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Lesson
The post-program monitoring framework (PPMF) is a useful instrument in helping ensure the sustainability of reforms and providing a basis for continued ADB dialogue and support. The PPMF was a useful input to the design of the ADB policy-based loan supporting the Financial Market Development and Integration Program in 2012. It is also a good practice for ADB to support a post-monitoring program with technical assistance. However, the PPMF should monitor not only actions and outputs but also outcomes.

Project Number: 32507-013, 32507-023, 32507-032
Project Name: Capital Market Development Program Cluster (Subprograms 1 and 2)
Report Date:
Lesson
The coverage of accompanying TA to support implementation of the reforms should match the scope and complexity of the program. The $1.5 million TA project was aimed at supporting the continuation of the reforms beyond the CMDPC, including the policy measures in the post-program monitoring framework. The other TA project amounting to $1.2 million TA project, with limited components, supported the implementation of a $600 million loan program with 93 policy actions to be completed by several government agencies.

Project Number: 32507-013, 32507-023, 32507-032
Project Name: Capital Market Development Program Cluster (Subprograms 1 and 2)
Report Date:
Lesson
Program design should be focused and selective, with a limited number of policy actions to ensure effective implementation and monitoring. The CMDPC supported a complex program with 93 policy actions (46 for subprogram 1 and 47 for subprogram 2). Limiting the number of policy actions in a program is consistent with the IED recommendations in the evaluation of ADB assistance to capital market development in 2008.

Project Number: 32507-013, 32507-023, 32507-032
Project Name: Capital Market Development Program Cluster (Subprograms 1 and 2)
Report Date:
Lesson
The long-term nature of capital market development requires a road map with clear sequencing and prioritization of reforms as well intermediate and long-term outcomes, with periodic updating. A longer term and flexible framework for reforms, supported by a timely monitoring and evaluation system, would provide a context for the phasing of reforms and identifying the content of specific programs which typically cover 3–5 year periods.

Project Number: 32507-013, 32507-023, 32507-032
Project Name: Capital Market Development Program Cluster (Subprograms 1 and 2)
Report Date:
Lesson
In a centrally controlled finance sector environment like Uzbekistan, gradual easing of constraints is the appropriate approach. A project such as this one can be successful in easing the constraints to local currency cash loans, loan terms, and the capacity of participating commercial banks for MSE lending. However, it cannot address other constraints identified at appraisal such as restrictions on dollar-denominated cash loans, and those encountered during implementation, such as restrictions on microcredit organizations and cash balances of banks.

Project Number: 42007-013
Project Name: Second Small and Microfinance Development Project
Report Date:
Lesson
The regulatory bottlenecks affecting project implementation need to be assessed rigorously at appraisal and the relevant government agencies and stakeholders need to be proactive in resolving implementation issues. In addition, to achieve good project performance, the project design needs to include continuous policy dialogue and knowledge sharing of international best practices.

Project Number: 42007-013
Project Name: Second Small and Microfinance Development Project
Report Date:
Lesson
Due diligence of PCBs should be thorough during appraisal. ADB should have taken a more cautious stance in the selection of PCBs, especially when Agrobank had earlier failed to meet the covenant on return on assets.

Project Number: 42007-013
Project Name: Second Small and Microfinance Development Project
Report Date:
Lesson
Multiple developmental financial institutions can work effectively together to create new institutions. All of the agencies involved provided equity and/or debt financing in sufficient amounts to meet the capitalization target and on a coordinated basis to allow IIF to formulate and staff its operations with its own independent management. This project appears to be an important benchmark for cooperative ventures both within ADB (sovereign and nonsovereign operations) and among institutions.

Project Number: 42109-013
Project Name: Infrastructure Financing Facility Company Project
Report Date:
Lesson
Additional consideration should have been given to the provision of the following, which addresses problems encountered: engagement of institutional strengthening consulting expertise would have improved project design;

Project Number: 37697-013
Project Name: Urban Development Sector Project
Report Date:
Lesson
Enhanced microfinance expertise during the inception phase to ensure success of any small loan program;

Project Number: 37697-013
Project Name: Urban Development Sector Project
Report Date:
Lesson
Enhanced procurement support to assist executing agency and other agencies to improve preparation and management of the ICB bidding process;

Project Number: 37697-013
Project Name: Urban Development Sector Project
Report Date:
Lesson
More frequent supervision during implementation of gender-related activities would ensure compliance with GAP and monitoring of GAP indicators from the start of the project;

Project Number: 37697-013
Project Name: Urban Development Sector Project
Report Date:
Lesson
House connections for water supply and sanitation should be included into project design so that beneficiaries may accrue the full benefits of the built infrastructure; and

Project Number: 37697-013
Project Name: Urban Development Sector Project
Report Date:
Lesson
Close supervision by executing agency is required to ensure that safeguard policy statement’s requirements for LAR external monitoring and reporting are fully complied with.

Project Number: 37697-013
Project Name: Urban Development Sector Project
Report Date:
Lesson
Focusing on a few reforms increases the potential for success and impact of 6he government reform agenda.

Project Number: 40009-013, 40009-023, 40009-033
Project Name: Infrastructure Reform Sector Development Program
Report Date: