Ecuador - Private Sector Development Project
Brook Cowen, Penelope J.
The project is rated marginally satisfactory. The key lessons learned are: 1) National Finance Corporation's (CFN's) mandate and ability to provide not just discounting operations but a broad spectrum of financial services to its client banks significantly increased its effectiveness as a second tier institution. 2) The staffing and competence of the Treasury and Financial departments are key to the success of a second tier institution such as CFN. 3) In order to measure adequately the development impact of financial credit programs and PSD projects, it is necessary to build in monitoring and evaluation activities as part of the project design. 4) Though lines of credit operations can provide much needed, but temporary, term financing to domestic industry, the development of a market for medium term financing is a much more complex task. 5) It is important to distinguish conceptually between the pre-conditions for a project's success with its objectives. 6) In order to overcome the reluctance of financial institutions and private enterprises to implement measures to mitigate the environmental impact of productive investments, it is essential to establish adequate regulations and enforcement mechanisms and to provide special resources to finance the mitigation investments.
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