August 17, 2011
World Bank: A New Instrument To Advance Development Effectivenss: Program-For-Results Financing
"World Bank Management is proposing a new lending instrument—Program-for- Results—to respond to rapidly changing development needs and urgent demand from borrowing countries. Under Program-for-Results, Bank support will help member countries improve the design and implementation of their own development programs in infrastructure, education, health, and other sectors, in local government and community development, and in cross-sectoral areas such as public sector management and private sector development. While results are at the center of all that the Bank does, Program-for-Results will place more direct emphasis on development results by linking disbursements to results or performance indicators that are tangible, transparent, and verifiable. Program-for-Results will work directly with the program’s institutions and systems and, when appropriate, seek to strengthen those institutions’ governance and their capacities and systems over time. Finally, Program-for-Results will be an instrument for strengthening partnerships with government as well as other development partners and other stakeholders by allowing the Bank to effectively support larger programs and cofinance in pooled funding arrangements."