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Lesson
The ownership and rationale of policy reforms need to be carefully assessed at appraisal. Strong ownership and consistent government support are critical to the success of program loans. As such, the ownership and rationale of policy reforms should be carefully assessed at appraisal. In assessing ownership, it is important to remember that policy actions affect many stakeholders, both within and outside the government.

Project Number: 45253-002
Project Name: Third Capital Market Development Program
Report Date:
Lesson
The design and monitoring framework (DMF) should be reviewed and updated as necessary during implementation to ensure continued alignment with other aspects of the program. The outcome and output indicators in the program DMF had been developed at appraisal for achievement over a relatively short period of 24 months. However, when program implementation was extended by 23 months to November 2019, an opportunity was missed to update the targeted dates for the indicators, which were measured about 1 year after the extended program completion date.

Project Number: 45253-002
Project Name: Third Capital Market Development Program
Report Date:
Lesson
Continued engagement by ADB with the government is imperative. To maintain reform momentum, ADB’s continued engagement with the government is a must even after the program is completed. One mechanism could be through a post-program partnership framework. While facilitating monitoring of the borrower’s compliance with loan covenants, this will also enable ADB to identify follow-on actions where it can have value addition.

Project Number: 45253-002
Project Name: Third Capital Market Development Program
Report Date:
Lesson
Consensus-building requires sufficient time for meaningful and in-depth consultations with various stakeholders. This program’s experience has demonstrated that building consensus between the government and the private sector, as well as among government departments, could take much longer than envisaged. The program design to strengthen the staffing of three major regulatory institutions within 2 years was optimistic, and a more realistic timeframe should have been considered. Future programs that will necessitate consensus-building should provide ample time for this type of activity.

Project Number: 45253-002
Project Name: Third Capital Market Development Program
Report Date:
Lesson
Unrealistic and overambitious indicators in the DMF should have been raised during the implementation for corrective actions.

Project Number: 40517-013, 40517-042
Project Name: Public–Private Infrastructure Development Facility
Report Date:
Lesson
The IA, the Infrastructure Development Company Limited, could have entered into strategic partnerships with other international organizations to further improve its skill and capacity given the complexity of activities in infrastructure.

Project Number: 40517-013, 40517-042
Project Name: Public–Private Infrastructure Development Facility
Report Date:
Lesson
Lack of project readiness in financial intermediation loans means that subloans cannot be disbursed early and as envisaged at appraisal.

Project Number: 40517-013, 40517-042
Project Name: Public-Private Infrastructure Development Facility
Report Date:
Lesson
Coherent, well defined, and measurable indicators are critically important to an accurate assessment of project performance and accomplishments.

Project Number: 40517-013, 40517-042
Project Name: Public-Private Infrastructure Development Facility
Report Date:
Lesson
Strong collaboration between ADB, financial intermediaries, and subproject sponsors can ensure compliance to ADB safeguard requirements in private sector financial intermediation loans (FILs).

Project Number: 40517-013, 40517-042
Project Name: Public-Private Infrastructure Development Facility
Report Date:
Lesson
It is important to develop adequate technical capacity to assess subprojects in new sectors prior to making an investment.

Project Number: 40517-013, 40517-042
Project Name: Public-Private Infrastructure Development Facility
Report Date:
Lesson
Mitigating the risks in introducing nontraditional, innovative loan programs requires a thorough and consistent monitoring and analysis of the market dynamics surrounding such programs.

Project Number: 40517-013, 40517-042
Project Name: Public-Private Infrastructure Development Facility
Report Date:
Lesson
A well-designed program, strong working relationships with regulatory agencies, adequately funded additional TA grant, and properly sequenced policy actions are important factors for success, all of which were shown in CMDP II.

Project Number: 43477-013
Project Name: Second Capital Market Development Program
Report Date:
Lesson
An important aspect of CMDP II (Second Capital Market Development Program) was using a crisis as an opportunity to push reforms. This was reflected in CMDP II design that resulted in mutually reinforcing actions that simultaneously addressed the causes behind the crisis and expanded the financial sector to meet the needs of the real sector. In this regard, fundamental reasons for the crisis were the falsification of financial statements and the consequent exploitation of small investors. The accreditation system for auditors will help promote market information credibility.

Project Number: 43477-013
Project Name: Second Capital Market Development Program
Report Date:
Lesson
Several sustainability lessons from CMDP II (Second Capital Market Development Program) may be relevant to future interventions. A key aspect was following an integrated approach fostered through consultations. Policy coordination under CMDP II resulted in ensuring identification of responsibility and minimal replication of effort. In addition, CMDP II correctly understood the shortcomings in the government's response to the crisis, related to poor surveillance and failure to address the underlying causes in weak governance and incompatible incentives.

Project Number: 43477-013
Project Name: Second Capital Market Development Program
Report Date:
Lesson
Indicators should have been added in the design and monitoring framework to measure the level of investor confidence.

Project Number: 36197-013
Project Name: Improvement of Capital Market and Insurance Governance Project
Report Date: