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Lesson
Logical sequencing of reforms is crucial to maximizing the impact and sustaining the momentum of reforms.

Project Number: 53221-001, 53221-002, 53221-003
Project Name: Third Capital Market Development Program (Subprograms 1 and 2)
Report Date:
Lesson
The program design benefited from interaction with ADB staff preparing similar Comprehensive Response to the COVID-19 Pandemic (CPRO) programs in other Pacific countries. ADB’s CPRO policy and guidelines were still being refined while the program was under Preparation. Managing the changing internal guidelines and expectations while also coordinating virtually (due to COVID-19 restrictions) with Vanuatu, ADB’s Pacific Liaison and Coordination Office, and ADB headquarters added significant pressure.

Project Number: 54179-001
Project Name: COVID-19 Fiscal Response Program
Report Date:
Lesson
Focusing on existing social protection programs and systems and making in-depth policy discussions on reforming them contribute to avoiding the creation of ad hoc programs and arrangements or introducing reforms without having in place a solid institutional setup for its implementation. Alignment with the relevant national strategies ensures the government's strong ownership of prior actions and outcomes. Consideration of these two key lessons will strengthen the design and implementation of future similar programs.

Project Number: 55041-001, 55041-003
Project Name: Strengthening Social Resilience Program (Subprograms 1 and 2)
Report Date:
Lesson
implementation of environmental and social management system, capacity building and skills training, gender mainstreaming, and additional funding support for small businesses. In addition to strengthening the capacity of the PFIs to lend to small businesses, capacity building can also help prepare PFIs without previous experience working with IFIs for future partnerships with international agencies.

Project Number: 42007-018
Project Name: Small Business Finance Project
Report Date:
Lesson
The experience and knowledge gained by the PFIs—especially Davr Bank and the UzbekLeasing International A.O., which subsequently attracted other development partners—added value to the project. The areas that were particularly beneficial across the PFIs were project analysis, formulation, and

Project Number: 42007-018
Project Name: Small Business Finance Project
Report Date:
Lesson
Rather than being a lesson learned, this is a useful recommendation. A suggested rephrasing of this into a lesson learned is: Establishing an interagency cooperation between different government authorities and designating representatives with a co-leading role ensure better management and timely resource mobilization, especially when targeted participants (including FDI investors and overseas contractors) are not managed and inspected by the implementing agency but by other government authorities.

Project Number: 48472-001
Project Name: Promotion of Environmentally Sustainable Infrastructure Investment in Asia and the Pacific
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 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
Multilateral cooperation: MEE and its Foreign Economic Cooperation Office (FECO), as the implementing agency, has provided counterparty staff and support to coordinate workshops and training arrangements.

Project Number: 48472-001
Project Name: Promotion of Environmentally Sustainable Infrastructure Investment in Asia and the Pacific
Report Date:
Lesson
Furthermore, clear regulatory guidance from relevant market regulators are seen as key to promote sustainable finance in ASEAN+3.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
They also identified a lack of local currency green bond issues and the absence of investors with responsible investment mandates as reasons for the immaturity of green bond markets.

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date:
Lesson
There are concerns on the additional costs associated with green bond issuances, as well as reputational risk if their bonds lose their green status

Project Number: 50057-001
Project Name: Promoting Green Local Currency-Denominated Bonds for Infrastructure Development in ASEAN+4
Report Date: