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Lesson
Modifications to project design, the monitoring framework, and the assessment methodology would help future projects using this or a similar PRG modality and projects that combine sovereign, nonsovereign and cofinancing operations. The assessment criteria did not easily accommodate the unique structure of the project or the modality used.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
Lesson
The capacity of Afghanistan Investment Support Agency (AISA) to promote new investment in Afghanistan and the availability of PRG cover to support such investment was poor because of staff turnover and an inadequate incentive framework. This should have been anticipated and technical assistance could have looked at ways to address this problem.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
Lesson
Responsibility for the project was spread out within ADB, causing coordination issues with MIGA and other cofinanciers. For future projects combining sovereign, nonsovereign, and cofinancing operations, having a single focal point within ADB would improve project implementation and prospects for success.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
Lesson
Close collaboration with Multilateral Investment Guarantee Agency (MIGA), International Development Association (IDA), and Department for International Development (DFID) strengthened project design. It allowed for excellent exchange of experience with regard to PRGs, other insurance products, and how they can best be used to fill market gaps, especially in post-conflict countries.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
Lesson
The availability of bankable political risk guarantee (PRG) cover for risks that are within the power of the government to mitigate is important to investors and their financiers. However, such targeted cover cannot address concerns about security and macroeconomic stability.

Project Number: 38598-013
Project Name: Afghanistan Investment Guarantee Facility Project
Report Date:
Lesson
In the absence of specific terms of reference for international advisors, their contributions will tend to crowd out inputs provided by and the learning process of local staff.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
Sustained recourse to resident international advisors may perpetuate the dependency of decision makers on such advisors; and

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
Without absorptive capacity in ministries, very little technical skills transfer will occur;

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
The effectiveness of policy reforms under the program is ultimately determined by the competence of the different Afghan government agencies, which acquired new roles during the reform process. As a result, and in view of the pervasive capacity constraints that affect the government, the sustainability of the program requires substantial follow-up assistance. A second program focused on the implementation challenges created by the program should be considered, as that would also be in line with the current ADB country partnership strategy for Afghanistan.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
Government implementation of outstanding policy and monitorable actions should be prioritized to maintain reform momentum. It may be possible to tap parallel ongoing advisory technical assistance (TA) projects if further TA is needed. The delays in program implementation by the government are mostly due to lack of expertise, and not to lack of willingness to reform.

Project Number: 37393-032, 37393-042
Project Name: Private Sector and Financial Market Development Program
Report Date:
Lesson
The provision of technical assistance (TA) should match the scope of targeted policy reforms and the capacity of implementing agencies. In addition, it appears from the evaluation of the program that ADB's great reliance on TA consultants to develop much of its policy and advisory input affects its ability to develop sustainable internal capacity on policy issues. It has thereby reduced ADB's ability to quickly respond to government requests for policy advice and to engage in long-term dialogue.

Project Number: 34135-013
Project Name: Financial Regulation and Governance Program
Report Date:
Lesson
In general, it is proposed that program loans should either not include highly complex and far-reaching policy reforms or build on enhanced policy dialogue, comprehensive technical assistance, and intensive monitoring and review by ADB. Lack of technical understanding on the part of political decision makers requires support for comprehensive and consistent advisory technical assistance throughout the drafting and approval process of new legislation.

Project Number: 34135-013
Project Name: Financial Regulation and Governance Program
Report Date:
Lesson
The evaluation offers some lessons regarding the need to (i) properly adapt the scope and time frame of comprehensive and sensitive policy reforms to institutional capacity, (ii) carefully sequence reforms, and (iii) take a long-term approach to development. Developing capital markets is a long-term process, for which 10-20 years may be considered a realistic time frame. Capital market reform should focus on a limited set of highly selective and sequenced reforms that are within reach of government implementation capacity.

Project Number: 34135-013
Project Name: Financial Regulation and Governance Program
Report Date:
Lesson
Microfinance market development. Savings and credit union (SCU) growth by more than a factor of 10 demonstrated the market potential for microfinance in Uzbekistan.

Project Number: 33196-013
Project Name: Small and Microfinance Development Project
Report Date:
Lesson
Government ownership. The success of any development program depends on strong government ownership and willingness to address key constraints.

Project Number: 33196-013
Project Name: Small and Microfinance Development Project
Report Date: