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Lesson
The effectiveness of policy reforms under the program is ultimately determined by the competence of the different Afghan government agencies, which acquired new roles during the reform process. As a result, and in view of the pervasive capacity constraints that affect the government, the sustainability of the program requires substantial follow-up assistance. A second program focused on the implementation challenges created by the program should be considered, as that would also be in line with the current ADB country partnership strategy for Afghanistan.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
Close collaboration with Multilateral Investment Guarantee Agency (MIGA), International Development Association (IDA), and Department for International Development (DFID) strengthened project design. It allowed for excellent exchange of experience with regard to PRGs, other insurance products, and how they can best be used to fill market gaps, especially in post-conflict countries.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
Lesson
Government implementation of outstanding policy and monitorable actions should be prioritized to maintain reform momentum. It may be possible to tap parallel ongoing advisory technical assistance (TA) projects if further TA is needed. The delays in program implementation by the government are mostly due to lack of expertise, and not to lack of willingness to reform.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
The availability of bankable political risk guarantee (PRG) cover for risks that are within the power of the government to mitigate is important to investors and their financiers. However, such targeted cover cannot address concerns about security and macroeconomic stability.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
Lesson
In the absence of specific terms of reference for international advisors, their contributions will tend to crowd out inputs provided by and the learning process of local staff.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
Modifications to project design, the monitoring framework, and the assessment methodology would help future projects using this or a similar PRG modality and projects that combine sovereign, nonsovereign and cofinancing operations. The assessment criteria did not easily accommodate the unique structure of the project or the modality used.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
Lesson
Sustained recourse to resident international advisors may perpetuate the dependency of decision makers on such advisors; and

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
The capacity of Afghanistan Investment Support Agency (AISA) to promote new investment in Afghanistan and the availability of PRG cover to support such investment was poor because of staff turnover and an inadequate incentive framework. This should have been anticipated and technical assistance could have looked at ways to address this problem.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
Lesson
Without absorptive capacity in ministries, very little technical skills transfer will occur;

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
Responsibility for the project was spread out within ADB, causing coordination issues with MIGA and other cofinanciers. For future projects combining sovereign, nonsovereign, and cofinancing operations, having a single focal point within ADB would improve project implementation and prospects for success.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
CSV