Member's Documents
Performance Evaluation Report for the Third Capital Market Development Program in Bangladesh
Published by: Independent Evaluation Department, Asian Development Bank
In 2015, ADB approved the Third CMDP (CMDP3) to advance reforms aimed (i) strengthen market stability, (ii) improve market facilitation, (iii) broaden supply measures, and (iv) expand demand measures. The program ran until 2020 and supported initiatives such as mutual fund development and insurance investment rules. However, implementation challenges emerged, including weak institutional capacity, misalignment with agency needs, and unaddressed constraints in the bond market.
ADB’s Independent Evaluation Department (IED) assessment found CMDP3 to be less than successful. Many prior actions lacked strong links to intended outcomes, and results indicators focused on completed actions rather than progress toward goals. Despite ADB’s deep engagement in capital market reforms, the program fell short of delivering tangible outcomes due to insufficient attention to the capacity needs of implementing agencies.
