• Identification and definition
• Preparation and formulation
• Appraisal and funding
• Implementation
• Evaluation
Table 22.1 Typical project cycle
Stage
Activities
Identification
Selection and definition
of projects
Government requests for Bank assistance. Study
of country’s economy and development plans.
Coordination with aid agencies.
Preparation
Preparation and project
formulation
Preparation by government. Feasibility study by
consultants.
Appraisal
Pre-appraisal mission
Examination of feasibility study. Examination of
the need for further advance action on procurement and consultant selection.
Appraisal mission
Examination of project’s technical, financial and
economic aspects. Determination of loan terms
and conditions. Signing of Memorandum of
Understanding.
Funding
Preparation of Board
documents
Drafting of President’s Report and Recommendation. Bank internal review. Dispatch of draft
loan documents to government.
Loan negotiations
Loan approval
Discussion of draft loan/project agreement.
Examination of various aspects of the project and
state of the country’s economy. Approval by
Board.
Implementation Project implementation
by the Promoter
by the Bank
Selection and recruitment of consultants.
Detailed engineering design and preparation of
bidding documents. Review and approval of
executing agency’s action. Examination of
quarterly progress report.
Project completion
Commission of project facilities. Closing of loan
account for disbursements. Preparation of project
completion report
Post evaluation Project benefit
monitoring and
evaluation
Detailed examination of socioeconomic impact
of projects.
Preparation of the project
performance audit report
Evaluation of actual implementation against
original plan target. Assessment of financial,
economic and social benefits. Lessons learnt to
apply to future project preparation and
implementation.
22.4 The Project Cycle
629
• Preparation and formulation
• Appraisal and funding
• Implementation
• Evaluation
Table 22.1 Typical project cycle
Stage
Activities
Identification
Selection and definition
of projects
Government requests for Bank assistance. Study
of country’s economy and development plans.
Coordination with aid agencies.
Preparation
Preparation and project
formulation
Preparation by government. Feasibility study by
consultants.
Appraisal
Pre-appraisal mission
Examination of feasibility study. Examination of
the need for further advance action on procurement and consultant selection.
Appraisal mission
Examination of project’s technical, financial and
economic aspects. Determination of loan terms
and conditions. Signing of Memorandum of
Understanding.
Funding
Preparation of Board
documents
Drafting of President’s Report and Recommendation. Bank internal review. Dispatch of draft
loan documents to government.
Loan negotiations
Loan approval
Discussion of draft loan/project agreement.
Examination of various aspects of the project and
state of the country’s economy. Approval by
Board.
Implementation Project implementation
by the Promoter
by the Bank
Selection and recruitment of consultants.
Detailed engineering design and preparation of
bidding documents. Review and approval of
executing agency’s action. Examination of
quarterly progress report.
Project completion
Commission of project facilities. Closing of loan
account for disbursements. Preparation of project
completion report
Post evaluation Project benefit
monitoring and
evaluation
Detailed examination of socioeconomic impact
of projects.
Preparation of the project
performance audit report
Evaluation of actual implementation against
original plan target. Assessment of financial,
economic and social benefits. Lessons learnt to
apply to future project preparation and
implementation.
22.4 The Project Cycle
629