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Lesson
Based on further information provided by ERCD, understanding the additional costs (beyond external review fees) would help in identifying the reasons why there was no second-round issuance (which affects reputation if green status is lost) even though issuers have already invested heavily to establish proper internal system to monitor use of proceeds and provide post-issuance reporting.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
This TA, however, missed the opportunity to capture knowledge adequately. Implementation experience in activities like the development of municipal bonds at the subnational government level could have been an interesting subject for knowledge products shared with other countries.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
Consultation with development partners is also important to increase synergy and reduce duplication. This was an aspect of the TA design that could have been improved as some activities proposed overlapped with those supported by other development partners (FKSSK action plan and branchless banking workshops).Resources for these activities were reallocated to other equally important activities that contributed to the outcome during the implementation stage.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
Learning from experiences of other countries is important for knowledge building, so ADB member countries can learn from each other. This TA supported tax neutrality for the Islamic capital market as experience in Malaysia showed that this is one of the building blocks for development of Islamic finance.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
The TA design should include extensive stakeholder engagement including those that may not be directly involved in the TA. This should consist of focus group discussions with stakeholders in a particular sector (banking, capital market) or thematic activities (financial inclusion, financial literacy, consumer protection). Such engagement will increase ownership of TA activities among national stakeholders on proposed activities which will subsequently reduce delays in implementation.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
There is often a time lag between the design and implementation phases of a TA. Therefore, it is important for TAs to be implemented with adequate flexibility to address the needs of the executing and implementing agency, which may evolve during the implementation period. While it is desirable to consider the selection, method designed in the TA, minor changes in implementation arrangements should be allowed, particularly at the latter stages of TA implementation.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
It is recommended that future TAs in the finance sector focus on specific subsectors or specific themes. This focused approach will enable comprehensive diagnostic assessment as well as adequate resources to address the biggest constraints in the sector or area. This approach will also benefit the government as they can design and implement sequenced reforms in a sector. Focus could also be on cross-cutting themes like financial inclusion.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
Implementation of TA activities in the finance sector should actively engage the private sector so that the policies developed by MOF and OJK are relevant and effective. A good example is the diagnosis of tax neutrality for the Islamic capital market, which included significant consultation with issuers, legal and tax experts, banks and capital market intermediaries. This feature is a good practice and should be replicated in other TAs.

Project Number: 45396-001
Project Name: Enhancing the Regulatory Framework of Financial Sector Development and Oversight
Report Date:
Lesson
The TCR could have elaborated on the need for consultants to ably navigate (or be supported to navigate) the consultant management system to ensure timely closure of TA accounts.

Project Number: 53140-001
Project Name: Developing Accountability and Mechanism Framework for Financial Intermediaries
Report Date:
Lesson
The TCR could have TCR could have provided further details about the national agenda/initiatives from India, Indonesia, and the PRC (Green Finance Initiative) brought about by the experience in developing this regional AMF. Based on the wrap-up workshop brief, staff from the East Asia Deparment, Central and West Asia Department, Office of the Special Project Facilitator, South Asia Department, and Sustainable Development and Climate Change Department, were present. Such details and other lessons from the Manila wrap-up workshop could have been mentioned in the TCR as well.

Project Number: 53140-001
Project Name: Developing Accountability and Mechanism Framework for Financial Intermediaries
Report Date:
Lesson
The TCR could have further discussed the benefits or disadvantages of having government agencies as local partners, such as the Policy Research Bureau of the China Banking and Insurance Regulatory Commission, facilitate workshop organization and implementation.

Project Number: 53140-001
Project Name: Developing Accountability and Mechanism Framework for Financial Intermediaries
Report Date:
Lesson
The TA was financed by Republic of Korea e_x005F_x0002_Asia and Knowledge Partnership Fund (EAKPF), and the budget was executed prudently and transparently as planned through close coordination with EAKPF Fund Team. Thanks to EAKPF’s funding, the TA could closely collaborate with the Government of the Republic of Korea, hire an expert from Korean financial market as a consultant, and expand its network to Korean markets, all of which contributed to effectually generating the outputs and the outcome of the TA.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
Since the CSIF, which the TA supports has been a regional discussion platform under the ABMI TF4, consensus among members on subject matters was, and is, essential. To ensure regional consensus, the combination of inducing active participation of the members and engaging close consultation with ASEAN+3 government officials is quite important. In addition, further engagement with the private sector is more desirable, though the preference of the members is still informal and closed.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
Infrastructure development requires substantial preparedness and investment in both time and money. Particularly, a cross_x005F_x0002_border project would require more time and efforts than a national project for coordination among different jurisdictions, thus, planning and implementation arrangement would require flexibility. In addition, rapid advancement in technology would affect IT architecture design, thus, additional flexibility as well as wider involvement of various stakeholders would be desirable.

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date:
Lesson
Over the course of publishing three CSIF knowledge products, the TA could induce active involvement of the CSIF members raising awareness on the importance of regional market infrastructure for boosting intraregional investments among the members

Project Number: 50055-001
Project Name: Creating a Regional Settlement Intermediary in ASEAN+3: Cross-Border Settlement Infrastructure Forum
Report Date: