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Cambodia : Study on Access to Financial Services for Small and Medium Agribusiness Enterprises in CambodiaAgriculture has been a mainstay of the
 Cambodian economy. It has seen significant growth throughout
 the 2000s and showed a significant resilience against
 external shocks during the 2008-09 economic and financial
 crises. Agribusiness enterprises do not operate in isolation
 from the rest of the economy. The state of production of
 agricultural raw materials, the state of the financial
 sector, and the nature of the financial sector's
 engagement with the real sector activities, as well as
 broader issues that affect private sector development all
 impact the development of the agribusiness sector. The
 current study seeks to analyze some of these linkages. It
 focuses specifically on the role the financial sector has
 played in the growth and development of the agribusiness
 sector. The study builds on the existing analytical work on
 agricultural and small and medium enterprise (SME) finance
 in Cambodia. The study was carried out in three major
 phases. The first phase was to determine a methodology to
 gather new information on linkages between agribusinesses
 and financial institutions. The second phase involved a
 survey of financial institutions (banks, microfinance
 institutions, and insurance companies) and 1,011
 agribusinesses in Cambodia. The third phase emphasized
 analyzing the data and compiling a report that highlighted
 the key findings for the target audience. The report
 provides the broader context of the sector issues related to
 access to finance by agribusinesses, and review the
 available analytical work.
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Bolivia Financial Sector Notes : Assessing the Sector's Potential Role in Fostering Rural Development and Growth of the Productive SectorsBolivia benefited from an overall
 favorable economic evolution in the last few years,
 supported by sound macro-economic indicators. Yet, economic
 growth was unevenly distributed between the sectors, with
 particularly extractive industries, construction and
 financial services showing higher real growth rates, while
 agriculture and manufacturing fell behind. This is an area
 of concern for the government which-as manifested in the new
 constitution-aims to foster a more balanced and equitable
 growth. In its reform measures, it places a particular focus
 on developing the rural areas, in which a large share of the
 indigenous population lives, and on the productive sector
 (agriculture, forestry, manufacturing and extractive), which
 provides the livelihood for a substantial number of poor
 people. This paper aims to contribute to the discussion and
 on-going reform efforts by providing an evaluation of the
 role the financial system could play for enhancing growth in
 rural areas and the productive sector without threatening
 the sector's stability. It also endeavors to update the
 Bank's knowledge on the financial sector, assess its
 current role and recent developments, and determine possible
 vulnerabilities as well as core bottlenecks for the outreach
 to underserved segments of the population and economy.
 However, the government needs to strike a fine balance in
 its policy measures to foster outreach and credit in order
 to not unduly lower the profitability in the financial
 sector, jeopardize the quality of the loan portfolio and as
 a result introduce vulnerability in an otherwise sound
 system. In particular, the strong push towards financing of
 the productive sector at comparatively low interest rates,
 can lead to over-indebtedness of the clients or a
 deterioration of the repayment culture, if lending
 institutions expanding their loan portfolios do not maintain
 (or introduce) prudent lending
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World Bank Lending for Financial InclusionThe purpose of the paper is to present a
 more granular view of such projects through the in-depth
 focus on a limited number of case studies, with a view to
 understanding what factors in the design of such lending
 have helped achieve objectives of expanded access, and what
 forms of interventions may have been less successful. It
 examines the nature of Bank lending vehicles, the partnering
 borrower institutions, the country environments in which its
 loans were extended, as well as broader elements of good
 practice that make for loan success. It examines the
 beneficiaries targeted and results achieved. It aims to
 draws lessons that suggest what factors could lead to
 success or failure in Bank operations focused on financial
 access. The remainder of the paper is organized as follows:
 section two briefly describes the set of the Bank s projects
 selected for detailed review. Sections three to six contain
 the core findings of the review. Section 3 focuses on
 alternative forms of borrower institutions that have served
 as vehicles for Bank projects, particularly, public sector
 banks, apex bank structures that include the private sector,
 rural banks, nonbanks, non-governmental organizations (NGOs)
 and microfinance institutions, in terms of the degree to
 which the Bank has been able to successfully partner with
 such institutions to expand financial access. It also looks
 at alternative forms of Bank loan design, policy-based
 loans, investment loans and lines of credit, Learning and
 Innovation Loans (LILs), matching grants, technical
 assistance and combinations thereof, and reviews evidence on
 the role of loan structure (including partnerships with
 other donors/lenders) and project success. Section four
 considers the effect of the broader business environment, in
 terms of financial regulation. Section five reviews elements
 of good practice that have contributed to success in lending
 that could be applicable to loans with any objective, and
 examines their application in the present context. Section
 six tries to construct a bottom line, reviewing available
 evidence on outcomes and impact; especially in terms of the
 ultimate beneficiaries reached. Section seven, the final
 section, summarizes the main messages emerging from the
 review and concludes with observations about ways forward.