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Lesson
The borrower is not obligated to request disbursement of the full amount related to the fulfillment of any disbursement-linked indicator (DLI). Accordingly, ADB disbursement projections can be overly optimistic. This point should be considered in future revisions of RBL policies.

Project Number: 50022-002
Project Name: Affordable Rural Housing Program
Report Date:
Lesson
ADB’s participation in a country-driven program, by bringing knowledge and experience in addition to financing, catalyzes interest and cofinancing from other development agencies. This program was a critical element for enhancing the entire ecosystem of housing financing and mortgage market, helping lay thegroundwork for diversified funding and private sector involvement.

Project Number: 50022-002
Project Name: Affordable Rural Housing Program
Report Date:
Lesson
Promotion of social equity criteria and gender quotas is instrumental in the economic empowerment of vulnerable groups and women.

Project Number: 50022-002
Project Name: Affordable Rural Housing Program
Report Date:
Lesson
Results-based lending (RBL) is well suited if it is embedded in a wider government-owned and led program. It can be an effective modality for achieving both physical outputs and nonphysical goals. It can also make changes in national policies that go beyond the project’s physical scope. The climate risk assessments, procurement processes, and beneficiary selection criteria used in this program were also applied in non-ADB financed provinces. The instructions issued and policies adopted by the government were “national”in nature and impact.

Project Number: 50022-002
Project Name: Affordable Rural Housing Program
Report Date:
Lesson
A structured, holistic, and sequential approach, backed by a comprehensive, medium- to long-term program and sufficient technical assistance (TA,) is critical to the success of financial market reforms. A wide range of reforms covering key pillars of the financial system was incorporated in this program nto enhance legislation, improve regulatory frameworks, introduce new initiatives, and support sustainable capacity building using a structured and sequential approach over the medium term.

Project Number: 51252-003, 51252-004, 51252-005
Project Name: Financial Market Development Program
(Subprograms 1; 2; and 3)
Report Date:
Lesson
Design and monitoring frameworks (DMFs) need to have all the necessary Indicators as well as flexible timelines to effectively be used as planning, monitoring, and evaluation tools. Given the breadth of the program, the DMF should have included at least one indicator for each reform area to better monitor the outcome and long-term impact of key policy actions. Although three new outcome Indicators were included in subprogram 3, these mainly covered financial inclusion and nonperforming loans.

Project Number: 51252-003, 51252-004, 51252-005
Project Name: Financial Market Development Program
(Subprograms 1; 2; and 3)
Report Date:
Lesson
While face to face communication would have been better in certain cases, adaptation to pandemic restrictions by adopting new ways of working in addition to being agile and flexible proved adequate and strong enough to successfully implement projects during the pandemic. The program was implemented during a very challenging period when the pandemic was just reaching its peak, the health situation was deteriorating globally, and lockdown measures were being intensified.

Project Number: 51252-003, 51252-004, 51252-005
Project Name: Financial Market Development Program
(Subprograms 1; 2; and 3)
Report Date:
Lesson
Demand-led implementation and strong ownership and consistent government support are critical to the success of financial market reform programs. All stakeholders demonstrated strong commitment to the reform agenda, which led to timely and complete implementation. Sufficient assessment at program appraisal ensured that the strategic objectives of stakeholders were aligned with development objectives.

Project Number: 51252-003, 51252-004, 51252-005
Project Name: Financial Market Development Program
(Subprograms 1; 2; and 3)
Report Date:
Lesson
It is possible to include lower- and moderate-income households in housing loan programs.

Project Number: 44318-026
Project Name: Housing for Integrated Rural Development Investment Program - Tranche 3
Report Date:
Lesson
ADB resident missions need to have an adequate number of project analysts.

Project Number: 44318-026
Project Name: Housing for Integrated Rural Development Investment Program - Tranche 3
Report Date:
Lesson
The processing and implementation of separate tranches under a multitranche financing facility (MFF) can be cumbersome and inefficient.

Project Number: 44318-026
Project Name: Housing for Integrated Rural Development Investment Program - Tranche 3
Report Date:
Lesson
ADB deployment of international specialists to work full-time on projects favors successful implementation.

Project Number: 44318-025
Project Name: Housing for Integrated Rural Development Investment Program - Tranche 2
Report Date:
Lesson
Down-streaming housing loans to moderate− and lower−income beneficiaries, with a focus on women, is feasible with the right approaches and activities.

Project Number: 44318-025
Project Name: Housing for Integrated Rural Development Investment Program - Tranche 2
Report Date:
Lesson
A realistic schedule increases the likelihood of project success.

Project Number: 44318-025
Project Name: Housing for Integrated Rural Development Investment Program - Tranche 2
Report Date:
Lesson
There are perceptions among some government agencies in Viet Nam that the interest rate should be much lower than market rates and be subsidized. Rather than focusing solely on the financing side, the complex issue of housing for the urban poor also needs to be looked at from the viewpoint of supply side constraints and the willingness of lenders to consider this an appropriate business line. Targeted subsidies that are separate from financing also need to be considered. Again, access to credit is more important than is providing interest rate subsidies.

Project Number: 35497-013
Project Name: Housing Finance Project
Report Date: