The Business for Shared ProsperityProgrammeFourth Quarterly Bulletin
Welcome to the fourth Business for Shared Prosperity
(BSP) Programme Quarterly Bulletin. As the BSP grows
and evolves we are pleased to share with donors, stake-
holders and partner examples of achievements from
all six components working towards BSP programme
goals. The BSP aims to provide a sustainable route out
of poverty for people in Myanmar through increasing
incomes, creating jobs and unlocking the potential of
businesses. The programme works to build a stronger
environment to enable businesses to be more produc-
tive, inclusive and innovative, and equip poor people
with the tools to improve their productivity and resil-
ience. The BSP aims to make it easier for businesses
and entrepreneurs to compete fairly and facilitate the
participation of women and other excluded groups in
economic growth.
1. The Investment Climate and Competitiveness
Programme (ICCP), implemented by the International
Finance Corporation (IFC), co-funded by DFAT, aims
to improve the competitiveness and dynamism of the
private sector to increase investment and create jobs.
The programme provides technical assistance to the
private sector across seven private sector development
(PSD) themes: investment climate and policy reform;
trade facilitation and competitiveness; corporate gover-
nance; environmental and social standards; agricultural
productivity and quality; sustainable tourism develop-
ment; and off-grid solar product market development.
2. The DaNa Facility, managed by DAI Europe and
KPMG, is designed to be agile enough to meet a range
of PSD priorities within Myanmar, working across
priority sectors and regions throughout the country.
In conjunction with the overall BSP Programme, the
DaNa Facility focuses on four themes: business envi-
ronment reform, trade and competitiveness, gender
equality and social inclusion and inclusive and respon-
sible business.
3. The Financial Sector Development Project (FSDP),
implemented by the World Bank (WB), aims to expand
access to finance in Myanmar to reduce poverty and
promote shared prosperity by providing catalytic tech-
nical support to the Ministry of Planning and Finance
(MoPF) and Central Bank of Myanmar (CBM) alongside
the WB’s $100 million IDA loan.
4. The Women’s Empowerment and Financial Inclu-
sion Project (WEFIP), implemented by the United
Nations Capital Development Fund (UNCDF), aims
to increase women and girls’ awareness of, access to,
and use of agency over appropriate financial products
and services, with a focus on conflict-affected areas of
Myanmar.
5. The Trade and Investment Project (TIP), imple-
mented by the International Trade Centre (ITC) aims to
promote inclusive and sustainable economic growth
and decent work for Myanmar citizens through in-
creased trade and investment. It focuses on enhanc-
ing Myanmar’s trade competitiveness and supporting
promotion of inward investment to build productive
capacities at both Union and State and Regional levels.
6. The Capital Markets Development Project
(CMDP), implemented by the Asian Development
Bank (ADB), aims to create a better enabling environ-
ment to stimulate greater investment, encourage job
creation and growth, and contribute to a more equi-
table environment for local and international inves-
tors. The project supports the government’s efforts
to develop domestic capital markets, focusing on the
government bond market. Interventions help the gov-
ernment eliminate monetisation of the government
budget and stabilise the economy. CMDP will provide
a strong foundation for the private sector to mobilise
long-term alternative funding.
January - March 2019
IFC/DaNa – Respectful Workplaces Report
Completed and Disseminated Widely
The report on ‘Respectful Workplaces:’ Exploring the
costs of bullying and sexual harassment for businesses
in Myanmar was completed and launched on March
19th in Yangon. This report was produced jointly by the
IFC and DaNa, and was the culmination of a research
process into people’s experiences of sexual harassment
and bullying at work. A total of 26 companies took part
in the research from the agribusiness, finance, tourism
and retail sectors. The main findings of the report con-
cluded that sexual harassment affects all workplaces;
bullying is more common than sexual harassment; and
that both men and women experience bullying and
sexual harassment in Myanmar workplaces, though
their experiences differ. The report highlights the fact
that bullying and sexual harassment at work create sig-
nificant business costs, estimated at a 14% loss in pro-
ductivity solely due to ‘presenteeism’ (i.e. being at work
but not working effectively), a conservative figure that
does not include losses due to turnover, absenteeism,
recruitment and retraining, reputational risk, and risks
to employee safety. Since the report was launched, it
has been disseminated widely and DaNa and the IFC
continue to communicate the findings and recom-
mendations.
IFC ICCP – Sowing the Seeds for Sustainable
Livelihoods
Farmers from central Myanmar converged in great
numbers to attend fairs on popular locally grown crops,
such as tomatoes, green gram and sesame seeds, and
to get connected with a wider network of microfinance,
inputs, post-harvest and mechanisation solutions pro-
viders, buyers and renewable energy professionals.
Crop fairs in Mandalay and Nay Pyi Taw attracted over
1,500 sesame and green gram farmers, private sec-
tor providers and government officials. During the
fairs, farmers not only learned about the best farming,
harvesting and selling practices, but also had a chance
to connect with exhibitors showcasing microfinance,
agri-inputs, post-harvest, mechanisation solutions and
solar energy products.
The fairs were organised as part of the Myanmar
Agricultural Inputs Project, implemented jointly by
IFC through the ICCP and Myanmar’s Department of
Agriculture (DoA). The overall aim of the fairs is to give
farmers a one-stop-shop experience through which
they can learn about the reforms implemented by the
DoA through the project, and get access to different
types of knowledge, market buyers and agriculture
services to improve productivity and help build sustain-
able livelihoods.
The Myanmar Good Agricultural Practices (GAP) Pro-
gram aims to boost the productivity and profitability of
farmers through introducing sustainable farming prac-
tices. IFC is supporting the DoA to promote the Myan-
mar GAP protocols and guidelines for 15 priority crops
including tomatoes, sesame and green gram, among
others. They guide farmers on how to produce safe and
quality products for local and international markets.
IFC ICCP – Ring the Bell for Gender Equality
With the aim of raising awareness of gender equality
and to celebrate International Women’s Day, ICCP’s
Corporate Governance Project, the Securities and
Exchange Commission of Myanmar, and Yangon Stock
Exchange, arranged the third annual “Ring the Bell for
Gender Equality” event alongside 70 stock exchanges
worldwide.
The event gathered over 120 business leaders, inves-
tors, civil society members, and other key partners to
highlight the business case for gender equality. Ma
Cherry Trivedi, CEO of the Myanmar Institute of Direc-
tors (MIoD) and one of the discussion panelists spoke
passionately about the need for women to embrace
their careers and stop feeling guilty for not subscribing
to society’s expectations of women’s roles.
The Ring the Bell for Gender Equality initiative high-
lights the importance of gender equality to economic
growth and the power of the private sector to bridge
diversity gaps and lead by example. At a time when
nine out of ten jobs in developing countries are created
by the private sector—and when the women’s work-
force participation rate in many emerging markets
remains well below the 50 percent global average—
businesses have an opportunity to unleash enormous
untapped potential for their own advantage.
Women make up 52 percent of Myanmar’s popula-
tion. While a significant number of businesses in the
country are set up and led by women, only 59 percent
of women aged over 15 participate in employment, in
comparison to 84 percent of men. Myanmar is ranked
106th place on the Gender Inequality Index out of 160
countries.
DaNa Facility – Promoting Trade and Investment
DaNa organised the Chin State Investment and Prod-
uct Fair in partnership with MIFER, MIC, DICA, and
the Chin State Government from March 16th - 17th in
Yangon. Representatives from government ministries,
including key union ministers, regional chief ministers
and ministers, embassies, foreign and local chambers
of commerce, and individual investors participated.
The event presented investment opportunities and
provided a networking platform for potential inves-
tors to explore untapped investment opportunities
in Chin State. During the event, attended by approxi-
mately 1,200 people, four projects worth $54 million
were signed, including one large hydro-power project,
while many more opportunities were identified for
consideration. Through this initiative, the Chin State
Government promoted their state for the first time
ever, reaching an international audience with numer-
ous potential investment opportunities to improve
economic growth.
In addition, to support capacity development of the
Government of Myanmar (GoM) in trade and invest-
ment promotion, DaNa distributed the Investment
Promotion and Facilitation Handbook and delivered
capacity building to over 50 officials from State and Re-
gion Investment Committees. DaNa also participated
in the Invest Myanmar Summit 2019 from January 28th
- 29th, supporting delegations from six priority States/
Regions: Kayin, Chin, Mon, Rakhine, Shan, and Thanin-
tharyi.
DaNa Facility – Regional Farmers’ Development
Association (RFDA) Sesame Farmers Receive
A-Bank Loan
DaNa visited Magway and Yangon project sites in
January to work with ICCO, Network Activities Group
and the RFDA, under the Pulses, People, Profit and
Planet (P4) project, regarding their financial needs for
working capital. On April 10th, DaNa, RFDA and value
chain financing partner Ayerwaddy Farmers Develop-
ment Bank (A Bank) launched a first-of-its-kind input
financing programme for 3,405 farmers from nearly 60
villages in Magway Region. The total amount of credit
provided is 976,947,672 MMK (£491,882). Farmers will
pay 1.47% in interest per month through unsecured
loans. Under the financing programme organised by
TAF also presented the MBEI to State and Region
ministers at the Ministry of Commerce (MoC) in Nay
Pyi Taw. It was a preliminary step before conducting
nationwide dissemination explaining survey findings
and consolidating feedback from participants. The
event was led by the Union Minister and the Deputy
Minister from MoC, attended by Planning and Finance
Ministers from five states and regions and high-level
officials, including Permanent Secretaries, Director
Generals and Deputy Director Generals . Discussion
and feedback covered: disaggregation and registration
processes among different government agencies to
understand time and costs; considerations for inte-
grating smart city indicators; provision of the list of 101
indicators prior to the event so that participants could
discuss them appropriately; and elaboration of how
and with whom the survey was conducted.
Myanmar Centre for Responsible Business/DaNa
Facility – Promoting Employment Opportunities for
People with Disabilities
Building on MCRB’s work on promoting the Rights of
Persons with Disabilities in 2017-2018 and as follow-up
to the first multi-stakeholder workshop on Promoting
Employment Opportunities for People with Disabilities
in 2017, advocacy with MSWRR and publication of ‘Em-
ploying Persons with Disabilities – A Handbook for Em-
ployers in Myanmar’, MCRB has been actively engaged
in coordinating meetings and workshops organised by
MSWRR, especially from the perspective of promot-
ing inclusive workplace approaches. MCRB also sits on
two out of eight sub-committees promoting rights of
persons with disabilities.
In March, MCRB, AAR Japan and the International
Labour Organization (ILO), co-hosted a second multi-
stakeholder workshop on Promoting Employment
Opportunities for Persons with Disabilities. The work-
shop was part of a joint action by the European Union,
ILO and the OECD on responsible supply chains in
six countries in Asia, including Myanmar, to promote
responsible business conduct regarding decent work,
environmental sustainability and respect for human
the three partners, RFDA-affiliated sesame farmers will
each open a bank account at A Bank, and then receive
loans for purchasing high-quality inputs required to
grow sesame. Input suppliers will be paid directly by
A Bank, who will then distribute the inputs to farmers.
Myint Myat Taw Win Company, a large local agricul-
tural enterprise, has agreed to purchase the sesame
at harvest time then remit farmer loan repayments
directly to A Bank. DaNa will explore the potential for
further pioneering similar activities for other crops in
the future.
The Asia Foundation/DaNa Facility – Myanmar
Business Environment Index (MBEI)
To strengthen subnational governance and improve
the business environment in Myanmar’s States and
Regions, the MBEI report assesses constraints affecting
Myanmar’s business environment at the subnational
level and identifies opportunities for reform. The Asia
Foundation (TAF) team presented the basic meth-
odology, initial findings, and preliminary ideas to the
GoM on how the results can be used by government
and business to improve the business environment in
Myanmar’s States and Regions. The participants felt
that the work harmonises with the government’s policy
on decentralising trade and investment promotion to
the States and Regions, and provided guidance on dis-
semination activities and messaging going forward.
rights, and was also supported by JICA and MCRB’s
core funders. Attended by over 100 participants, the
second workshop made great progress in garnering
support and commitment from the concerned Minis-
tries including MSWRR and the Ministry of Labour and
also increased participation from the business sector.
FSDP – Insurance Regulation and Reform
Significant milestones have been reached towards
improving Myanmar’s insurance regulatory and su-
pervisory capacity. In the insurance sector, the MoPF
announced the names of the five foreign insurers that
were invited to set up fully owned life insurance com-
panies. The entry of foreign insurers will not only bring
a much-needed boost to the country’s economy but
will also help in deepening the penetration of insur-
ance products in Myanmar’s rural markets, where the
penetration level is as low as 0.1%. Both reforms can be
traced to intensive technical assistance provided under
FSDP.
UNCDF WEFIP – Financial Literacy
Financial literacy and awareness is recognised as a
global constraint to financial inclusion. Without an un-
derstanding of basic financial concepts, people are not
well equipped to make decisions related to financial
management and new opportunities can easily lead to
high debt, defaults or insolvency. People who are finan-
cially literate have the ability to make informed finan-
cial choices regarding saving, investing, borrowing, and
more. Financial illiteracy particularly affects women
and girls in rural and conflict areas, who do not always
have the financial information, experience and educa-
tion to make informed financial decisions around the
selection and usage of financial products and services.
For instance, 62 percent of women in Myanmar be-
lieve that banking requires a certain income level to be
justified and 58 percent of women believe that unless
they are employed, they cannot open a bank account.
At the same time, over 50 percent of women feel that
not understanding, knowing how to use, or having
the confidence or skills for mobile money is a barrier
(UNCDF Power 2017).
In response to this challenge, UNCDF launched an in-
novation fund window to adapt existing solutions for
low-income women and to expand tools for teaching
digital and financial literacy for low-income women.
Through this funding window, the women’s economic
and financial inclusion project will facilitate new part-
nerships on both the supply and demand side and
new product development to enhance women and
girls’ financial capabilities and promote gender sensi-
tive financial products and services that address barri-
ers for financial inclusion.
UNCDF/DaNa – Financial Inclusion Roadmap
The Making Access Possible (MAP) “Finscope Myanmar
2018” Report finalised in 2018 formed the basis for the
Myanmar Financial Inclusion Roadmap 2018 – 2022
that was completed in March. The Roadmap prioritises
plans for promoting financial inclusion in Myanmar,
with key focus areas and themes. The Federal Regula-
tory Department of MoPF is the key “owner” of the
Roadmap, though it was shared with the Central Bank
of Myanmar as well as other government agencies. The
UNCDF team working on the Roadmap shared the
document with all interested development partners,
including DFID. The final version of the Roadmap in-
corporating comments from all relevant stakeholders
was submitted to the GoM for official approval. Once
approved, the Roadmap will guide the FRD’s Financial
Inclusion Secretariat in the future.
ITC – TIP Officially Launched
TIP was officially launched on March 4th in Yangon by
the Union Minister of Commerce, Directors General of
Myantrade and DICA, as well as the Secretary General
of the UMFCCI. The high participant turnout – 113 rep-
resentatives from the public and private sector – dem-
onstrated the interest of all stakeholders for TIP and its
coherent approach to developing trade, investment
and strengthening the private sector.
ITC TIP – Design Process Initiated for National
Export Strategy 2020-2025
Holding vast untapped potential for trade and invest-
ment development, Myanmar offers new economic
horizons for domestic and international companies.
The GoM has embarked on a process of modernising
economic policies, supporting the upgrade of produc-
tion techniques, as well as enabling the diversification
of products and export markets. Within this dynamic
context, during the quarter, TIP initiated support to the
GoM for updating its National Export Strategy (NES).
The new NES 2020-2025 will build on the previous NES,
while focusing on new challenges and opportunities
for Myanmar’s export competitiveness.
The importance of NES for the government was dem-
onstrated through the first high-level NES Symposium,
inaugurated by the Vice-President on March 15th. The
event brought together 171 public and private stake-
holders from Union level, different States and Regions,
as well as many development partners.
The NES Symposium provided a consultative forum for
stakeholders to discuss the current trade and export
performance of the country, present NES 2015-2019
implementation progress, and identify and prioritise
challenges hindering export competitiveness. Most
importantly, the open public-private dialogue pro-
vided the strategic orientation of a successful design of
Myanmar’s NES 2020-2025.
ITC TIP – Enabling Industry Level Public-Private Dialogue for Export Success
In addition to NES 2020-2025 Symposium, 11 NES
Sector-level working group (SWG) meetings were held
over three consecutive days to confirm the impor-
tance of the SWGs in steering industry development,
and strategic planning and implementation of pro-
grammes for ensuring sustainable growth of the NES
sectors.
If you have any questions or comments regarding the BSP programme or any of the components highlighted in this
bulletin, please contact the BSP Coordinator, Lauren Parker at: [email protected].
The BSP programme is a project funded by the UK’s Department for International Development and is coordinated
by DAI Europe as the BSP Secretariat, working alongside the WBG and other partners. For more details on the pro-
gramme please visit: danafacility.com.
ADB - Capital Market Development Project
ADB assisted the government’s most recent bond auction with its first issuance of five-year bonds, increasing the
average time to maturity to the highest levels ever recorded. This is significant given the strong industry appetite for
longer term bonds. The project also assisted in providing inputs into the Government’s Bond Market Development
Master Plan anticipated to be launched by the end of 2019. With this plan in place, investors will have greater clarity
of the government’s capital market development agenda and enhanced confidence to invest in government bonds.
The project is also working towards the government’s and industry’s objective of establishing an industry associa-
tion focused on capital market development in Myanmar. Moving forward, the project will facilitate regular engage-
ments with industry and government partners on capital market development with a particular focus on obstacles to
greater market development.