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Lesson
An uncomplicated program design is a key factor in achieving reform in fragile states. In countries with low public sector capacity, a single-tranche policy-based program, with all policy actions achieved prior to an ADB Board presentation, is an effective means of achieving step-by-step reforms. In the Improved Fiscal and Infrastructure Management Program, the simplicity of design was a feature of the individual policy actions, which were generally self contained and within the capability of the government to implement.

Project Number: 50377-001
Project Name: Improved Fiscal and Infrastructure
Management Program
Report Date:
Lesson
Actions that demonstrate the achievement of program policy matrix milestones should indicate what were achieved, rather than the process of how these were accomplished. For example, an endorsement or approval of a framework, manual, procedure, and others is not an adequate indicator to demonstrate that a policy reform was successfully accomplished, particularly in fragile and small island developing states.

Project Number: 50377-001
Project Name: Improved Fiscal and Infrastructure
Management Program
Report Date:
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
The way the lesson was formulated in the TCR could be improved (it is stated more like an issue rather than lesson learned). But lessons can be inferred that addressing reputational risk and additional costs for meeting green bonds requirements, ensuring a certain level of market maturity, and establishing clear regulations by market regulators are necessary conditions to the successful attainment of the TA objectives.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
They also identified a lack of local currency green bond issues and the absence of investors with responsible investment mandates as reasons for the immaturity of green bond markets.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
There are concerns on the additional costs associated with green bond issuances, as well as reputational risk if their bonds lose their green status

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
Furthermore, clear regulatory guidance from relevant market regulators are seen as key to promote sustainable finance in ASEAN+3.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date: