Following the1997–1998 Asian financial crisis, Indonesia became highly aware of the need to deepen and diversify its finance sector. Under the Medium-Term Development Plan, 2004–2009 and the subsequent National Medium-term Development Plan, 2010–2014, the government thus committed to developing the country’s capital market and nonbank finance subsector.
Even before the 2007 global financial crisis, micro, small, and medium enterprises (MSMEs) in India had already been burdened by numerous systemic constraints, including limited institutional credit, high-cost borrowing, weak marketing facilities, poor infrastructure, technological obsolescence, and a perception that they are high-risk enterprises.
In 2009, the government of Uzbekistan launched the flagship Rural Housing Scheme that channeled rural savings into housing investments and utilized local contractors and construction materials to generate jobs and stimulate the construction industry. Under the scheme, 847 houses were built in 2009 and 6,800 houses in 2010.
The macroeconomic environment in Nepal became upbeat, as peace set in after a decade−long conflict. Gross domestic product grew by 4.7% in 2008. Poverty incidence fell from 42% in 1996 to 31% in 2004. Nevertheless, until subprogram 2 preparation in 2009, severe poverty had persisted in various parts of the country and economic growth had been uneven.
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