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Lesson
Collaboration with development partners is essential to build consensus for reforms. Donor consensus and support for critical reforms, backed by a policy-based loan and plan to subsequently complement by project-level funding, contributed to the success of this program. Continued long-term engagement on reforms supported by investments is necessary for sustainability.

Project Number: 49006-003
Project Name: Electricity Transmission Sector Reforms Program
Report Date:
Lesson
The facility’s flexibility allowed the use of savings from one tranche to fund investments from another tranche. The installation and supply of ventilators within tranche 5 was canceled in the metro project as the increase in costs surpassed the initially allocated loan funds. Savings from tranche 1 from the cancellation of other subprojects were used to fund the investment in ventilators from the metro project.

Project Number: 42414-013, 42414-045
Project Name: Sustainable Urban Transport Investment Program - Tranche 5 and MFF
Report Date:
Lesson
Overconservative cost estimation during the implementation of the multitranche financing facility (MFF) tranche projects may reduce the funding availability for other investments and result in low utilization of the approved MFF amount. Tranche 2’s actual total cost was $64.97 million, 60% of the budgeted amount, and ADB’s loan disbursement was only 61% of the committed amount.

Project Number: 42414-033
Project Name: Sustainable Urban Transport Investment Program - Tranche 2
Report Date:
Lesson
Based on further information provided by ERCD, understanding the additional costs (beyond external review fees) would help in identifying the reasons why there was no second-round issuance (which affects reputation if green status is lost) even though issuers have already invested heavily to establish proper internal system to monitor use of proceeds and provide post-issuance reporting.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
The way the lesson was formulated in the TCR could be improved (it is stated more like an issue rather than lesson learned). But lessons can be inferred that addressing reputational risk and additional costs for meeting green bonds requirements, ensuring a certain level of market maturity, and establishing clear regulations by market regulators are necessary conditions to the successful attainment of the TA objectives.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
They also identified a lack of local currency green bond issues and the absence of investors with responsible investment mandates as reasons for the immaturity of green bond markets.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
There are concerns on the additional costs associated with green bond issuances, as well as reputational risk if their bonds lose their green status

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
Furthermore, clear regulatory guidance from relevant market regulators are seen as key to promote sustainable finance in ASEAN+3.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date: