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Lesson
Cofinancing expands possible project activities and outputs. Cofinancing from the Financial Sector Development Partnership Special Fund (FSDPSF) for this project allowed a more comprehensive set of deliverables and activities under outputs 1, 3, and 4. It provided flexibility in the use of resources, as FSDPSF beneficiaries are not differentiated according to country categories.

Project Number: 53198-001
Project Name: Developing a Disaster Risk Transfer Facility in the Central Asia Regional Economic Cooperation Region
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Lesson
A separate budget for a fund-raising roadshow is essential to ensure the successful establishment of a funding facility. This should not have been neglected in the establishment of the CAREC Climate and Sustainability Project Preparatory Fund aimed for under this TA. Engaging with potential donors is a critical step in securing the necessary funding for the fund's operation.

Project Number: 54344-001
Project Name: Supporting the Establishment of a CAREC Regional Infrastructure Projects Enabling Facility
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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
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
Appropriate TA size supports smooth and quick TA implementation. The size of this TA was suited for the generation of outputs useful for the preparation of future fintech projects. It worked for the smooth and quick implementation of the TA .

Project Number: 54246-001
Project Name: Impact Evaluation of Financial Technology Innovations in Selected Developing Member Countries
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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
Customizing the terms of reference of auditors to project requirements and ensuring that they are properly oriented on these requirements are critical to promoting project compliance with ADB financial management procedures. There were gaps in complying with the financial management conditions of the loan agreement, including the need to timely submit audit reports and auditor’s management letters and opinions.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
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Lesson
It might be useful to develop a climate finance strategy for the state-owned enterprises(SOE) sector, building on the experience and lessons from this program's. Assessment of the fiscal risks associated with climate change was incorporated into subprogram 2. This highlights the significant role SOEs can play in addressing climate change impacts and supporting the countries climate obligations. Given this, it might be useful to establish a climate finance strategy for the SOE sector, building on the experience and lessons from this program.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Additional measures are necessary for the government securities market to stimulate demand from both retail and institutional investors. The program had several supply-based reforms, particularly around the primary dealer system and government bonds; however, turnover velocity was below the target, particularly for the secondary market relating to government securities. This would suggest that additional demand-based measures are as of December 2023 required for the government securities market to stimulate demand from both retail and institutional investors.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Apart from offering concessional interest rates,ADB and China National Investment and Guaranty Corporation (I&G) could explore providing enhanced value-added services for ongoing and future financial intermediation loan initiatives in air quality improvement or climate change programs. The global economic slowdown dampened enthusiasm for green investments, while the rise in euro interest rates and the reduction of yuan lending rates since 2022 presented additional challenges for green financing eligible subprojects within the greater Beijing–Tianjin–Hebei region.

Project Number: 50096-002
Project Name: Air Quality Improvement in the Greater Beijing–Tianjin–Hebei Region—China National Investment and Guaranty Corporation’s Green Financing Platform Project
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Lesson
The existence of a national sector strategy that serves as a blueprint to identify progress and near-term and future reforms needed to grow the sector is another reason for the suitability of the PBL programmatic approach. Government coordination and ownership of reforms articulated through a series of national sector strategies are necessary to ensure that financial sector development is based on predetermined steps, with each one supported by interagency coordination to achieve broad support for reforms.

Project Number: 44263-013, 44263-015, 44263-016
Project Name: Inclusive Financial Sector Development Program
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Lesson
With financial services playing a key role in supporting the growth of the real economy while promoting inclusive finance, a comprehensive reform approach supported by technical assistance (TA) is required to make the financial sector more inclusive. As the sector continues to grow and ADB funding is limited, TA and strong development partner coordination are essential to ensure financial resources are strategically targeted, to avoid overlapping or overcrowding of assistance in particular areas at the expense of others.

Project Number: 44263-013, 44263-015, 44263-016
Project Name: Inclusive Financial Sector Development Program
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Lesson
Long-term engagement establishes understanding and trust, which are vital for any reform program to succeed but indispensable for the finance sector, where policy actions such as those relating to interest rates or foreign exchange may involve significant externalities. A new program dedicated to financial sector reform is not in the offing, but this lag provides ADB an opportunity to re-enter the sector and focus on targeted subsectors such as financial inclusion and capital markets.

Project Number: 44263-013, 44263-015, 44263-016
Project Name: Inclusive Financial Sector Development Program
Report Date:
Lesson
Experience with this program validated the four reasons for the choice the policy-based lending (PBL) programmatic approach as most suitable for the development of the finance sector of Cambodia. First, financial sector development is a gradual process that requires proper sequencing. Key foundational reforms of the banking subsector must be in place before progressing to more complex reforms of the nonbank subsector.

Project Number: 44263-013, 44263-015, 44263-016
Project Name: Inclusive Financial Sector Development Program
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Lesson
The project's use of leasing, a financing instrument not used in previous ADB FILs in Uzbekistan, was positive as it provided alternative financing depending on the needs of customers.

Project Number: 42007-018
Project Name: Small Business Finance Project
Report Date: