THE APPLICATION OF PROGRAM-FOR RESULTS FUNDING MECHANISMS ON INFRASTRUCTURE PROGRAMS

摘要

Infrastructure projects in developing countries are commonly funded through International Financial Institutions. The World Bank recently developed a funding mechanism called Program-for-Results which rewards the development of these projects/programs based on their results. This paper reviews the application of the Program-for-Results (P4R) funding mechanism throughout the program lifecycle. The main aim of this research is to guide developing countries through the application of P4R from the initiation phase to the closing phase. The process of application of the P4R funding mechanism is divided into six stages such as: (1) Borrower preparation, (2) Identification, (3) Preparation, (4) Appraisal, (5) Implementation and (6) closing. This review is prepared based on an analysis of the World Bank publications guiding governments through the application of P4R and a review of previous operations in several countries. Finally, recommendations are suggested for applying P4R on infrastructure programs relevant to each infrastructure sector.