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Colombia - Fifth Small and Medium Scale Enterprise Project (Английский)

The Fifth Small and Medium Scale Enterprise Project for Colombia is rated highly satisfactory. Bank performance and Borrower performance were also highly satisfactory. The sustainability of main project achievements is likely. The project achieved its stated objectives of policy change, commercial financial institution participation, and simplification of loan processing. The Corporacion Financiera Popular (CFP), the state development bank established to support small and medium scale enterprises, was unable to meet the performance indicators that were required for the project. The Government decided to privatize it in April 1992 and change its name to the Corporacion Financiera de Desarrollo (CFD). As a result of these reforms, CFD viability has increased, its institutional culture is changing, and its management and practices have improved. The four general lessons learned are: all key elements needed for project success should be accomplished prior to project effectiveness; those responsible for implementing a project component must feel ownership; coordination with multilateral and other funding agencies and the Government on sector policy is important to ensure consistent approaches and avoid duplication of effort; and maintaining the focus of supervision on achieving broad development goals combined with a degree of pragmatism regarding conditionality can improve project outcome. Lessons regarding small and medium enterprise development are also described in the report.

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