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Lesson
Customizing the terms of reference of auditors to project requirements and ensuring that they are properly oriented on these requirements are critical to promoting project compliance with ADB financial management procedures. There were gaps in complying with the financial management conditions of the loan agreement, including the need to timely submit audit reports and auditor’s management letters and opinions.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
Providing EAs proactive guidance and close support in financial management from project start to finish will ensure timely and quality compliance. HPPTCL, executing its first ADB loan, faced initial challenges in meeting financial management-related requirements. However, these challenges were overcome as the project progressed, resulting in improved compliance.

Project Number: 43464-023
Project Name: Himachal Pradesh Clean Energy Transmission Investment Program (Tranche 1)
Report Date:
Lesson
Early and regular involvement of the financial management staff and collaboration with other development partners in the PMGSY program is necessary to better design the management arrangements early in the project cycle. Significant financial management issues throughout the life of the projects would have been prevented by such a measure.

Project Number: 48266-002, 48226-004
Project Name: Second Rural Connectivity Investment Program (Tranche 2 and Multitranche Financing Facility)
Report Date:
Lesson
It may be necessary for the Government of India to consider directly releasing project funds to executing agencies to avoid delayed reimbursement of project expenses that leads to late payment for example of contractors, which affected the Implementation of all projects under this program.

Project Number: 35290–013, 35290–043
Project Name: North Eastern Region Capital Cities Development Investment Program (Tranche 3 and Multitranche Financing Facility)
Report Date:
Lesson
Better coordination and the Preparation of a consolidated project financial statement for projects being implemented by multiple agencies will facilitate the timely submission of annual project financial statements (APFSs) which in turn will help avoid delays in loan disbursements. In this program, the Preparation by the two EAs of separate annual project financial statements, both audited by an external auditor, created an unnecessary administrative overload for ADB.

Project Number: 35290–013, 35290–043
Project Name: North Eastern Region Capital Cities Development Investment Program (Tranche 3 and Multitranche Financing Facility)
Report Date:
Lesson
Handholding of the executing agency on financial management facilitates consistent compliance and timely submission of project financial reports.Multiple issues observed in project audit reports in early to mid-project implementation were eventually successfully addressed through close collaboration between JMRC and an ADB consultant. Having a financial management specialist during review missions and a dedicated financial management staff would further enhance financial management capacities in future projects.

Project Number: 46417-001
Project Name: Jaipur Metro Rail Line 1-Phase B Project
Report Date:
Lesson
The participation of a financial management specialist in review missions and site visits will help improve capacity and ensure timely financial reporting. The project generally met ADB’s financial monitoring and reporting requirements. However, submission of the audited project financial statements was at times delayed. The delays could have been avoided by having a financial management specialist participate in project review missions and site visits. The measure could have also enhanced the capacity and awareness of ADB financial management procedures.

Project Number: 41626-013
Project Name: Bihar Power System Improvement Project
Report Date:
Lesson
The participation of a financial management specialist in review missions and site visits will help improve capacity and compliance with statutory and financial covenants. The project generally met ADB’s financial monitoring and reporting requirements. But it encountered delays in the submission of the audited project financial statement for fiscal years 2016 and 2017. These delays could have been avoided by having a financial management specialist participate in project review missions and site visits.

Project Number: 44426-014
Project Name: National Grid Improvement Project
Report Date: