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Lesson
The project had a much broader reach than merely providing credit to Micro, Small, and Medium-Sized Enterprises (MSMEs). It invested in their capacities and enabling environment (e.g., the cost-sharing facility, a coordinated government MSME policy, the collateral registry) so that banks could provide and MSMEs could employ credit more efficiently. This broader reach is especially important in frontier markets where these supporting elements are generally less developed.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
Instead of three tranches of $2 million, a better design might have been two tranches of $3 million. Regardless of the size, securing a tranche release has certain fixed administrative costs. If the tranches are small, these costs are proportionally higher and diminish the incentives to implement the preconditions for tranche release.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
Although delayed, the Micro, Small, and Medium-Sized Enterprise policy paper made effective use of consultations. Several white papers preceded it, and they solicited broad feedback that produced a strong final product. In addition, the paper included a tangible strategy and action plan that gives the Department of Cottage and Small Industry a clear work program.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
ADB could have participated in the project steering committee. Without ADB's participation, the committee's decision making was constrained because its decisions were still subject to ADB's concurrence.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The program included innovations that were new to Bhutan, so qualified local consultants were not available. Yet it was difficult to find foreign consultants who understood the Bhutanese context. The design and monitoring framework did identify �lack of qualified staff� as a risk. For future programs, however, ADB should further refine this risk to capture the tension between external expertise and local knowledge.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The implementing agency should have been more involved in program design. The Ministry of Economic Affairs' Planning and Policy Division developed the program, but the Department of Cottage and Small Industry (DCSI) was responsible for implementation. The DCSI thought that some components could have been designed differently to improve their impact (e.g., the cost-sharing facility).

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The tranche release criteria were clearly defined. They provided an impetus to achieve tangible objectives that motivated the involved agencies.

Project Number: 39221-022
Project Name: Micro, Small, and Medium-Sized Enterprise Sector Development Program
Report Date:
Lesson
The project experienced start-up delays, because the contractor mobilized slowly and was unable to tie up with suitable local subcontractors. The contractor was also unfamiliar with conditions in the country at the start, which caused implementation delays. The subcontractors contributed significantly, and without them it would have been difficult for the contractor to successfully complete the project.

Project Number: 39176-033
Project Name: Road Network Development Program (Project 2)
Report Date:
Lesson
The project constructed a two-lane road. Subsequent to the start of the project, the government decided to widen the road to four lanes by constructing another two-lane road alongside the project road. The widening works are scheduled for completion by December 2013. The ADB-financed two-lane road was completed in December 2012.

Project Number: 39176-033
Project Name: Road Network Development Program (Project 2)
Report Date:
Lesson
Realistic estimation of project and contract duration is important. Inclement weather seriously hampered physical progress in project implementation, especially from August 2011 to February 2012. The contractor had difficulty coping with it, which significantly delayed the completion of works. A more realistic timeframe for implementing a road project should be formulated allowing for unpredictable local weather conditions and other contingencies so that resources can be deployed effectively and efficiently.

Project Number: 39176-033
Project Name: Road Network Development Program (Project 2)
Report Date:
Lesson
More robust due diligence is needed during project design and formulation to enable the closest possible cost estimates and to set aside enough resources to cover contingencies. This can save considerable time. The scope of the ADB-financed East-West Highway Improvement Project, approved in 2005, included two sections of the east-west highway

Project Number: 39176-033
Project Name: Road Network Development Program (Project 2)
Report Date:
Lesson
Program design should focus on mplementing reforms not only where commitment is strong, but where resources and external factors are adequate to ensure successful implementation. In the case of the Securities and Exchange Commission (SEC), a persistent and chronic shortage of funding initially compromised its ability to provide effective surveillance and supervision to the capital markets. Additional budget increases still appear necessary to bring Office of the Insurance Commission and SEC remuneration in line with the Bangko Sentral ng Pilipinas, as mandated by Republic Act No.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
There should be strong and widespread political will. For example, the Capital Market Development Plan was initiated unilaterally by the Securities and Exchange Commission and clearly was not reflective of industry sentiment and therefore did not enjoy widespread support. In the case of the Office of the Insurance Commission, pressure from the industry to postpone higher required capitalization contributed to a change in the Insurance Commissioner and a reduction in political will in support of reform.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
Programs and technical assistance should not depend on passage of law in countries where legislative processes are slow and cumbersome. In this case, reforms to the bank resolution process, such as the authorization of bridge banking powers for Philippine Deposit Insurance Corporation, rely on the passage of legislation, and are still pending. The administrative increase in minimum capital requirements for the insurance subsector was embroiled in controversy and delay, but now appears to be required by law, but only following a 7-year delay.

Project Number: 38276-013, 38276-023
Project Name: Financial Market Regulation and Intermediation Program
Report Date:
Lesson
he use of consultant support with an evolving design requires flexibility. Therefore, packaging all consultant support in large lots through firms is not the best option. Institutional capacity development strategies should consider twinning between Bangladeshi and international institutions to developed capacity in the Directorate of Primary Education (DPE) and other local institutions. The international institutions can continue supporting the DPE after program completion.

Project Number: 30216-013
Project Name: Second Primary Education Development Program
Report Date: