The outcome of the project is satisfactory, sustainability is highly likely, and the institutional development impact is substantial. Key lessons reinforce the importance of strong ownership, particularly by city governments, to ensure success, and sustainability of a project. Therefore, extensive involvement of the water agencies, and support from the city government in a comprehensive wastewater strategy, would be instrumental for making gains in this area. In addition, it has been proven that financial covenants requiring a financial rate of return of 2-3 percent for wastewater agencies, is unrealistic under huge capital outlays over the short time. It is suggested therefore, that financial objectives of operations in the wastewater sector, should better focus on promoting financial viability, such as internal cash generation, and prudent financial management. Although privatization of wastewater facilities in Kwangju was not included in the project design, it was successfully implemented, and thus, Seoul is considering pilot schemes for one of its wastewater treatment plants. This shows that opportunities for efficiency enhancement through private participation exist, and should be considered early in project design.