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Lesson
This validation agrees with the recommendation and rephrases this as a lesson: Partnering with operational projects within ADB is an important step in ensuring that other DMCs outside ASEAN can develop their capital markets and improve governance standards of publicly listed companies.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
Drawing on lessons from similar previous TA projects can help in robust design that is responsive to DMC needs, isrealistic, and adopts best practice. This could help to get greater stakeholder engagement in complex processes such as regional capital market integration.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation offers the following lesson: although TA design may identify a particular model of consultancy, these needs may evolve during the program requiring adjustment. In this case, in developing a model that responded to the needs of ACMF’s working group on corporate governance, the TA project shifted its approach since the regulators felt that an audit firm (rather than consultants) would lend more credibility and recognition to the validation exercise.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation has rephrased the recommendation into a lesson as follows: Providing adequate visibility to partners who have either financed the project or have special interest and stake in seeing its success is necessary to ensure their continued support.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
This validation agrees that cooperation and coordination, especially with other ADB departments, is important. This was a missed opportunity for this TA project. It is, however, not clear though why a visit to the People's Republic of China is required or recommended for the next ACMF TA.

Project Number: 48143-001
Project Name: Enhancing Association of Southeast Asian Nations Capital Market Integration
Report Date:
Lesson
Additional lesson: The TA cluster modality addressing many sectors (as in this project) can enable effective application of the “One ADB” concept with resident mission and HQ staff engaged.

Project Number: 46380-001
Project Name: Sustainable Infrastructure Assistance Program
Report Date:
Lesson
Additional lesson provided by IRM during interdepartmental comments: Cluster TAs such as SIAP have long approval processes due to the need to obtain separate approvals from the Steering Committee as well as ADB management.

Project Number: 46380-001
Project Name: Sustainable Infrastructure Assistance Program
Report Date:
Lesson
Additional lesson provided by IRM during interdepartmental comments: Providing TA support when projects are not in the Blue Book5 and counterparts have not issued commitment letters presents a unique risk that future TA interventions should mitigate.

Project Number: 46380-001
Project Name: Sustainable Infrastructure Assistance Program
Report Date:
Lesson
As noted in the TCR self_x005F_x0002_assessment above, SIAP was instrumental in leveraging significantly more funding from ADB and the Government of Australia for SIAP2.

Project Number: 46380-001
Project Name: Sustainable Infrastructure Assistance Program
Report Date:
Lesson
Additional lesson: Meaningful outcome indicators are consistently, plausibly, and directly linked to desired outcomes.

Project Number: 46380-001
Project Name: Sustainable Infrastructure Assistance Program
Report Date:
Lesson
Additional lesson: Effective TA implementation to improve project readiness and strengthen policy advisory and capacity building can trigger a follow-on TA and new donor funding (as in this project).

Project Number: 46380-001
Project Name: Sustainable Infrastructure Assistance Program
Report Date:
Lesson
Agreed. A useful lesson is the importance of partnerships with the client to ensure buy-in and follow through, and to tailor to additional capacity building demands from the DMCs

Project Number: 47146-001
Project Name: Macroeconomic Modelling for Improved Economic Assessment
Report Date:
Lesson
There is a need for careful planning in the context of an exploratory TA, such as this one, to allow for timely delivery of outputs while ensuring process and cost efficiency

Project Number: 47146-001
Project Name: Macroeconomic Modelling for Improved Economic Assessment
Report Date:
Lesson
In the TCR’s Conduct of Activities section, it mentioned: “The nowcasting study featuring Indonesia was completed and published in the ADB Economics Working Paper series in December 2015 and in Empirical Economics journal in June 2017. This tool has been used regularly by the Indonesia Resident Mission to support their growth forecasts since 2016 and has also been shared to the Fiscal Policy Agency of the Ministry of Finance and Ministry of National Development Planning of the Republic of Indonesia to enrich their suite of tools for conducting macroeconomic monitoring.

Project Number: 47146-001
Project Name: Macroeconomic Modelling for Improved Economic Assessment
Report Date:
Lesson
Agreed. Another useful lesson is the importance of involving clients in a hands-on manner to build a technical product and ensure the transfer of technical expertise, and the subsequent adoption or uptake

Project Number: 47146-001
Project Name: Macroeconomic Modelling for Improved Economic Assessment
Report Date: