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Lesson
Extension of the TA for one year due to foreseeable events would not have been necessary had the TA been designed more appropriately.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
On the output indicator, understanding of the underlying environment, including quality of data, through pre-investigative works could have ensured better design of TA outputs.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
Report Date:
Lesson
Based on further information provided by ERCD, ensuring that adequate resources are allocated to finance important associated costs (e.g., hiring of dedicated staff to monitor use of proceeds and to ensure compliance with post-issuance reporting requirements) could help facilitate sustained increase in green bonds issuance.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+3
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 outcome indicator should have been formulated more clearly and the outputs/activities planned to better ensure that it could deliver the targeted outcome.

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
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
A good DMF with specific, appropriate, and measurable performance indicators is critical in an MFF program where earlier tranches provide pilots for subsequent reforms.

Project Number: 39538-013, 39538-035
Project Name: State-Owned Enterprises Reform and Corporate Governance Facilitation Program (Tranche 2 and Multitranche Financing Facility)
Report Date:
Lesson
Capacity development for public sector officials is a long-term issue and a short-term TA, as provided in tranche 2 ,is not likely to help.

Project Number: 39538-013, 39538-035
Project Name: State-Owned Enterprises Reform and Corporate Governance Facilitation Program (Tranche 2 and Multitranche Financing Facility)
Report Date:
Lesson
Risk assessment is an important part of program initiation and requires all parties involved to assess the risks and develop meaningful mitigation strategies.

Project Number: 39538-023
Project Name: MFF–SOE Reform and Corporate Governance Facilitation Program—Tranche 1
Report Date:
Lesson
It is important to ensure that before an RRP is approved, the DMF has performance indicators that are specific and measurable, and that the data source is appropriate.

Project Number: 39538-023
Project Name: MFF–SOE Reform and Corporate Governance Facilitation Program—Tranche 1
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
More support was required to individual WSCs and VWSA to better achieve the TA outputs but not through the originally planned support to MOC and MPI. As such, the DMF indicators should have been updated in a timely manner by ADB and the executing agency when TA changes were processed. This would have enabled the TA to correctly capture the benefits and assess whether the TA is meeting its objectives by working with selected WSCs, especially those participating in the Investment Program.

Project Number: 44002-022
Project Name: Improving Operational Performance of the Water Supply Sector
Report Date:
Lesson
Careful selection and timely update of DMF indicators are crucial, along with a better understanding of the clients and their likely needs. The TA was designed to improve the institutional framework of water supply services through improving business practices of selected WSCs. The critical challenge was that the TA aimed to support the sector reform process in the middle of its transition. Considering the uncertainties of the reform, the TA outcome of supporting the country’s water sector through directly improving WSCs’ business practices was a logical and reasonable approach.

Project Number: 44002-022
Project Name: Improving Operational Performance of the Water Supply Sector
Report Date: