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Pakistan: Microfinance Sector Development Program Completion Report Project Number: 29229 Loan Number: 1805 December 2008 Pakistan: Microfinance Sector Development Program CURRENCY EQUIVALENTS Currency Unit – Pakistan Rupee(s) (PRe/PRs) At Appraisal At Program At Latest At Completion of Program Completion Year-End Completion Report 25 August 2000 30 June 2003 31 Dec 2007 30 November 2008 PRs1.00 = $0.0179 $0.0173 $0.0164 $0.0127 $1.00 = PRs56.00 PRs57.65 PRs60.94 PRs78.77 ABBREVIATIONS ADB – Asian Development Bank ADBP – Agricultural Development Bank of Pakistan AKRSP – Aga Khan Rural Support Programme CIF – Community Investment Fund CGAP – Consultative Group to Assist the Poor CLEAR – Country-Level Effectiveness and Accountability Review CO – community organization DAMEN – Development Action for Mobilization and Emancipation DPF – Deposit Protection Fund ELRF – Emergency Livelihood Restoration Fund FBC – Federal Bank for Cooperatives FSS – financial self-sufficiency GDP – gross domestic product KB – Khushhali Bank MF – microfinance MFB – microfinance bank MFI – microfinance institution MOF – Ministry of Finance MSDF – Microfinance Social Development Fund MSDP – Microfinance Sector Development Program NGO – nongovernmental organization NRSP – National Rural Support Programme OSS – operational self-sufficiency PMN – Pakistan Microfinance Network RMF – Risk Mitigation Fund RRP – Report and Recommendation of the President SBP – State Bank of Pakistan SDC – Swiss Agency for Development and Cooperation TA – technical assistance ZTBL – Zarai Taraqiati Bank Limited 2000 Ordinance – Khushhali Bank Ordinance, 2000 2001 Ordinance – Microfinance Ordinance, 2001 NOTE In this report, "$" refers to US dollars. Vice-President X. Zhao, Operations Group 1 Director General J. Miranda, Central and West Asia Department (CWRD) Director R. Subramaniam, Governance, Finance, and Trade Division, CWRD Team leader N. P. Knoll, Financial Sector Specialist, CWRD Team member M. Marcelino, Assistant Project Analyst, CWRD CONTENTS Page BASIC DATA i I. PROGRAM DESCRIPTION 1 II. EVALUATION OF DESIGN AND IMPLEMENTATION 2 A. Program Components 2 B. Program Outputs 3 C. Disbursements 10 D. Program Schedule 11 E. Implementation Arrangements 11 F. Conditions and Covenants 11 G. Related Technical Assistance 12 H. Performance of the Borrower and the Executing Agency 12 I. Performance of the Asian Development Bank 12 III. EVALUATION OF PERFORMANCE 12 A. Relevance 12 B. Effectiveness in Achieving Outcome 12 C. Preliminary Assessment of Sustainability 13 D. Impact 13 IV. OVERALL ASSESSMENT AND RECOMMENDATIONS 14 A. Overall Assessment 14 B. Lessons Learned 14 C. Recommendations 15 TABLES 1. Summary of Program Outputs 3 2. Active Clients of Khushhali Bank at Year-End (2001–2007) 5 3. Microfinance Banks 6 4. Funds Created Under the Microfinance Sector Development Program 7 5. Summary of Fund Outputs (Actual vs. Target) 8 6. Summary of Fund Expenditures (Actual vs. Projected) 9 7. Summary of Second Tranche Release Conditions 11 APPENDIXES 1. Circulars Issued by State Bank of Pakistan Regarding Microfinance and/or Microfinance Banks 16 2. Microfinance Social Development Fund Service Providers 18 3. Community Investment Fund Service Providers 19 4. Information on Community Investment Fund Projects 20 5. Balance Sheets and Income Statements of the Funds 21 6. Loan Agreement Covenants 23 7. Sustainability Ratios of Microfinance Banks 29 8. Program Framework 30 BASIC DATA A. Loan Identification 1. Country Pakistan 2. Loan Number 1805-PAK(SF) 3. Program Title Microfinance Sector Development Program 4. Borrower Islamic Republic of Pakistan 5. Executing Agency State Bank of Pakistan 6. Amount of Loan SDR54,114,000 7. Program Completion Report Number PCR: PAK 1090 B. Loan Data 1. Appraisal – Date Started 7 August 2000 – Date Completed 25 August 2000 2. Loan Negotiations – Date Started 18 October 2000 – Date Completed 20 October 2000 3. Date of Board Approval 13 December 2000 4. Date of Loan Agreement 6 February 2001 5. Date of Loan Effectiveness – In Loan Agreement 9 February 2001 – Actual 9 February 2001 – Number of Extensions none 6. Closing Date – In Loan Agreement 30 June 2003 – Actual 30 June 2003 – Number of Extensions none 7. Terms of Loan – Interest Rate 1% during grace period, 1.5% during amortization – Maturity (number of years) 24 – Grace Period (number of years) 8 8. Terms of Relending (if any) – Interest Rate Not applicable – Maturity (number of years) Not applicable – Grace Period (number of years) Not applicable – Second-Step Borrower Not applicable 9. Disbursements a. Dates Initial Disbursement Final Disbursement Time Interval 13 February 2001 23 December 2002 22 months (first tranche) (second tranche) Effective Date Original Closing Date Time Interval 9 February 2001 30 June 