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Lesson
The TA project benefitted from a broad network of partners from the PRC and independent accountability mechanism that contributed to mobilizing a large number of workshop participants and to getting rich inputs to improve the quality of the initial draft of the regional framework.

Project Number: 53140-001
Project Name: Developing Accountability and Mechanism Framework for Financial Intermediaries
Report Date:
Lesson
For a TA project that is policy-related, buy-in of target countries is very important in realizing the outputs and results.

Project Number: 53140-001
Project Name: Developing Accountability and Mechanism Framework for Financial Intermediaries
Report Date:
Lesson
Collaborating with a wider network of stakeholders which may sometimes be time consuming certainly improves the quality of results.

Project Number: 53140-001
Project Name: Developing Accountability and Mechanism Framework for Financial Intermediaries
Report Date:
Lesson
Based on the findings of the study under the TA, market participants and regulators in ASEAN+3 countries identified the absence of a linkage between national goals to improve the environment (as reflected in national commitments associated with the UN SDGs) and the development of green bond markets. There is low awareness of green bonds among issuers and investors in most ASEAN+3 countries. Many market participants are unfamiliar with green bonds and through the middle of 2017, those with some awareness often had only a cursory understanding.

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:
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
In conflict-affected economies, it may be more appropriate to focus reforms on (i) rebuilding capacity, (ii) institutionalizing the process of conducting sustainable reforms based on transparency and participation, and (iii) propagating good public governance principles that are likely to be more enduring.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
The approach should be supported by an agreed road map, matched closely with available institutional capacities, with enough flexibility for continuing review and corrective actions, and supported by required technical assistance, until such time that the country exhibits maturity of institutions, strong internal capacity, and political and economic stability.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
Regarding program design in small, transition economies, it may be more prudent to take a gradual approach to private sector and financial market development, taking smaller slices of the development pie (financed with single-tranche loans) within a short time horizon.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
ADB’s similar institutional reform programs in Afghanistan should include a specific and realistic strategy for capacity development, taking into account the following: (i) without absorptive capacity in ministries, very little technical skills transfer will occur; (ii) sustained recourse to resident international advisors may perpetuate the dependency of decision makers on such advisors; and (iii) in the absence of specific terms of reference for international advisors, their contributions will tend to crowd out inputs provided by the learning process of local staff

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
The validation concurs with these issues and would also add that uncertainty remains regarding the Afghanistan private sector‘s overall ability to absorb credit even when available. Another uncertainty is AIB‘s ability to make up, through increased regular lending to private customers and investing in alternative assets overseas, for the inevitable loss of special situations of the sort (e.g. a sharp reduction in the US army deposits), which had provided AIB some measure of its financial success vis-à-vis very wide interest spreads gained by investing idle US Army cash balances in 12+%.

Project Number: 37903-014
Project Name: Equity Investment in Afghanistan International Bank
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: