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Lesson
The selection of suitable participating financial institution (PFI) partners is important to better implement a financial intermediation loan project. PFIs that are financially sound, have good track records, and are committed toward serving rural enterprises and SMEs are likely to be effective in implementing financial intermediation loans.

Project Number: 47305-002, 47305-004
Project Name: Horticulture Value Chain Development Project
Report Date:
Lesson
The formulation of a coherent results framework that logically links the inputs, activities, and outputs with the envisaged outcome facilitates better monitoring and measurement of project results. The quality of a design and monitoring framework is enhanced by outcome targets that are realistic and appropriately reflect the immediate changes of the outputs.

Project Number: 47305-002, 47305-004
Project Name: Horticulture Value Chain Development Project
Report Date:
Lesson
The absence of a project management unit (PMU) with adequate dedicated full-time qualified staff and decision-making authority militates against the successful implementation of projects.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
The lack of organizational capacity and requisite implementation skills also weighs heavily against the attainment of project objectives. Another major reason for poor performance of the PNB was its inability to scale up individual subloans through either the Renewable Energy Services Company (RESCO) or demand aggregation of smaller subprojects, be they in the commercial and industrial sector, MSME, or residential sector.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
A centralized and unified real-time web portal expedites the execution of all project processing and decision-making pocedures, and is an invaluable asset to the successful implementation in this day and age. The lack of coordination among various branches across the different zones of India hampered the operations of the tranche 1 project. A beta version of a unified central web portal for the entire investment program that was put in place was not able to minimize the operational hurdles faced by PNB, due to the lack of institutionalization across all branches.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
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
Report Date:
Lesson
Stringent due diligence based on guidelines on the selection of the implementing agency and/or borrower does not ensure successful project implementation. The investment program, given the available multitranche financing facility, could have opened opportunities for other potential qualified banks with stronger experience in solar rooftop onlending, instead of focusing on a single borrower.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
Support cannot be directed to the most vulnerable in a crisis in the absence of a social protection system that can be utilized or adapted for this purpose—which provides an additional reason for working with developing member countries to establish and strengthen such systems.

Project Number: 54346-001
Project Name: COVID-19 Rapid Response Program
Report Date:
Lesson
The government’s internal approval processes need to be carefully considered when designing and implementing a policy reform program. In Viet Nam, the consensus-building approach to policymaking requires significant time and coordination, particularly for policies that would entail changes to the legal framework. The process for amending laws is a significant constraint, as the lawmaking cycle usually takes 5 years. Inadequate consideration of these features of policymaking and lawmaking in Viet Nam could lead to unrealistic program schedules.

Project Number: 49331-001
Project Name: Financial Sector Development and Inclusion Program
Report Date:
Lesson
Combining finance sector development and financial inclusion under an umbrella framework enables a finance sector reform program to address both supply and demand to further develop the sector. The program as originally designed was to include two subprograms. Technical assistance, provided to help the government continue the reform measures adopted in subprogram 1, was key in supporting many of the reforms programmed under subprogram 2, even as the government elected not to proceed with a second loan. Nevertheless, government elected not to proceed with a second loan.

Project Number: 49331-001
Project Name: Financial Sector Development and Inclusion Program
Report Date:
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
It is imperative for SOEs to develop good corporate governance and maintain an arm's length relationship with government, regardless of whether it is a commercial or noncommercial SOE. Some of the policy actions under this program were designed to improve the government's performance of its SOE ownership function. However, in addition to these policy actions, it is imperative for SOEs to proactively promote good corporate governance and develop functional autonomy from the government.

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
Fiscal reform, pensions, and capital markets reforms are inextricably linked, because of the role each plays in economic development. Subprogram 2 supported the development and approval of the Capital Market Development Strategy, 2022–2028 by government decree, which includes a commitment to develop a green bond framework. This provides a strong basis from which to develop a broader integrated program to support not just fiscal resilience but also further capital market reforms in conjunction with the Finance Sector Office.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date:
Lesson
Well planned and logically sequenced policy actions are crucial to maximizing impact of reform programs and ensuring the sustainability of reforms.

Project Number: 54271-001, 54271-002
Project Name: Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)
Report Date: