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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
Report Date:
Lesson
Safeguard actions required for non-RBL projects are largely unsuitable for RBL programs, and this needs to be considered to improve the safeguard system assessments and categorization of future RBL programs. While safeguard concerns were satisfactorily resolved in the program, some actions in the safeguard action plan were more appropriate for a typical investment project than for an RBL program. For example, the safeguard action plan indicated the disclosure of environmental documents of senior high school classroom construction.

Project Number: 45089-002
Project Name: Senior High School Support Program
Report Date:
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
Report Date:
Lesson
ADB may need to consider greater flexibility to allow an extension of the availability period of loans under the multitranche financing facility, where deemed appropriate. Because of various delays, the investment program's availability period was extended to 10 years and ended on 24 November 2020. Government requests to extend the availability beyond 2020 were declined by ADB.

Project Number: 41504-013, 41504-023, 41504-025
Project Name: Town Electrification Investment Program (Multitranche Financing Facility and Tranche 2)
Report Date:
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
An alternative approach for the Completion of projects halted by the closure of the availability period of MFF-financed loans needs to be explored. This is especiallly important for projects with considerable stranded investments (e.g., stranded investments in the Ramazon HPP included $3 million for transmission line and $3 million for site Preparation). To continually implement the Ramazon HPP, the PNG Power Ltd.

Project Number: 41504-013, 41504-023, 41504-025
Project Name: Town Electrification Investment Program (Multitranche Financing Facility and Tranche 2)
Report Date:
Lesson
Results-based lending (RBL) is effective in strengthening government systems and fostering a whole-of-government approach to education reform. The Department of Education and education sector benefitted from the extensive engagement and discussions with oversight agencies on specific program results areas. The agencies provided a wider perspective on government financing, resource programming and prioritization, development planning, and program or project evaluation.

Project Number: 45089-002
Project Name: Senior High School Support Program
Report Date:
Lesson
Targeting core reforms is crucial to maximizing program impact. A few policy actions that are critical to improving the effectiveness and efficacy of the Securities and Exchange Commission of Pakistan could have been prioritized, rather than focusing on privatizing public sector enterprises, which can be part of a future reform program dedicated to state-owned enterprise reforms.

Project Number: 53221-001, 53221-002, 53221-003
Project Name: Third Capital Market Development Program (Subprograms 1 and 2)
Report Date:
Lesson
The multitranche financing facility (MFF) modality is appropriate for the phased Implementation of major reforms. It also proved suitable for the new training partnership model introduced by this investment program, which took time to take off within both the government and the private sector. This is because the stakeholders deemed it important to familiarize themselves first with the model— learn which aspects were working well, which ones did not. and subsequently modify or redesign those aspects that proved inappropriate or ineffective.

Project Number: 42466-015
Project Name: Skills for Employment Investment Program - Tranche 1
Report Date:
Lesson
ADB needs to continue the RBL modality for the school education SWAp and expand to other education subsectors to leverage sequencing of results, add value to government programs, sustainably strengthen institutions, and harmonize development partners. The RBL modality encouraged substantive policy discussion and critical analysis geared towards common agreement on the key results. The government internalized the aim of achieving targets in a set time frame and linking disbursements to achieved results.

Project Number: 49424-001
Project Name: Supporting School Sector Development Plan
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
Report Date:
Lesson
The results-based lending (RBL) modality provides flexibility to adjust targets adversely affected by unforessen adverse events such as COVID-19. During 2020–2022, the COVID-19 pandemic affected the demand for electricity, lowering the State Electricity Company's (PLN) revenues and creating uncertainty in its investment plans. Sourcing equity financing and implementing ongoing projects within PLN became difficult under such conditions and adjustments were needed in scope and time targets of ongoing works.

Project Number: 50016-001
Project Name: Sustainable Energy Access in Eastern Indonesia—Electricity Grid Development Program
Report Date:
Lesson
The sector development program modality proved to be effective in helping the government to reform the education sector. It responded to the sector's major problem of insufficient financing, with the policy-based grant providing the government financial incentives to reform the sector. The project component effectively supported the implementation of policy reforms. Some project initiatives are not yet fully functional and the government needs further support to accomplish these. Supporting technical assistance could address this.

Project Number: 46537-002
Project Name: Strengthening Education System Sector Development Program
Report Date:
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:
Lesson
Selection of suitable participating financial institution (PFI) partners is key to the successful implementation of a financial intermediation loan (FIL) project. PFIs that are financially sound, have good track records, and strategic orientation toward small and medium enterprises (SMEs) and strong project ownership—such as those selected under the project—are likely to be effective in implementing FILs for small businesse

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