2003 28 months ii b. Amount (SDR) Original Last Revised Amount Net Amount Amount Undisbursed Category Allocation Allocation Canceled Available Disbursed Balance 01 54,114,000 0 0 54,114,000 54,114,000 0 C. Program Data 1. Program Cost ($) Appraisal Actual Cost Estimate First Tranche Second Tranche Total Foreign Exchange 70,000,000 50,000,000 20,909,914 70,909,914 Local Currency 0 0 Total 70,000,000 70,909,914 Note: The difference between the dollar equivalent at appraisal and at disbursement is due to the intervening depreciation of the dollar against the SDR. 2. Cost Breakdown by Program Component ($) Component Appraisal Estimate Actual Social Mobilization (financed by the MSDF) 40,000,000 40,455,000 Community Infrastructure (financed by the CIF) 20,000,000 20,455,000 Risk Mitigation (financed by the RMF) 5,000,000 5,000,000 Deposit Protection (financed by the DPF) 5,000,000 5,000,000 a Total 70,000,000 70,910,000 a $70,909,914 rounded to nearest thousand. 3. Program Performance Report Ratings Ratings Development Implementation Implementation Period Objectives Progress From 9 February 2001 to 31 December 2001 Highly satisfactory Satisfactory From 01 January 2002 to 31 December 2002 Highly satisfactory Satisfactory From 01 January 2003 to 31 June 2003 Highly satisfactory Satisfactory D. Data on Asian Development Bank Missions No. of No. of Specialization Name of Mission Date Persons Person-Days of Membersa Appraisal 7–25 August 2000 4 76 a,c,d,e Inception 13–18 February 2001 2 12 a, b Review 13–17 August 2001 1 5 a Review 20–28 December 2001 1 9 a Review 15–26 April 2002 1 12 a Review 12–13 February 2003 1 4 a Review 26 September– 1 4 a 2 October 2004 Review 16–18 April 2005 1 4 a Project Completion Review 15–28 July 2008 2 14 a,b a a = project officer, b = project analyst, c=senior counsel, d=financial analyst, e=social development specialist I. PROGRAM DESCRIPTION 1. In the 1990s, the number of poor people in Pakistan increased by more than 100%.1 The purpose of the Microfinance Sector Development Program (MSDP) was to reduce poverty by providing affordable, sustainable financial services to the poor2 in Pakistan from institutional sources. 2. The financial services which were included in the Program were borrowing and savings. The premise of the Program was that the poor could improve their lives by increasing their income and financial security. 3. By using borrowed funds to create, expand, or improve income-generating activities, the poor were expected to increase their incomes. These income-generating activities would include trade, manufacturing, services, animal husbandry, and farming. If the additional income that was generated exceeded the cost of borrowing (interest and service charges), the poor could use the excess funds for consumption (especially for items considered socially beneficial, such as food, children’s school fees, and medical expenses) or reinvest them in their income-generating activities. 4. The poor could increase their financial security by having a safe place for their savings. Although some among the poor never have any savings because they immediately consume whatever they earn, most of the poor have some savings at some time during each year. For example, farmers who raise cash crops (such as cotton or sugar cane) typically do not have a steady income and expenditure flow. Rather, they receive all of their income at a single point in time—when the crop is harvested—while incurring expenses throughout the year in the form of consumption and agricultural inputs. 5. The Program was designed to provide affordable financial services. Although this term does not have a precise definition, a loan can be considered affordable if the borrower can obtain the loan when the funds are needed and at a reasonable cost (in terms of time and out- of-pocket expenses), and can make the required payments at the prescribed times. Savings products are particularly attractive if they earn a positive real return. 6. The Program contemplated that these financial services would be provided from institutional sources. Thus, loans and savings products would be provided by institutions rather than by informal sources such as family members and moneylenders. 7. The Program was also designed to provide sustainable financial services. In other words, the income received by the institutional providers of these services would be sufficient to cover the operational and financial costs of providing the services (including loan losses), so that they could operate without periodic or continuing subsidies from the Government of Pakistan or donors. 8. This program completion report provides an overview and evaluation of Program implementation. 1 ADB. 2000. Report and Recommendation of the President to the Board of Directors on Proposed Loans
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