Ratings for the Environmental Pollution Abatement Project for Lebanon were as follows: outcomes were moderately satisfactory, bank performance was moderately satisfactory, and monitoring and evaluation quality was substantial. Some lessons learned included: TA was grant-funded in line with the GOL’s preference, yet the modality led to unexpected delays in financing and required stop-gap measures from the UNDP and the MOE to keep the PMU running. Similar projects would benefit from TA funds coming from a source that is committed to providing timely funds. Developing a pipeline and scoping of specific enterprises and subprojects during preparation are important for early startup of implementation. While partners’ engagement with industries before the project was helpful in targeting the sub-loans, having specific enterprises demonstrate their commitment could have helped prevent delays during the early stages of implementation. The AF proposed in 2019 followed such a process, with 12 enterprises on board to receive sub-loans, which would have facilitated faster implementation, particularly as the financial mechanism was already established by then. A known pipeline at project outset would also let the PMU plan to set baselines for results indicators and to provide technical support for specific industries or types of interventions. Adapting the subsidiary agreement between BdL and the commercial banks to resume lending activities enabled the project to continue its activities despite a financial crisis that caused other projects to close early. Such flexibility may be possible in future uses of the financing mechanism, especially as it costs governments relatively little due to the repayment of sub-loans. The mechanism could be useful for different country contexts and beyond industrial pollution, for example, developing clean industries.