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Lesson
Joint activities with development partners (DPs), such as collaboration in knowledge products and joint conduct of capacity-building activities, could maximize synergies and resources further. These could build on close coordination and relationships developed by this project among CAREC countries, as well with DPs which the project team strengthened through regular communication and information exchange, and by inviting the DPs to TA workshops and consultation meetings.

Project Number: 53198-001
Project Name: Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region
Report Date:
Lesson
Cofinancing expands possible project activities and outputs. Cofinancing from the Financial Sector Development Partnership Special Fund (FSDPSF) for this project allowed a more comprehensive set of deliverables and activities under outputs 1, 3, and 4. It provided flexibility in the use of resources, as FSDPSF beneficiaries are not differentiated according to country categories.

Project Number: 53198-001
Project Name: Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region
Report Date:
Lesson
A separate budget for a fund-raising roadshow is essential to ensure the successful establishment of a funding facility. This should not have been neglected in the establishment of the CAREC Climate and Sustainability Project Preparatory Fund aimed for under this TA. Engaging with potential donors is a critical step in securing the necessary funding for the fund's operation.

Project Number: 54344-001
Project Name: Supporting the Establishment of a CAREC Regional Infrastructure Projects Enabling Facility
Report Date:
Lesson
The plan to establish an enabling facility for regional infrastructure projects will benefit from an assessment of existing trust funds within ADB that support project preparation funding, such as the Project Preparation and Implementation Support Trust Fund. Analyzing the processes of their establishment and the challenges faced would have helped.

Project Number: 54344-001
Project Name: Supporting the Establishment of a CAREC Regional Infrastructure Projects Enabling Facility
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Lesson
Promotion of social equity criteria and gender quotas is instrumental in the economic empowerment of vulnerable groups and women.

Project Number: 50022-002
Project Name: Affordable Rural Housing Program
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Lesson
The lack of organizational capacity and requisite implementation skills also weighs heavily against the attainment of project objectives. Another major reason for poor performance of the PNB was its inability to scale up individual subloans through either the Renewable Energy Services Company (RESCO) or demand aggregation of smaller subprojects, be they in the commercial and industrial sector, MSME, or residential sector.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
Combining finance sector development and financial inclusion under an umbrella framework enables a finance sector reform program to address both supply and demand to further develop the sector. The program as originally designed was to include two subprograms. Technical assistance, provided to help the government continue the reform measures adopted in subprogram 1, was key in supporting many of the reforms programmed under subprogram 2, even as the government elected not to proceed with a second loan. Nevertheless, government elected not to proceed with a second loan.

Project Number: 49331-001
Project Name: Financial Sector Development and Inclusion Program
Report Date:
Lesson
Fiscal reform, pensions, and capital markets reforms are inextricably linked, because of the role each plays in economic development. Subprogram 2 supported the development and approval of the Capital Market Development Strategy, 2022–2028 by government decree, which includes a commitment to develop a green bond framework. This provides a strong basis from which to develop a broader integrated program to support not just fiscal resilience but also further capital market reforms in conjunction with the Finance Sector Office.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
It might be useful to develop a climate finance strategy for the state-owned enterprises(SOE) sector, building on the experience and lessons from this program's. Assessment of the fiscal risks associated with climate change was incorporated into subprogram 2. This highlights the significant role SOEs can play in addressing climate change impacts and supporting the countries climate obligations. Given this, it might be useful to establish a climate finance strategy for the SOE sector, building on the experience and lessons from this program.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
It is imperative for SOEs to develop good corporate governance and maintain an arm's length relationship with government, regardless of whether it is a commercial or noncommercial SOE. Some of the policy actions under this program were designed to improve the government's performance of its SOE ownership function. However, in addition to these policy actions, it is imperative for SOEs to proactively promote good corporate governance and develop functional autonomy from the government.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Additional measures are necessary for the government securities market to stimulate demand from both retail and institutional investors. The program had several supply-based reforms, particularly around the primary dealer system and government bonds; however, turnover velocity was below the target, particularly for the secondary market relating to government securities. This would suggest that additional demand-based measures are as of December 2023 required for the government securities market to stimulate demand from both retail and institutional investors.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Apart from offering concessional interest rates,ADB and China National Investment and Guaranty Corporation (I&G) could explore providing enhanced value-added services for ongoing and future financial intermediation loan initiatives in air quality improvement or climate change programs. The global economic slowdown dampened enthusiasm for green investments, while the rise in euro interest rates and the reduction of yuan lending rates since 2022 presented additional challenges for green financing eligible subprojects within the greater Beijing–Tianjin–Hebei region.

Project Number: 50096-002
Project Name: Air Quality Improvement in the Greater Beijing–Tianjin–Hebei Region—China National Investment and Guaranty Corporation’s Green Financing Platform Project
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Lesson
The importance of ex-post monitoring as results of policy-based loans are expected to fully materialize after implementation period. In this regard, mechanisms, such as the post-program engagement framework , established as part of program design allows for monitoring of results over the longer term and helps in promoting sustainability of the program.

Project Number: 51252-003, 51252-004, 51252-005
Project Name: Financial Market Development Program (Subprograms 1, 2, and 3)
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Lesson
As investment portfolio grows and as infrastructure projects increase in number, become larger, more complex, and diverse, it is important to improve the capacity of key institutions. Stronger managerial and technical capacities in areas, such as risk management, pricing, and treasury operations, are essential especially when an institution plays a nodal role in private sector financing in a growing infrastructure environment.

Project Number: 42180-016
Project Name: Third Public-Private Infrastructure Development Facility (Tranche 1)
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Lesson
New products can benefit from market and demand analysis that provide a basis for designing products that are responsive to the needs of the market. The introduction of take-out financing under this project did not benefit from such analysis. Uptake for take-out financing as designed under Tranche 1 was low. This highlights the role of market and demand analysis that provide valuable inputs in designing and introducing a new financial product that is responsive to market demand.

Project Number: 42180-016
Project Name: Third Public-Private Infrastructure Development Facility (Tranche 1)
Report Date: