The outcome of the Pusan Urban Transport Management Project for Korea was satisfactory, the sustainability was likely, the institutional development impact was substantial, the Bank and borrower performance were both satisfactory. The lessons learned indicate that the project has been successful in enhancing the metro capacity and demonstrated the importance of integrated public transport (PT) services to service usage. It has also effectively demonstrated the importance of demand management measures such as PT pricing and parking policies. The Pusan metro is amongst the few metros worldwide which have the potential and are able to cover operating costs, excluding depreciation of assets. The project has shown that it is useful to implement key reforms on the borrower's commitment. The rail transit authority rationalized the subway fare policy to contribute to a self-sustaining operation, the city government revised the public parking charges and investment policies to promote transit use while inhibiting car use in congested areas, the central government committed to decentralize the ability to set fares on local governments. Although extensive attention to Pusan/Busan Urban Transit Authority continued excellent operational performance, the financial targets specified in the project could not be fully met.