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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
Financing a series of smaller projects within a broader financing structure can provide efficient infrastructure improvement support on a larger scale. Although the project completion report indicated that these types of projects should contain fewer districts to reduce the implementation burden, the report confirmed the efficacy of the project. Therefore, to provide large-scale infrastructure, it may be preferable to finance a series of smaller projects within a broader financing structure, such as a multitranche financing facility.

Project Number: 45084-002
Project Name: Coastal Climate-Resilient Infrastructure Project
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Lesson
Timely and appropriate changes in scope and reallocation of loan and grant proceeds responding to actual project needs emerging from implementation can help utilize available loan and grant resources in a more targeted and efficient manner to facilitate more activities and deliver more outputs. For example, responding to the government’s request relating to E35 contributed directly to developing an efficient and safer transport corridor between Islamabad, Faisalabad, and Multan for more connectivity between the various parts of the country.

Project Number: 48402-001, 48402-002
Project Name: National Motorway M–4 Gojra–Shorkot Section Project and National Motorway M–4 Gojra–Shorkot–Khanewal Section Project - Additional Financing
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Lesson
In terms of project design, in-depth analysis of various loan modality options and risks assessment, taking in consideration the ountry’s huge capacity and institutional gaps, can help design an appropriate loan modality. For example, a sector lending, which can also run for a decade and sustain capacity support to the sector, requires a sector analysis that covers a thorough analysis of the factors that affect the performance of the sector, including policy, institutional or regulatory frameworks, as well as the sustainability of the investment.

Project Number: 40173-044
Project Name: Highlands Region Road Improvement Investment Program - MFF and Project 3
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Lesson
Early and regular involvement of the financial management staff and collaboration with other development partners in the PMGSY program is necessary to better design the management arrangements early in the project cycle. Significant financial management issues throughout the life of the projects would have been prevented by such a measure.

Project Number: 48266-002, 48226-004
Project Name: Second Rural Connectivity Investment Program (Tranche 2 and Multitranche Financing Facility)
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Lesson
A consolidated annual project financial statement ((APFS) needs to be required from projects with more than one component, and this should be included in the project administration manual and monitored closely for compliance. Submission of the consolidated APFSs for the first 2 fiscal years was delayed because of time lag in consolidating the reports on the two components.

Project Number: 49094-001
Project Name: Railway Rolling Stock Project
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Lesson
Timely and appropriate disclosure of ADB’s audited project financial statements enhances stakeholders' ability to meaningfully engage with ADB and promotes good governance. Timely disclosure of project financial performance needs to be ensured in future projects.

Project Number: 47182-001
Project Name: Southern Road Connectivity Project
Report Date:
Lesson
Handholding of the executing agency on financial management facilitates consistent compliance and timely submission of project financial reports.Multiple issues observed in project audit reports in early to mid-project implementation were eventually successfully addressed through close collaboration between JMRC and an ADB consultant. Having a financial management specialist during review missions and a dedicated financial management staff would further enhance financial management capacities in future projects.

Project Number: 46417-001
Project Name: Jaipur Metro Rail Line 1-Phase B Project
Report Date:
Lesson
It is critical to obtain accurate information during the design and appraisal stage to help facilitate growth forecast on traffic volumes. Such information provides a solid groundwork for the assessment of a transport project’s economic viability and efficiency and help underpin its rationale, scope, and implementation timeframe. As such, greater consideration on the survey or collection of traffic data is crucial in enhancing the quality of project-level economic analysis.

Project Number: 46543-002
Project Name: Central Asia Regional Economic Cooperation Corridors 3 and 5 Enhancement Project
Report Date:
Lesson
Including ADB financial management staff in project implementation teams will facilitate compliance to ADB financial reporting requirements. the first two annual audited project financial statements was delayed in the absence of complete information. ADB’s financial management staff should have been part of the project implementation team from the inception stage to review and monitor project financial performance and provide timely advice.

Project Number: 45084-002
Project Name: Coastal Climate-Resilient Infrastructure Project
Report Date:
Lesson
Maintaining the capacity built through similar projects or establishing knowledge transfer could extend the sustainability of project activities and increase the likelihood of achieving expected impacts. The long-term usefulness of the capacity that was built must be further considered. Closer linkage between the participants in TA trainings and the infrastructure activities could have encouraged participants to apply their newly built capacity within the project.

Project Number: 37097-013
Project Name: Integrated Rural Development Sector Project in the Central Provinces
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Lesson
Closer communication and coordination between ADB and the implementing agencies (IAs) are necessary to ensure timely loan closing. The loan closing took about 21 months. One of the major reasons was that some of the withdrawal application papers submitted by the IAs were incomplete or inconsistent and clarifications or corrections of these took a long time. ADB’s review and clearance on these clarifications was also slow in several cases.

Project Number: 43023-013
Project Name: Guangxi Beibu Gulf Cities Development Project
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Lesson
The facility’s flexibility allowed the use of savings from one tranche to fund investments from another tranche. The installation and supply of ventilators within tranche 5 was canceled in the metro project as the increase in costs surpassed the initially allocated loan funds. Savings from tranche 1 from the cancellation of other subprojects were used to fund the investment in ventilators from the metro project.

Project Number: 42414-013, 42414-045
Project Name: Sustainable Urban Transport Investment Program - Tranche 5 and MFF
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Lesson
Project readiness challenges could result in sequential delays of the different tranches in an MFF, leaving insufficient time for implementation within the MFF term and making MFF less relevant. Prior to the approval of each tranche, the initial design for each project was prepared to varying degrees.

Project Number: 44483-024, 44483-023, 44483-026, 44483-027
Project Name: Second Central Asia Regional Economic Cooperation Corridor 2 Road Investment Program
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Lesson
Regular scrutiny of the financial statements by ADB, coupled with periodic training of finance and project accounts staff, will help expedite financial closure. The financial management arrangements of the recipient and executing agency were robust. Even then, financial closure of the grant account took 1.15 years from the grant closing date because of delays in the liquidation of advances and additional time needed to resolve the statement of expenditures review findings. Financial closing was further exacerbated by COVID-19 in-country lockdown measures.

Project Number: 44240-014
Project Name: Thimphu Road Improvement Project
Report Date: