One year ago today, we introduced the Bank’s newest instrument in 30 years, Program-for-Results financing. In this short period of time, five operations have been approved by the Board, representing four sectors and five regions—meeting the demand from our clients for a more flexible instrument to support their programs. In Morocco, for example, the government is using the PforR instrument to support income-generating activities, improved access to basic services and key infrastructure in its poorest regions. In Vietnam, it is supporting the government’s initiative to provide clean water and improved sanitation. In Nepal, it is helping to maintain safe, reliable, and cost effective bridges. The pipeline of future operations is just as diverse, and we are pleased to already see repeat clients.
Program-for-Results filled a real gap for the Bank and for our clients. We were already providing financing for specific projects – our original workhorse of a lending instrument. We also could provide fast-disbursing budget support to help governments make policy reforms. PforR now allows us to support an existing or new government program, along with other development partners, and align that support towards the achievement of specific results. It also helps us play a role in strengthening government institutions—institutions that manage the day-to-day services that people depend on, towards a much longer-term impact.
We are learning as we go, sharing lessons across these operations and our own teams to strengthen the instrument, keep it flexible, and carefully balance the management of potential risks with a focus on achieving real results. We are proud of where we are at the one year mark, with five operations fully supported by our Board and many more under preparation. We are thankful for the feedback and involvement of our partners – clients, the private sector, other development partners, and civil society. We look forward to the continued momentum behind PforR and seeing the results it supports.