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Lesson
Establishing and equipping an integrated finance sector regulator requires sequenced steps, starting with legislation and encompassing measures to ensure legal and fiscal autonomy, as well as legal immunity for staff. A consolidated master plan with a robust monitoring and reporting framework can serve as an anchor to coordinate and prioritize reforms across the regulator. This is especially relevant for large regulators like OJK, where the risk of silo implementation is significant.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
As a member of G20 and an integral part of the ASEAN community, Indonesia has an important role to play on the international stage. Hence, national financial sector development should include international and regional considerations. This can be in the form of international requirements or regional standards such as ASEAN corporate governance and ASEAN green bonds standards. This builds the capacity to meet national development goals, the requirements of the international financial system, and regional development agendas.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
Predicating a program on the passage of a law should be minimized unless there is strong ownership to pass the law from both the executive and the parliament. Relying on development partners to complete the reform (revision of a law) introduces a risk that performance targets will not be achieved. Development partners may have different priorities and timelines that do not necessarily coincide with the requirements of ADB’s program.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
A cross-cutting finance sector program covering financial stability, capital market development, and financial inclusion is viable only in the early stages of development. Initially, this type of engagement is useful for establishing relationships, building trust, and scoping key priority reforms. However, over time, a dedicated program focusing on one subsector or theme is preferable. This would enable ADB to perform comprehensive diagnostics to identify challenges in the subsector, followed by advisory and capacity building support to address these challenges.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
Financial stability and capital market development need to be coupled with reforms to increase access to financial services for the poor and thus maximize the economic impact of development. Reforms to increase financial inclusion should be holistic and require complementary reforms in financial literacy, consumer protection, and financial technology. Financial technology provides new opportunities to enhance access, but it also poses its own challenges.

Project Number: 48207-001, 48207-002, 48207-004
Project Name: Financial Market Development and Inclusion Program
Report Date:
Lesson
Other lessons that can be used when replicating or scaling up some aspects of this TA project were not mentioned. Based on the guidelines, replication occurs when results of the TA project can be copied in other areas. Evidence of scaling up can involve mainstreaming the TA project process into wider development pathway.

Project Number: 48240-001
Project Name: Information and Communication Technology for Development Initiative Facility in Asia and the Pacific
Report Date:
Lesson
Due to the nature of the TA project’s deliverables and increasing demands from operational departments, the TA project had to be made flexible. Hence, it was not limited to the narrowly pre-defined areas and maximized the use of TA project resource as a facility

Project Number: 48240-001
Project Name: Information and Communication Technology for Development Initiative Facility in Asia and the Pacific
Report Date:
Lesson
Better assessment on the demand from operational departments was deemed needed as well. The change in scope kept the TA project relevant despite the fast-paced nature of the environment it was trying to address.3 A change in scope may be ideal for ICT-related TA projects as the technology advances can move quite quickly.

Project Number: 48240-001
Project Name: Information and Communication Technology for Development Initiative Facility in Asia and the Pacific
Report Date:
Lesson
This reflects one of the outputs being delivered by this TA project and how it was undertaken. The contribution of this TA project in knowledge building, especially in building the capacity of DMCs was not highlighted.

Project Number: 48240-001
Project Name: Information and Communication Technology for Development Initiative Facility in Asia and the Pacific
Report Date:
Lesson
Thorough geological surveys and good-quality engineering designs are vital to mitigating the risk of construction delays and premature damages in completed roads.

Project Number: 38479-034
Project Name: Regional Roads Development Project
Report Date:
Lesson
Executing and implementing agencies (EAs/IAs) need to rein in procurement issues to avoid implementation delays.

Project Number: 38479-034
Project Name: Regional Roads Development Project
Report Date:
Lesson
This could still be improved by providing actual experiences involving operational departments that contributed to the improvement of the TA’s implementation.

Project Number: 50315-001
Project Name: Facilitating Small and Medium-Sized Enterprises Foreign Direct Investment Flows: An ASEAN+6 Case Study
Report Date:
Lesson
This is a repetition of the previous lesson. It could have been improved by highlighting the importance of stakeholders’ role in regional trade integration, supported by actual experiences.

Project Number: 50315-001
Project Name: Facilitating Small and Medium-Sized Enterprises Foreign Direct Investment Flows: An ASEAN+6 Case Study
Report Date:
Lesson
The TCR could have mentioned whether or not governments would be allocating resources or other development partners would be funding projects that would contribute to the achievement of the TA project’s expected impact.

Project Number: 50315-001
Project Name: Facilitating Small and Medium-Sized Enterprises Foreign Direct Investment Flows: An ASEAN+6 Case Study
Report Date:
Lesson
This is essential for all kinds of projects. The TCR could have cited specific instances where coordination with the resident missions produced favorable results at design and planning stage.

Project Number: 50315-001
Project Name: Facilitating Small and Medium-Sized Enterprises Foreign Direct Investment Flows: An ASEAN+6 Case Study
Report Date: