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Lesson
The project highlighted the importance of safeguarding the nation’s wealth fund (State Oil Fund of the Republic of Azerbaijan or SOFAZ) to ensure that social programs and development priorities are sustained. In times when the nation’s wealth fund can be compromised due to external factors, exploring and pursuing viable funding options to meet the government’s financial obligations can ease pressures on the use of the fund other than its intended purposes.

Project Number: 49451-002
Project Name: Shah Deniz Gas Field Expansion Project
Report Date:
Lesson
Design and monitoring framework (DMF) indicators that are specific and clear facilitate better assessment of project achievements. Targets that are achievable within the project timeline contributes to the quality of the project design and monitoring.

Project Number: 49451-002
Project Name: Shah Deniz Gas Field Expansion Project
Report Date:
Lesson
Strong government commitment and ownership are crucial to the quality of project preparation and sustainability. Specifically, establishing a clear institutional arrangement (such as, which agency performs the routine and periodic maintenance, among other things) and sound operation and maintenance strengthens the funding mechanisms of the project after completion. In this project, the government showed a high degree of ownership in ensuring that adequate budgetary sources are in place to ensure the financing of routine road maintenance.

Project Number: 45389-001, 45389-002, 45389-004
Project Name: Second Road Network Development Investment Program (Multitranche Financing Facility and Tranches 1 and 2)
Report Date:
Lesson
The Shah Deniz Gas Field Expansion Project is transformational. It has expanded the development of one of the largest gas fields in the world, which will help (i) more than double gas production from the field; and (ii) increase the country’s gas production by 67% during the same period. This will help strengthen the Azerbaijani economy and create more fiscal space for economic diversification.

Project Number: 49451-002
Project Name: Shah Deniz Gas Field Expansion Project
Report Date:
Lesson
The partial credit guarantee (PCG) modality was a good choice for this transaction. It enabled ADB sovereign operations to come as close as possible to enabling the IA to obtain commercial financing for a commercially viable project in a country with a below-investment-grade rating. With a One ADB approach, it showed the way to achieve close and collaborative work between ADB’s sovereign and nonsovereign departments. Its 95% cover was important because it facilitated the raising of commercial finance.

Project Number: 49451-002
Project Name: Shah Deniz Gas Field Expansion Project
Report Date:
Lesson
ADB played an important role in country risk mitigation. ADB’s partial credit guarantee (PCG) to the Southern Gas Corridor Closed Joint-Stock Company (SGC) made possible SGC’s access to necessary private sector refinancing to meet its financial commitments to Shah Deniz Stage II (SD2) and the midstream pipelines. This reduced government dependence on the country’s dwindling oil and gas revenues held by the State Oil Fund of the Republic of Azerbaijan (SOFAZ) to meet expenditure obligations.

Project Number: 49451-002
Project Name: Shah Deniz Gas Field Expansion Project
Report Date:
Lesson
Programs that involve public sector management and finance reforms need to consider information from the country’s Supreme Audit Institution, not only to inform their views on the transparency and accountability of government administration before the program commences, but also in the evaluation of the program once it is complete.

Project Number: 50145-001
Project Name: Countercyclical Support Facility Program
Report Date:
Lesson
The assessment of a program’s development effectiveness is difficult in the absence of a structured and aligned outcome indicators.

Project Number: 50145-001
Project Name: Countercyclical Support Facility Program
Report Date:
Lesson
Appropriate targeting method and the quality of the fiscal stimulus are crucial in supporting CSF programs.

Project Number: 50145-001
Project Name: Countercyclical Support Facility Program
Report Date:
Lesson
Constant dialogue and interaction develop strong partnerships and facilitate consensus on the design and implementation of crisis response, reform programs/projects.

Project Number: 50145-001
Project Name: Countercyclical Support Facility Program
Report Date:
Lesson
Focusing ADB’s countercyclical support facility (CSF) on urgent macroeconomic reforms is essential to enabling developing member countries to immediately overcome crisis situations.

Project Number: 50145-001
Project Name: Countercyclical Support Facility Program
Report Date:
Lesson
Government ownership is critical to the success of countercyclical reform programs/projects.

Project Number: 50145-001
Project Name: Countercyclical Support Facility Program
Report Date: