Inefficient (IE). Sustainability Rating: Most likely sustainable (MS), Likely sustainable (LS), Less likely sustainable (LLS), Unlikely sustainable (US). Difference in approved and commitment amounts is due to exchange rate adjustments and/or change in government’s funding needs.

60 Attachment 4


Validated or Evaluated Projects during PCR/XARR Year 2011–2020

A. Sovereign Loans and Grants

Project Count

Loan/ Grant

Number and

Type

Loan Title Approval

Date Date

Closed Subsector

Approved Amount

($ Million)

Commitment Amount

($ Million)

Source of Rating

Overall R EFFE EFFI S

Central and West Asia Afghanistan

1

G-0067 Program

Private Sector and Financial Market Development Program

14-Dec-06 13-Apr-09 Finance sector development

56.00 56.00 PCR PVR

LS LS

R R

LE LE

LE LE

LLS LLS

G-0068 Project

Supporting Private Sector and Financial Market Reforms

14-Dec-06 28-Jan-11 Finance sector development

4.00 4.00

Armenia

2

L-2922 Program

Women's Entrepreneurship Support Sector Development Program

25-Oct-12 17-Dec-15 Small and medium enterprise finance and leasing

20.00 20.04 PCR PVR

S LS

R R

E E

LE LE

LS LLS

L-2923 DFI

Women's Entrepreneurship Support Sector Development Program

25-Oct-12 14-Mar-18 Small and medium enterprise finance and leasing

20.00 20.04

Kazakhstan

3

L-3093 DFI

MFF: Small and Medium Enterprise Investment Program, Tranche 2

13-Dec-13 09-Nov-16 Small and medium enterprise finance and leasing

122.00 122.00 PCR PVR

LS LS

LR LR

LE LE

E LE

LLS LLS

4

L-2689 DFI

MFF: Small and Medium Enterprise Investment Program, Tranche 1

04-Nov-10 27-Jun-14 Small and medium enterprise finance and leasing

150.00 150.9 PCR PVR

S LS

R R

LE LE

E E

LS LLS

Kyrgyz Republic

5

G-0563 Program

Second Investment Climate Improvement Program, Subprogram 3

18-Dec-17 02-Nov-18 Finance sector development

25.00 25.00 PCR PVR

S S

R R

E E

E E

LS LS

L-3410 Program


29-Jul-16 30-Dec-16 Finance sector development

12.50 12.37

G-0487 Program


29-Jul-16 30-Dec-16 Finance sector development

12.50 25.00

Attachment 4 61


Proj. Count

Loan/ Grant

Number and

Type

Loan Title Approval

Date Date

Closed Subsector

Approved Amount

($ Million)

Commitment Amount

($ Million)

Source of Rating

Overall R EFFE EFFI S

Pakistan

6 L-2340 Program

Second Generation of Capital Market Reform Program

31-Jul-07 12-Jul-11 Money and capital markets

400.00 400.00 PCR PVR

LS LS

R R

LE LE

LE LE

LLS LLS

7 L-2335 Program

Earthquake Displaced People Livelihood Restoration Program

27-Jun-07 05-May-08 Housing finance 400.00 399.92

PCR PVR

S S

R R

LE LE

E E

MS LS

8 L-2270 Program

Private Participation in Infrastructure Program

31-Oct-06 28-Jun-10 Infrastructure finance and investment funds

400.00 400.00

PCR PVR

S LS

R R

E LE

LE LE

LS LLS

9 L-2229 TA

TA Loan for Megacity Development

02-Feb-06 13-Aug-09 Infrastructure finance and investment funds

10.00 10.40

PCR PVR

US US

LR IR

IE IE

IE IE

US US

Tajikistan

10

L-2271 Project

Sustainable Cotton Subsector Project

03-Nov-06 07-Jan-13 Inclusive finance 5.50 5.57 PCR PVR

LS LS

R LR

LE LE

LE LE

LLS LLS

G-0061 Project

Sustainable Cotton Subsector 03-Nov-06 07-Jan-13 Inclusive finance 6.50

6.50

Uzbekistan

11

L-3271 DFI

MFF: Housing for Integrated Rural Development Investment Program, Tranche 3

20-Aug-15 08-Feb-17 Housing finance 100.00 100.00 PCR PPER

S LS

R LR

E LE

E E

LS LLS

L-3039 DFI

MFF: Housing for Integrated Rural Development Investment Program-Project

01-Oct-13 31-May-17 Housing finance 200.00 200.00

L-2775 DFI

Housing for Integrated Rural Development Investment Program, Tranche 1

09-Sep-11 10-Dec-15 Housing finance 200.00 200.00

12 L-3043 Credit line

Small Business and Entrepreneurship Development Project

01-Oct-13 20-Jan-16 Inclusive finance 50.00 50.00 PCR PVR

S S

R R

HE E

E E

LS LS

13 L-2634 Credit line

Second Small and Microfinance Development Project

21-Apr-10 28-Apr-14 Inclusive finance 50.00 50.00 PCR PPER

S S

R R

LE LE

E E

LS LS

14 L-1963 DFI

Small and Microfinance Development Project

09-Dec-02 31-May-11 Inclusive finance 20.00 20.00 PCR PVR

S LS

R LR

E LE

E E

LLS LLS

East Asia China, People’s Republic of

15

L-2773 DFI

MFF: Guangdong Energy Efficieny and Environment Improvement Investment Program, Tranche 3

05-Sep-11 12-Dec-13 Infrastructure finance and investment funds

42.94 42.94 PCR PVR

HS HS

HR HR

HE HE

E E

MS MS

16 L-2771 DFI

Energy Efficiency and Emission Reduction Project in Shandong Province

18-Aug-11 19-Sep-17 Infrastructure finance and investment funds

100.00 100.00 PCR PVR

S S

HR R

E E

HE E

LS LS

62 Attachment 4


Proj. Count

Loan/ Grant

Number and

Type

Loan Title Approval

Date Date

Closed Subsector

Approved Amount

($ Million)

Commitment Amount

($ Million)

Source of

Rating Overall R EFFE EFFI S

Mongolia

17 L-2301 DFI

Urban Development Sector Project

19-Dec-06 18-Dec-15 Housing finance 3.14 3.10 PCR PVR

S S

HR R

E E

E E

LS LLS

18 L-2218 Program

Financial Regulation and Governance Program

15-Dec-05 30-Jun-10 Finance sector development

10.00 10.15 PCR PVR

LS LS

R R

LE LE

LE LE

LS LLS

Pacific Islands Papua New Guinea

19 L-1768 Project

Microfinance and Employment Project

19-Oct-00 18-Nov-10 Inclusive finance 9.60 9.51 PCR PVR

S S

R R

HE E

LE LE

LS LS


20

L-2951 Program

Second Capital Market Development Program

28-Nov-12 05-Apr-13 Money and capital markets

95.00 95.00 PCR PVR

S S

HR HR

E E

E E

LS LS

L-2952 Program


28-Nov-12 18-Dec-14 Money and capital markets

155.00 156.19

L-2953 Program


28-Nov-12 18-Dec-14 Money and capital markets

50.00 50.38

21

G-0253 Project

Public-Private Infrastructure Development Facility (Supplement)

17-May-11 01-Oct-15 Infrastructure finance and investment funds

1.30 1.30 PCR PVR

S S

R R

LE LE

E E

LS LS

G-0254 Project

Public-Private Infrastructure Development Facility (Supplement)

17-May-11 21-Jul-14 Infrastructure finance and investment funds

2.00 2.00

L-2453 DFI

Public-Private Infrastructure Development Facility

02-Oct-08 21-Jul-14 Infrastructure finance and investment funds

83.00 80.52

L-2454 DFI

Public-Private Infrastructure Development Facility

02-Oct-08 22-Jan-18 Infrastructure finance and investment funds

82.00 82.00

22

L-2549 DFI

Small and Medium Sized Enterprise Development Project

17-Sep-09 22-Jul-14 Small and medium enterprise finance and leasing

76.00 77.60 PCR PVR

S S

R R

E E

E E

LS LS

23 L-2232 TA

Improvement of Capital Market and Insurance Governance Project

09-Mar-06 19-May-13 Insurance and contractual savings

3.00 3.15 PCR PVR

S S

R R

E E

LE LE

LS LS

24 L-1782 Project

Northwest Crop Diversification Project

21-Nov-00 12-Jan-10 Inclusive finance

46.30 46.04 PCR PVR

S S

HR R

E E

HE HE

LS LS

India

Attachment 4 63


Proj. Count

Loan/ Grant

Number and

Type

Loan Title Approval

Date Date

Closed Subsector

Approved Amount

($ Million)

Commitment Amount

($ Million)

Source of


25

L-2617 DFI

Micro,Small and Medium Enterprise Development Project

26-Feb-10 30-Jun-15 Small and medium enterprise finance and leasing

50.00 50.00 PCR PVR

LS LS

LR LR

LE LE

LE LE

LS LLS

26

L-2509 DFI

MFF: India Infrastructure Project Financing Facility, Project 2

24-Feb-09 26-Aug-11 Infrastructure finance and investment funds

200.00 200.00 PCR PVR

HS S

HR R

HE E

HE E

LS LS

L-2404 DFI

MFF: India Infrastructure Project Financing Facility, Project 1

20-Dec-07 15-Jan-10 Infrastructure finance and investment funds

300.00 300.00

27 L-2281 Program

Rural Cooperative Credit Restructuring and Development Program

08-Dec-06 30-Jun-13 Inclusive finance 1,000.00 1,000.00 PCR PVR

LS LS

R LR

LE LE

LE LE

LLS LLS

28

L-1968 DFI

State Power Reform Project 12-Dec-02 05-Sep-08 Infrastructure finance and investment funds

150.00 150.00 PCR PVR

LS US

LR LR

LE IE

IE IE

LS LLS

Maldives

29

L-2867 Project

Inclusive Micro,Small and Medium-Sized Enterprise Development Project

25-May-12 11-Jan-19 Small and medium enterprise finance and leasing

5.57 5.61 PCR PVR

S S

R R

E E

LE LE

LS LS

G-0290 Project

Inclusive Micro,Small and Medium-Sized Enterprise Development Project

25-May-12 08-Apr-19 Small and medium enterprise finance and leasing

4.45 4.45

Nepal

30

L-2641 Program

Rural Finance Sector Development Cluster Program, Subprogram 2

18-Jun-10 18-Aug-15 Finance sector development

60.40 60.19 PCR PVR

S S

R R

E E

LE E

LS LS

G-0208 Project

Second Rural Finance Sector Development Project

18-Jun-10 14-Jan-16 Finance sector development

12.10 12.10

31

L-2268 Program

Rural Finance Sector Development Cluster Program

26-Oct-06 20-Dec-07 Finance sector development

56.00 55.93 PCR PVR

S S

HR R

E E

LE LE

LS LS

G-0059 Project

Rural Finance Sector Development Cluster Program

26-Oct-06 21-Sep-12 Finance sector development

8.70 2.40

64 Attachment 4


Proj. Count

Loan/ Grant

Number and

Type

Loan Title Approval

Date Date

Closed Subsector

Approved Amount

($ Million)

Commitment Amount

($ Million)

Source of


32 L-1811 Project

Corporate and Financial Governance Project

14-Dec-00 15-Jun-09 Finance sector development

7.30 7.46 PCR PVR

US US

LR LR

LE LE

IE IE

LLS LLS

Sri Lanka

33

L-2381 Credit Line

Small and Medium Enterprise Regional Development

06-Dec-07 15-Aug-12 Small and medium enterprise finance and leasing

50.00 51.03 PCR PVR

S S

R R

E LE

E E

LS LS

34

L-2138 Program

Financial Markets Program for Private Sector Development

15-Dec-04 28-Oct-10 Finance sector development

60.00 60.00 PCR PVR

S S

R R

E E

LE LE

LS LS

L-2139 TA

TA for Financial Markets Program for Private Sector Development

15-Dec-04 13-Sep-11 Finance sector development

5.00 5.09

35

L-2040 Program

Rural Finance Sector Development Program

11-Dec-03 30-Jun-08 Banking system 50.00 50.00 PCR PVR

US LS

nr LR

nr LE

nr LE

nr LLS

L-2041 Credit Line

Rural Finance Sector Development Project

11-Dec-03 30-Jan-09 Banking system 10.00 10.00 PCR PVR

LS LS

LR LR

LE LE

LE LE

LLS LLS

L-2042 Project


11-Dec-03 14-Feb-12 Banking system 10.00 10.48

36

L-1913 Project

Plantation Development Project

13-Sep-02 22-Feb-10 Infrastructure finance and investment funds

20.00 19.88 PCR PPER

S LS

R LR

E LE

E LE

LS LLS

L-1914 DFI

Plantation Development Project

13-Sep-02 26-Nov-09 Infrastructure finance and investment funds

10.00 9.52

37

L-1849 Project

Southern Province Rural Economic Advancement Project

26-Oct-01 05-Aug-10 Small and medium enterprise finance and leasing

25.00 24.34 PCR PVR

S LS

HR R

E LE

E E

LLS LLS

Southeast Asia Indonesia

38 L-2895 Program

Financial Market Development and Integration Program

21-Sep-12 31-Dec-12 Money and capital markets

300.00 300.00 PCR PVR

S LS

R R

LE LE

E E

LS LLS

39

L-2577 Program

Capital Market Development Program Cluster, Subprogram 2

16-Nov-09 31-Mar-10 Finance sector development

300.00 300.00 PCR PPER

S S

R R

E E

E E

LS LS

L-2379 Program

Capital Market Development Program Cluster, Subprogram 1

10-Dec-07 31-Mar-08 Insurance and contractual savings

300.00 300.00

Attachment 4 65


Proj. Count

Loan/ Grant

Number and

Type

Loan Title Approval

Date Date

Closed Subsector

Approved Amount

($ Million)

Commitment Amount

($ Million)

Source of


40 L-2516 DFI

Indonesian Infrastructure Financing Facility Company Project

31-Mar-09 31-Dec-14 Finance sector development

100.00 100.00 PCR PVR

S S

HR HR

E E

E E

LS LS

41 L-2072 DFI

Neighborhood Upgrading And Shelter Sector Project

19-Dec-03 31-May-11 Housing Finance 17.10 0.76 PCR PVR

S S

R R

E E

E E

LS LS

42 L-1909 Project

Poor Farmer Income Improvement through Innovation Project

15-Aug-02 05-Jan-11 Inclusive finance 56.00 57.37 PCR PVR

HS S

HR R

HE HE

E E

MS LS

Lao People’s Democratic Republic

43

L-2252 Program

Rural Finance Sector Development Program

17-Aug-06 29-Jul-10 Finance sector development

7.68 7.66 PCR PVR

S S

HR R

E E

E E

LS LS

G-9095 Project

Catalyzing Microfinance for the Poor

17-Aug-06 22-Apr-13 Inclusive finance 1.98 1.98

G-9096 Project

Upgrading of ICT and MIS at the Agriculture Promotion Bank

17-Aug-06 30-Jun-11 Banking Systems 0.47 0.47

L-2253 Project


17-Aug-06 12-Oct-12 Finance sector development

2.32 2.31 PCR PVR

S LS

HR R

LE LE

LE LE

LLS LLS

44 L-1946 Program

Banking Sector Reform Program

28-Nov-02 31-Mar-09 Banking system 15.00 15.61 PCR PVR

LS LS

LR LR

LE LE

LE LE

LS LLS

Philippines

45

L-3595 Program

Encouraging Investment through Capital Market Reforms Program, Subprogram 2

21-Nov-17 15-Feb-19 Finance sector development

300.00 300.00 PCR PVR

S S

R R

E LE

E E

LS LS

L-3334 Program

Encouraging Investment through Capital Market Reforms Program, Subprogram 1

26-Nov-15 31-Aug-16 Finance sector development

300.00 300.00

46

L-2715 Program

Financial Market Regulation and Intermediation Program, Subprogram 2

07-Dec-10 15-Apr-12 Money and capital markets

200.00 200.00 PCR PVR

S LS

R R

E LE

LE LE

LS LS

L-2278 Program

Financial Market Regulation and Intermediation Program

06-Dec-06 22-Dec-06 Finance sector development

200.00 200.00

47

L-2515 DFI

Credit for Better Health Care Project

25-Mar-09 19-Aug-15 Infrastructure finance and investment funds

50.00 46.12 PCR PVR

LS LS

LR LR

LE LE

LE LE

LS LS

G-0148 Project

Enhancing Midwives' Entrepreneurial and Financial Literacy

25-Mar-09 13-Nov-13 Inclusive Finance 0.40 0.40

48 L-2186 Small and Medium Enterprise

Development Support Project 29-Sep-05 13-Feb-09 Small and

medium 25.00 22.92 PCR

PVR S S

R R

E E

HE E

LS LS

66 Attachment 4


Proj. Count

Loan/ Grant

Number and

Type

Loan Title Approval

Date Date

Closed Subsector

Approved Amount

($ Million)

Commitment Amount

($ Million)

Source of


Credit Line


49 L-2063 DFI

Development of Poor Urban Communities Sector Project

18-Dec-03 10-Jun-10 Housing Finance 20.70 4.24 PCR PVR

LS S

R R

LE LE

LE E

LS LS

50 L-1843 DFI

Mindanao Basic Urban Services Sector

27-Sep-01 18-Nov-09 Infrastructure finance and investment funds

30.00 28.75 PCR PVR

LS LS

R R

LE LE

LE LE

LS LLS

Viet Nam

51

L-3335 Program

Financial Sector Deepening Program, Suprogram 2

26-Nov-15 31-Mar-16 Finance sector development

100.00 99.10 PCR PVR

S S

HR R

E E

E E

MS LS

L-3081 Program

Financial Sector Deepening Program, Subprogram 1

06-Dec-13 18-Aug-14 Finance sector development

45.00 44.72

52

L-3213 Program

Microfinance Development Program, Subprogram 2

09-Dec-14 30-Sep-15 Finance sector development

50.00 46.92 PCR PVR

S S

HR R

E E

E E

LS LS

L-2877 Program

Microfinance Development Program, Subprogram 1

05-Jul-12 31-Mar-13 Inclusive finance 40.00 39.47

53

L-3050 Program

Second Small and Medium-Sized Enterprises Development Program, Subrogram 2

23-Oct-13 18-Aug-14 Small and medium enterprise finance and leasing

50.00 50.50 PCR PVR

S S

HR R

E E

E E

MS LS

L-2680 Program

Second Small and Medium-Sized Enterprises Development Program, Subprogram 1

18-Oct-10 15-Jul-11 Small and medium enterprise finance and leasing

40.00 40.65

54

L-2707 Program

Third Financial Sector Program Loan, Subprogram 2

29-Nov-10 15-Jul-11 Money and capital markets

60.00 58.62 PCR PVR

LS LS

R R

LE LE

LE LE

LS LS

L-2377 Program

Third Financial Sector Program Loan, Subprogram 1


75.00 75.55

55

L-2118 Program

Second Financial Sector Program Loan II, Subprogram II


35.00 36.46 PCR PVR

S S

HR R

E E

E E

LS LS

L-1932 Program

Second Financial Sector Program, Subprogram I

20-Nov-02 08-Dec-04 Finance sector development

50.00 51.64

56 L-1990 DFI

Housing Finance Project 20-Dec-02 03-May-12 Housing finance 30.00 31.32 PCR PVR

S LS

R R

LE LE

E LE

LS LLS

DFI = development finance institution, EFFE = effectiveness, EFFI = efficiency, G = grant, ICT = information and communication technology, IED = Independent Evaluation Department, L = loan, MFF = multiranche financing facility, MIS = management information system, nr = no rating, PCR = project completion report, PPER = project performance evaluation report, PVR = PCR validation report, R = relevance, S = sustainability. Notes Overall Rating: Highly successful (HS), Successful (S), Less than successful (LS), US = unsuccessful; Relevance Rating: Highly relevant (HR), Relevant (R), Less than relevant (LR), Irrelevant (IR); Effectiveness Rating: Highly effectiveness (HE), Effective (E), Less than effective (LE), Ineffective (IE); Efficiency Rating: Highly efficient (HE), Efficient (E), Less than efficient (LE), Inefficient (IE); Sustainability Rating: Most likely sustainable (MS), Likely sustainable (LS), Less likely sustainable (LLS), Unlikely sustainable (US). Difference in approved and commitment amounts is due to exchange rate adjustments and/or change in government’s funding needs.

Attachment 4 67


B. Nonsovereign Investments

Project Count

Inv. No.

Company (Project Name)

Approval Date

Subsector XARR Rating IED Rating Approved

Amount ($ Million)

Commitment Amount

($ Million) DR

ADB ADD

ADB IP

ADB WQ

Overall Rating

DR ADB ADD

ADB IP

ADB WQ

Overall Rating

Central and West Asia

Afghanistan

1 7215 Afghanistan Renewal Fund Limited

28-Jul-05 Infrastructure finance and investment funds

NR LS U LS U U LS U LS U 5.50 0.50

2 7202

Telecom Development Company Afghanistan B. V.

04-Nov-04 Infrastructure finance and investment funds

E E S S HS E E S S HS 35.00 35.0

3 7201 Afghanistan Investment Guarantee Facility

24-Sep-04 Finance Sector Development

LS LS LS S LS LS LS LS LS LS 10.00 2.50

4 7199 Afghanistan International Bank

13-May-04

Banking Systems and Nonbank Financial Institutions

NR S E S HS S S E E HS 2.60 2.60

Armenia

5 7343 ACBA Credit Agricole Bank (SME Finance Program)


S S S S S S S S LS S 20.00 20.00

6 7344 Ameriabank (SME Finance Program)


S S S S S S S S S S 20.00 20.00

7 7345 Ardshinininvestbank (SME Finance Program)


S S S S S S S S S S 15.00 15.00

8 7346 Inecobank (SME Finance Program)


S S S S S S S S S S 10.00 10.00

9 7264 Inecobank 22-Oct-07 Inclusive Finance S S S S S S S S LS S 3.00 3.00 Azerbaijan

10 7441

Demir Bank (Supporting Micro, Small, and Medium-Sized Enterprises)

10-Dec-14 Finance Sector Development

U S U S U U U U S U 20.00 20.00

11 7266 International Bank of Azerbaijan

05-Nov-07


S S S S S LS LS S LS LS 40.00 20.00

12 7258 Bank of Baku 01-Aug-07


E S S S S S S S S S 6.00 6.00

68 Attachment 4


Project Count

Inv. No.


Approval Date


Amount ($ Million)

Commitment Amount

($ Million) DR

ADB ADD

ADB IP

ADB WQ

Overall Rating

DR ADB ADD

ADB IP

ADB WQ

Overall Rating

13 7229 Accessbank 30-Mar-06 Small and Medium Enterprise Finance and Leasing

E S S S HS E LS S S HS 4.00 4.00

Georgia

14 7379

TBC Bank of Georgia (Promoting Financial Sector Growth and Diversity)

14-Jan-13


S S S S S S LS S S S 50.00 50.00

15 7260 Bank of Georgia 02-Aug-07


S S S S S S S S S S 25.00 25.00

Kazakhstan

16 7255 JSC Bank CenterCredit

27-Jun-07


S S S S S LS S S LS LS 50.00 50.00

17 7249 JSC Kazkommertsbank (KKB)

22-Mar-07


LS S S LS LS LS S LS LS LS 100.00 100.00

18 7246 Alliance Bank JSC 10-Oct-06


S E S E S LS E S S LS 100.00 50.00

19 7235 JSC Alliance Bank 15-Jun-06


LS S U S U LS S U LS U 50.00 50.00

20 7236 Bank TuranAlem JSC (BTA)

15-Jun-06


LS S U LS U LS S U LS U 75.00 75.00

Kyrgyz Republic

21 7350 Kyrgyz Investment and Credit Bank (SME Finance)

17-Jan-12


S S S S S S S S S S 10.00 10.00

Pakistan

22 7257 JS Private Equity Fund I LLC


U LS U LS U U LS U LS U 20.00 11.00

23 7190 Citibank N.A. 19-Dec-03 Small and Medium Enterprise Finance and Leasing

U LS U LS U U LS U U U 20.00 20.00

East Asia

Attachment 4 69


Project Count

Inv. No.


Approval Date


Amount ($ Million)

Commitment Amount

($ Million) DR

ADB ADD

ADB IP

ADB WQ

Overall Rating

DR ADB ADD

ADB IP

ADB WQ

Overall Rating

China, People's Republic of

24 7413*

Industrial Bank Financial Leasing Company (Clean Bus Leasing)


S S S S S LS LS S LS LS 100.00 100.18

25 7380* Far East Horizon (Clean Bus Leasing)


S S S S S LS LS S LS LS 100.00 100.00

26 7404 Everbright Financial Leasing (Clean Bus Leasing)


S S S S S LS LS S S LS 75.00 73.73

27 7296

China Everbright Environmental Energy Limited (Municipal Waste to Energy Project)

04-Jun-09 Infrastructure finance and investment funds

S S S E S E E S E HS 100.00 100.00

28 7279

Dalkia Asia Pte. Ltd. [Dalkia Asia] and local partners (Municipal District Energy Infrastructure Development Project)


S S S S S LS LS S S LS 200.00 137.67

29 7270

HNA Airport [Holding] Group Co. Ltd. (Central and Western Airports Development Project)

11-Dec-07 Infrastructure finance and investment funds

NR S S S S S S S S S 210.00 108.51

30

7200 Credit Orienwise Group Limited

09-Feb-07 Money and Capital Markets

U U U LS U U U U U U 2.42 2.42

7200 Credit Orienwise Group Limited

31-Aug-04 Money and Capital Markets

U U U LS U U U U U U 10.00 10.00

31 7244

China Gas Holdings Limited (Municipal Natural Gas Infrastructure Development Project, Phase 1)

30-Aug-06 Infrastructure finance and investment funds

NR E S NR E E E S S S 75.00 70.00

32 7240 Hangzhou City Commercial Bank Co., Ltd.

27-Jul-06


S S E S S S S E S S 30.00 27.64

33 7219* Bank of China 04-Oct-05


E S E S E S LS E S S 75.00 73.74

70 Attachment 4


Project Count

Inv. No.


Approval Date


Amount ($ Million)

Commitment Amount

($ Million) DR

ADB ADD

ADB IP

ADB WQ

Overall Rating

DR ADB ADD

ADB IP

ADB WQ

Overall Rating

34 7204 Actis China Fund 2 LP


E S E S HS E S E S HS 45.00 45.00

35 7196 Yangtze Special Situations Fund

19-Mar-04 Infrastructure finance and investment funds

U LS U U U U LS U U U 45.00 22.3

36 7179 China Environment Fund 2002, LP

29-Oct-02 Infrastructure finance and investment funds

S S S LS S S S LS LS S 10.00 3.00

Mongolia

37 7410

Khan Bank (Supporting Micro, Small, and Medium-Sized Enterprises)



38 7401

XacBank (Supporting Micro, Small, Medium-Sized Enterprises and Leasing Finance)

12-Dec-13


S S S S S LS S S LS LS 30.00 30.00

39 7402

TenGer Financial Group (Supporting Micro, Small, Medium-Sized Enterprises and Leasing Finance)

12-Dec-13



40 7259 Khan Bank 01-Aug-07


S S S S S S LS S S S 10.00 10.00

South Asia

India

41 7473

PNB Housing Finance Limited (Low-Cost Affordable Housing Finance)

15-Dec-15 Housing Finance S S S S S S S S S S 150.00 150.00

42 7468 RBL Bank (Supporting Financial Inclusion)


S E E S S S S LS S S 151.00 151.00

43 7427

Dewan Housing Finance Corporation (Low-Cost Affordable Housing Finance)

18-Nov-14 Housing Finance LS LS S S LS LS LS S LS LS 125.00 125.00

44 7428 Axis Bank Limited (Strengthening Rural Financial Inclusion

18-Nov-14 Finance Sector Development

S E S S S S LS S LS S 200.00 200.00

Attachment 4 71


Project Count

Inv. No.


Approval Date


Amount ($ Million)

Commitment Amount

($ Million) DR

ADB ADD

ADB IP

ADB WQ

Overall Rating

DR ADB ADD

ADB IP

ADB WQ

Overall Rating

and Farmer Access to Markets Project)

45 7429*

YES Bank Limited (Strengthening Rural Financial Inclusion and Farmer Access to Markets Project)

18-Nov-14 Finance Sector Development

S E S S S LS LS LS LS LS 200.00 200.00

46 7360 Credit Enhancement of Project Bonds

20-Sep-12 Money and Capital Markets

S S LS S S S E LS S S 128.00 14.59

47 7301 Export-Import Bank of India [Eximbank]

30-Sep-09 Small and Medium Enterprise Finance and Leasing

LS S LS LS LS U LS LS LS U 100.00 100.00

48 7242 NTPC Ltd. (NTPC Capacity Expansion)


S S S S S S S S S S 75.00 75.00

49 7234 Blue River Capital I, L.L.C.


LS S U LS LS LS S U LS LS 20.00

16.50

50 7228 IDFC Private Equity Fund II

01-Feb-06 Infrastructure finance and investment funds

LS LS U LS LS LS LS U LS LS 45.00

45.00

51 7223 BTS India Private Equity Fund


S U U LS LS LS U U LS LS 15.00

15.00

52 7205 Baring India Private Equity Fund


U S U LS U U S U LS U 20.00

17.00

53 7181 Henderson Infrastructure Fund Ltd. Liability Co.


NR LS U LS U U LS U U U 15.00 15.00

54 7138 Infrastructure Development Finance Co. Ltd

14-Oct-97 Infrastructure finance and investment funds

E S E E HS E S E S HS 15.46 15.46

Maldives

55 7274 Housing Development Finance Corporation of the Maldives

09-Apr-08 Housing Finance S S S S S S S S S S 12.00 12.00

56 7250 Maldives Finance Leasing Company Pvt. Limited


S S S E S LS S S S LS 4.50 4.50

Sri Lanka

57 7457 LOLC Finance [Senior Loan]


S S S S S S LS S LS S 30.00 30.00

72 Attachment 4


Project Count

Inv. No.


Approval Date


Amount ($ Million)

Commitment Amount

($ Million) DR

ADB ADD

ADB IP

ADB WQ

Overall Rating

DR ADB ADD

ADB IP

ADB WQ

Overall Rating

58 7458 LOLC Micro Credit [Senior Loan]


E S S S S S LS S LS S 25.00 25.00

59 7434

Hatton National Bank (Supporting Infrastructure Development)


S S S S S S S S S S 75.00 75.00

60 7382 Nations Trust Bank 06-Feb-13


S S S S S S S S LS S 15.00 15.00

61 7359* DFCC Vardhana Bank

29-Aug-12 Housing Finance S S S S S S S S S S 15.00 15.00

62 7269 People's Leasing Company Limited


S S LS S S S S LS LS S 10.00 10.00

63 7269 Commercial Leasing Company Limited


E E E S S E E E LS S 7.50 7.50

64 7251 Lanka ORIX Leasing Company Limited


S LS S S S S LS S LS S 10.00 10.00

Regional (South Asia)

65 7233 Aureos South Asia Fund, L.L.C.


S LS U LS LS LS U U LS LS 17.50

17.50

Southeast Asia

Cambodia

66 7399 ACLEDA Bank Plc (Promoting Financial Inclusion)

10-Dec-13


S S S S S S S S LS S 75.00 75.00

Indonesia

67 7298* Indonesian Infrastructure Financing Facility

31-Mar-09 Money and Capital Markets

NA NA NA NA NA LS S LS LS LS 40.00 40.00

68 7282 Bank Mandiri [Persero]

29-Jul-08


S S S S S S S S S S 75.00 75.00

69 7262

PT PAM Lyonnaise Jaya [PALYJA] (West Jakarta Water Supply Project)

31-Aug-07 Infrastructure finance and investment funds

NR E S E S S S S S S 50.00 50.00

70 7239 Deutsche Bank AG 26-Jul-06 Money and Capital Markets

LS S S LS LS LS S S LS LS 10.00 10.00

Attachment 4 73


Project Count

Inv. No.


Approval Date


Amount ($ Million)

Commitment Amount

($ Million) DR

ADB ADD

ADB IP

ADB WQ

Overall Rating

DR ADB ADD

ADB IP

ADB WQ

Overall Rating

Malaysia

71 7268 Eucalypt Mortgages Sdn. Bhd.

15-Nov-07 Housing Finance S S S S S LS S S LS LS 10.00 10.00

Philippines

72 7451

AP Renewables, Inc. (Tiwi and MakBan Geothermal Power Green Bonds)

02-Jul-15 Money and Capital Markets

S E S S S S E S S S 221.81 221.81

73 7218* Security Bank Corporation

29-Sep-05 Small and Medium Enterprise Finance and Leasing

LS S LS LS LS U LS LS U U 10.50 2.10

74 7212 Cameron Grandville Asset Management Inc.

24-Jun-05 Money and Capital Markets

S S S S S S S S S S 5.00 4.95

75 7221 Bahay Financial Services, Inc.

17-Dec-04 Housing Finance S E S S S S E S LS S 1.00 0.16

76 7193 LGU Guarantee Corporation

19-Jan-04 Finance Sector Development

S NR S S S S E E S S 2.00 1.36

Thailand

77 7171 Lombard Thai Fund 07-Sep-01 Infrastructure finance and investment funds

S S S LS S S S S LS S 25.00 25.00

78 7156 Thailand Recovery Fund LLC


NR S U S U U S U LS U 25.00 12.50

Viet Nam

79 7289 Saigon Thuong Tin Bank [Sacombank]


S E S S S S S S S S 25.00 25.00

Regional (Southeast Asia)

80 7231 Mekong Enterprise Fund II

31-May-06 Infrastructure finance and investment funds

S S E S S S S E S S 10.00

9.00

81 7209 Aureos South-East Asia Fund


E S E S E S S S S S 20.00 20.00

82 7170 Mekong Enterprise Fund

07-Sep-01 Infrastructure finance and investment funds

S E LS NR S LS S U LS LS 5.00 4.00

Regional

83 7318 Asia Water Fund 16-Nov-10 Infrastructure finance and investment funds

U U U LS U U U U LS U 20.00 17.27

84 7292 Asia Clean Energy Fund (Asian Clean

17-Apr-08 Infrastructure finance and investment funds

U U U LS U U U U LS U 20.00 13.48

74 Attachment 4


Project Count

Inv. No.


Approval Date


Amount ($ Million)

Commitment Amount

($ Million) DR

ADB ADD

ADB IP

ADB WQ

Overall Rating

DR ADB ADD

ADB IP

ADB WQ

Overall Rating

Energy Private Equity Funds)

85 7294

MAP Clean Energy Fund (Asian Clean Energy Private Equity Funds)


U U U U U U U U U U 20.00 20.00

86 7247 Darby Asia Mezzanine Fund II


S S S S S S S LS LS S 20.00

20.00

87 7237 Kula Fund II Limited 29-Jun-06 Infrastructure finance and investment funds

LS S U S LS LS S U S LS 5.00

5.00

88 7230 AIF Capital Asia III, LP


LS LS U S LS LS LS U S LS 30.00

30.00

89 7226 ADM Maculus II Investments Limited

09-Jan-06 Infrastructure finance and investment funds

S S LS S S LS S U S LS 25.20 23.60

90 7213 Flagship Capital Corporation

30-Jun-05 Money and Capital Markets

U LS U LS U U LS U LS U 30.00 20.00

91 7208 Lombard Asia III LP 15-Mar-05 Infrastructure finance and investment funds

S E E S S S S E S S 30.00

28.00

92 7198 Shorecap International Fund


S S E LS S E S E LS HS 2.50 2.50

93 7195 ADM Maculus Fund L.P.


S E LS S S S S U S S 25.00 20.00

94 7187 FEGACE Asian Sub-Fund L.P.


LS LS U LS LS LS LS U U LS 20.00 10.00

95 7184 ASEAN-PRC SME Investment Fund


NR S E S E S S E S S 15.00 15.00

96 7134 Asian Infrastructure Mezzanine Capital Fund


NR LS U LS U LS LS U LS U 25.00 24.10

* IED Rating is based on PPER. ADB = Asian Development Bank, ADD = additionality, ASEAN = Association of Southeast Asian Nations, DR = development results, IED = Independent Evaluation Department, Inv. = investment, IP = investment profitability, NR = no rating, PRC = People’s Republic of China, SME = small and medium enterprise, WQ = work quality, XARR = extended annual review report. Note: Ratings: Excellent (E), Satisfactory (S), Less than satisfactory (LS), Unsatisfactory (U).

Difference in approved and commitment amounts is due to exchange rate adjustments and/or partial cancellations due to a change in funding needs.

Attachment 5 75

EVALUATION MATRIX

Strategy Review Portfolio Analysis Country Specific Review

Survey, Interviews, and Institutional Set-up

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Strategic Relevance Sub-question 1: How well is ADB's finance sector operational plan (2011) positioned vis-à-vis the evolving financial markets?

To what extent are ADB corporate strategies and finance sector operational plan aligned and responsive to evolving financial trends, including support for new areas such as cryptocurrencies, fintech and climate change finance?

To what extent are ADB country strategies and portfolio mix responsive to the evolving financial markets?

Are ADB strategies in the finance sector sufficiently detailed to inform operations?

Performance and Results Sub-question 2: To what extent has ADB’s finance sector operations been successful in strengthening the foundation for finance sector development, strengthening financial stability and integrity, expanding inclusive finance, enhancing regional cooperation and integration

76 Attachment 5




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to promote cross border capital flows , and supporting infrastructure finance? How effective has ADB’s operations been in mobilizing domestic capital for productive purposes?

What has been the performance of ADB’s finance sector portfolio, contributing to developing financial markets, which includes strengthening financial stability and integrity as well as enhancing regional cooperation and integration to promote cross border capital flow, in increasing access to finance, and in improving the financing of infrastructure through the development of capital markets and savings?

What factors contributed to the success of projects?

What are the documented results related to finance sector development and banking sector development, inclusive finance, infrastructure finance and access to capital markets, financial stability and integrity, and regional monetary and financial cooperation and integration?

What has been ADB’s contribution (or likely contributions) to key crosscutting issues such as

Attachment 5 77



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access to finance, capacity support, innovation, and upscaling?

How effective have ADB’s operations been in contributing to private sector development?

To what extent have ADB’s operations achieved intended outcomes and were there any unintended outcomes which inadvertently reduced the value of the project?

Sub-question 3: What is ADB’s value addition through its finance sector operations in comparison to other MDBs?

How well aligned are ADB strategies, approaches and good practices with other MDBs/MFIs?

What is ADB’s value addition through its finance sector operations in comparison to other MDBs?

Organization for Delivery Sub-question 4: Is ADB well-equipped to deliver long-term and sustainable results in finance sector development, inclusive finance, and infrastructure finance? Does it have the right skills in-house and the organizational capacity to deliver on finance sector operations?

78 Attachment 5




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How well tracked are performance and results through ADB’s monitoring and evaluation system?

What has been the experience with co-financing and partnerships to leverage financing and knowledge?

How effective and efficient are ADB processes and systems to support the delivery of ADB’s finance sector operations vis-à-vis the 2011 FSOP?

To what extent are ADB budgets, staffing, and training adequate to meet ADB’s FSOP objectives?

Are ADB guidelines and supporting documents and processes/procedures adequate to guide and mainstream finance sector objectives throughout the portfolio?

How effective is ADB’s organizational approach and structure to supporting its finance sector objectives?

What has been the balance between knowledge and financing in the management of finance sector objectives?

sector-wide evaluation: adb’s finance sector operations

Documents