The World Bank's Program-for-Results (PforR) financing instrument was approved in January 2012 to complement the two existing financing instruments of the Bank: the Policy Financing instrument (DPL), which focuses on discrete policy actions within the direct control of governments, and the Project Financing instrument (IL), the Bank's main instrument to finance investment projects. PforR has been developed to enable the Bank to support the performance of a government program using the government's own systems, and when the risks to achieving the program's objectives relate to the capacity of the systems to achieve better results.
Shortly after its approval, CGD hosted an event to discuss the potential advantages and risks of this new results-based approach, including the approach to social, environmental and fiduciary safequards. Nearly a year later, CGD will welcome back Joachim von Amsberg for an update on early experiences with PforR. Since the instrument's approval, a number of PforR operations have been prepared, with several in the early stages of implementation. Representatives from some of these operations will be in attendance. Initial commentary will be followed by open discussion.
Joachim von Amsberg
Vice-President, Operations Policy and Country Services, World Bank