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Lesson
Basing the reporting requirements on the monitoring systems of the government’s own response plan and providing dedicated assistance for monitoring and evaluation will help reduce the burden of the government in meeting the reporting requirements of massive budget support, pandemic response programs such as the CPRO. Budget support mechanisms are relatively new for the borrower, as most development assistance is delivered as project funding or through technical assistance.

Project Number: 54179-001
Project Name: COVID-19 Fiscal Response Program
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: