1. Independent Review of the Bank’s Non-Sovereign Portfolio:
Preliminary Findings and Lessons
Mohamed Manai
OPEV
African Development Bank

2. Outline A: Introduction B: Methodology and Approach
C: Preliminary Findings
D: Lessons and Opportunities
Operations Evaluation Department

3. A: Introduction and Scope of the NSO Portfolio Review
Four (4) critical work streams were identified:
Strategic Alignment,
Portfolio Performance,
Risk Management and
Institutional Efficiency.
This review directly responds to Senior Management request to assess the Bank’s NSO portfolio between 2006 and 2011.
Deloitte undertook a Scoping mission in May 2012 and prepared an Inception Report.
Operations Evaluation Department

4. B: Methodology and Approach
Data-driven approach of analyzing overall PSO portfolio data, targeted file reviews, client and internal interviews, external benchmarking
Core documents for the Strategy workstream included 2004 PSO Strategy and Update, Business Plan, PARs, ASRs, BTORs, XSR, Project Status Reports, operations policies
Portfolio data on 137 active projects
File review of reports specific
To each inception question
Field interviews on 18% of portfolio projects
Data analysis methods including trend analysis,
content and causation analysis, regulatory impact
review, portfolio segmentation, dynamic
graphic analysis
External benchmarking of IFC
EBRD, AsDB policies and portfolios
Benchmarking of comparable IFI’s

5. C: Preliminary Findings
This review directly responds to Senior Management request to assess the Bank’s NSO portfolio between 2006 and 2011.
Deloitte undertook a Scoping mission in May 2012 and prepared an Inception Report.
Operations Evaluation Department

6. Strategic Alignment Workstream
Deloitte PowerPoint timesaver – March 2011

7. Overview – Strategic Priorities
Portfolio
Concentrations
Financial
Sustainability
Development Outcomes
Additionality
AAA Credit Rating
Infrastructure,
Industry & Service Sectors
DFI
Partnerships
Intermediary
Support
MSME’s
LIC’s
Fragile States
Financial
Strong
Growth
Equity
Risk Sharing
Instruments
Portfolio
Quality
Political
Risk
Operational
Efficiency
Member
Support
Government
Exposure
Limits
Social
PSO has different strategic priorities, each with underlying sub-categories and business targets
Cautious
Growth
Environment
Risk Rating
Targets
Household 7

8. To What Extent is the PSO Portfolio Aligned to the Strategy’s Five Objectives?
Improving the Investment Climate
Objective fits with “one bank” concept of integrated operations
Macro and Micro levels.
Micro level: corporate governance, audits, etc.
Macro level:
Projects lack universal enforcement of transparency standards
Client demand for improving climate (regulatory reform) is high.
Clients could not think of specific examples of AfDB impact.

9. To What Extent is the PSO Portfolio Aligned to the Strategy’s Five Objectives?
2. Supporting Private Enterprises
Need to define SME’s and require DO monitoring
Interventions through intermediaries and DFI’s have tradeoffs:
Positives: financial additionality, reduced risk exposure
Concerns: loss of control over funds usage, limited ability to
monitor and impact DO, different priorities between PSO
and client financial institutions
Increasing equity fund investments reach SME’s, create high additionality
Strong concerns: far greater risk exposure, need for additional monitoring and management, lack of defined exit strategies, overall coordination
Methodology: PARs, ASRs, XSR, interviews
Extensive references to this objective in origination documents
Need to define SME’s and require DO monitoring to address
differences in funds usage and impact
Interventions through intermediaries and DFI’s have tradeoffs:
Positives: financial additionality, reduced risk exposure
Concerns: loss of control over funds usage, limited ability to
monitor and impact DO, different priorities between PSO
and client financial institutions
Strong growth across all geographies in number of projects, less impactful on volume, limited capacity for impactful infrastructure projects across LIC’s and Fragile States
Increasing equity fund investments reach SME’s, create high additionality
Strong concerns: far greater risk exposure, need for additional monitoring and management, lack of defined exit strategies, overall coordination
Best practices include consistent SME definition, mid-loan corrections, additional monitoring of disbursements and DO
Review and implement best practices on equity fund investing outlined in the Equity Fund Note and this technical report to reduce exposure and maximize impact

10. To What Extent is the PSO Portfolio Aligned to the Strategy’s Five Objectives?
3. Strengthening Financial Systems
Provision of lower cost funding and longer tenors being achieved, generates financial additionality
Majority of PSO portfolio in LOC’s and Term Loans to financial institutions
Ratings agencies have raised concerns over concentrations with sub-prime and unrated bank borrowers
Concerns over DFI’s following own objectives and priorities vs. those for AfDB
Only three interventions in insurance and leasing sector, huge growth opportunity and need across sub-Saharan Africa
Strong client demand for local currency loans
Methodology: PARs, ASRs, file reviews, interviews
Provision of lower cost funding and longer tenors being achieved, generates financial additionality
Majority of PSO portfolio in LOC’s and Term Loans to financial institutions
Proactive use of ELF facilities helped to stabilize continental banking system
Ratings agencies have raised concerns over concentrations with sub-prime and unrated bank borrowers
Concerns over DFI’s following own objectives and priorities vs. those for AfDB
Only three interventions in insurance and leasing sector, huge growth opportunity and need across sub-Saharan Africa
Strong client demand for local currency loans if PSO can hedge risk, based on interviews
Portfolio aligns in core areas to objective, consider specialists and increased emphasis on non-bank products and local currency loans to fulfill objective further
Consider more detailed review of intermediary strategy vs. direct interventions to achieve greater DO and alignment to AfDB priorities and objectives
High degree of market demand in line with this objective, remember that PSO is in charge

11. To What Extent is the PSO Portfolio Aligned to the Strategy’s Five Objectives?
4. Building Competitive Infrastructure
Very high catalytic effect
43% achieved in LIC’s, a strategic priority
Higher risk ratings than overall portfolio
Limited use of TA on infrastructure project
Portfolio strongly aligns to core objective and multiple priorities
Targeted TA utilizing WB Group model can reduce risk exposure, improve outcomes
Methodology: PARs, ASRs, file reviews, interviews
Strategic priority area for PSO
Very high catalytic effect, confirmed by interviews
43% achieved in LIC’s, a strategic priority
Higher risk ratings than overall portfolio,
difficult to complete multiple projects
in LIC’s and Fragile States
Limited use of TA, which can be
very impactful on infrastructure project
success
Portfolio strongly aligns to core objective and multiple priorities
PSO can more strongly assert requirements for DO tracking and other core requirements
Targeted TA utilizing WB Group model can reduce risk exposure, improve outcomes
Clarify internal balance of weighted risk/reward tradeoffs for future infrastructure interventions

12. To What Extent is the PSO Portfolio Aligned to the Strategy’s Objectives?
5. Promoting Regional Integration and Trade
Implementation through facilitating diagnostic efforts with other DFI’s
Limited number of dedicated trade finance facilities and export-enhancement credits within portfolio
Infrastructure projects have great potential to achieve objective. Eg. Senegal.
Other IFI’s have high level of activity with trade finance
programs through local banks
Financing support for local suppliers would be welcomed
EBRD’s TFP Program
100 partner banks participate
Required EBRD training and TA for minimum of one year
€7 billion in trade finance facilities
Heavy cross-selling with other EBRD bank products

13. To What Extent Are PSO Interventions Consistent with the Bank’s Priority Areas?
By sector, the portfolio is directionally consistent, greater concentration with financial intermediaries than among AfDB peers
Portfolio achieved infrastructure targets
based on volume, fell short for Industry
& Services sector
Higher share of financial intermediary
projects than peers
Greater risk exposure and time
requirements to reach disbursement
on infrastructure projects, also greater
monitoring requirements 13

14. To What Extent Are PSO Interventions Consistent with the Bank’s Priority Areas?
Portfolio is clearly moving towards income/geography priorities
High number of projects in LIC’s, tend to
be smaller given country risk ceilings
Increase of 500% in LIC portfolio volume
over five years
Good balance of LIC projects by sector
Higher weighted risk ratings than
MIC and regional projects
Portfolio is clearly moving towards income/geography priorities; Challenge to verify whether regional interventions reach intended recipients
High number of projects in LIC’s, tend to
be smaller given country risk ceilings
Increase of 500% in LIC portfolio volume
over five years
Good balance of LIC projects by sector
Higher weighted risk ratings than
MIC and regional projects
Interview responses varied on additionality
and DO among regional and direct LIC
interventions 14

15. To What Extent Are PSD Interventions Consistent with the Bank’s Priority Areas?
By instrument type, a majority of interventions are senior loans; equity concentration has grown in line with priority focus; development of other instruments has been slower
Equity concentration has grown to 17% of portfolio
Minimal guarantee activity, much higher
at other IFI’s
Higher weighted risk rating (4.9) for equity
investments than loans
Lacking correlation between DO and
instrument, but clear additionality
on equity investments
Equity interventions are riskier and
need far greater management and
monitoring than loans 15

16. Are the PSO Instruments Responsive to Strategic Goals and Objectives?
Market demand exists for expanded guarantee and trade finance products
PSO offers 15 instruments of which 9 are in the current approved portfolio
Market demand exists for expanded guarantee and trade finance products, also local currency loans when risk can be mitigated
PSO offers 15 instruments of which 9 are in the current approved portfolio
Current instrument mix includes: term loans, LOC’s, trade finance LOC’s, synthetic LOC’s, ELF LOC’s, common equity, equity fund investments, subordinated loans, and credit guarantees
75% of portfolio is LOC’s and senior loans, high concentration compared to peers
Market is receptive to expanded guarantee programs, evidenced by interview feedback and IFI comparison, aligns to objectives for Strengthening Financial Systems and Supporting Pvt. Enterprise
Likely more limited opportunities for loan syndications
Strong demand indicated in interviews for local currency products, aligns to objectives for Promoting Regional Trade and Supporting Private Enterprise

17. Are the PSO Instruments Responsive to Strategic Goals and Objectives?
Other IFI’s have higher concentrations in guarantees and equity investments
IFI Guarantee Programs
Majority in trade finance (GTLP, TFP)
Cross-sold through product specialists
In-house training required (EBRD)
Demand strongest in LIC’s
; IFC has an extensive trade finance portfolio in sub-Saharan Africa, confirming non-sovereign market demand
IFC in Sub-Saharan Africa
$5 billion NSO portfolio
150% growth in 5 years
Strong GTLP and Guarantee Programs

18. Opportunities
Policies can be updated or modified to help PSO more effectively align the portfolio to objectives
Update of PSO policy guidelines
Project cancellations, ownership status, financing limits, provisioning requirements
Project development and pipeline management
Decentralize IO function to the field, close coordination with OSGE, ECON, and country teams, active project development with host government ministries and PPP units
Enforcement of reporting requirements and policies
Monitoring of DO, financial statements, environmental standards, fund disbursements by client financial institutions

19. Opportunities (continued)
Policies can be updated or modified to help PSO more effectively align the portfolio to objectives
Approval processes
Framework agreements, Board notification vs. approval, uniform approach to all interventions regardless of size or complexity
Equity fund and investment guidelines
Overall equity fund strategic framework, return requirements, exit strategies, specialized teams and guidelines, Board representation
Loss threatening situations
Stronger and more aggressive workout function on default interventions
Active management on equity fund investments whenever negative returns reach certain thresholds (-15% or -20% suggested) 19

20. Portfolio Performance Pillar
Deloitte PowerPoint timesaver – March 2011

21. Overview of Portfolio Performance: the majority of projects are performing
66 projects with total net amount signed UA1.81Bn considered performing assets; this represents 48% of the portfolio, both in the number of projects and in volume
9% of projects and 19% of the Bank’s loan commitments – in terms of net amount signed – is on the watch-list
13 projects with UA714M indicates a certain level of concentration risk exists
In fact, 2 of the top 10 largest loan commitment are on the watch-list2. Furthermore, a project that is signed and not disbursed project has also been placed on the watch-list
8% (UA294M) of commitment were cancelled, just over 10% (15) projects
10% (13 projects) do not have signed agreements with expected net amount signed of 17% (UA667M) of portfolio. And 14 projects (UA314M) of projects where the status was not specified in the Consolidated Portfolio
Watch-list project within the top 10 loan commitments
1) Eskom net amount signed UA325M, approved in 2007
2) Ambatovy Nickel Project net amount signed UA98M, approved in 2007
3) Signed Not Disbursed (watch list) Egyptian Refining Company net amount signed UA130M, approved in 2010

22. Overview of Portfolio Performance – Watch List
Projects are placed on watch list for various reasons including late payments, covenant defaults, negative market trends, changes in management, poor information disclosure
22% of loans and 16% of equity commitments are on watch list
37% of infrastructure commitments are on the watch list, (Eskom loan is 50%, but is risk-rated a 2)
Financial intermediaries have the largest portion of the net amount signed, and the smallest percentage on the watch list, indicative of their lower risk ratings and prior interventions with AfDB in several cases
Equity / Quasi equity: No cancelled commitments, once agreement has been signed and disbursed, cancelling equity commitments require exploration and execution of exit strategies
Guarantees: very small commitment in this instrument, all are performing
Loans: status ranges from performing (42%) to watch list (19%) to cancelled (9%), while 20% not disbursed1
Sector: a larger proportion of infrastructure commitments on watch list (33%) than performing (28%)
Industries & services: projects in this sector experienced higher cancellations (15%) than the combined infrastructure (8%) and financial intermediaries (5%) commitments
Infrastructure: less than one-third of the commitments are performing most likely due to the complexity of the underlying asset, e.g., construction projects in the power, transportation, telecommunication sectors
1: Includes 1 project on the signed not disbursed (watch list)

23. Overview of Portfolio Performance: Investment profitability
1Investment profitability available for fully disbursed PSO deb projects only
Investment profitability available for fully disbursed PSO deb projects only
Equity investments
Age of fund
Cumulative returns2
Low
Average
High
Fund raising phase
0 - 2
-97.5%
-38.7%
-3.7%
Investment phase
3 - 6
-48.5%
-1.8%
62.5%
Divestment phase 7+
N/A
2Information Note: Equity Portfolio – Risk Capital Utilization and Performance, October 2012
Lines of credit1: expected average rate of return = 2.7%
Other debt instruments1, e.g., emergency liquidity fund (ELF), trade finance initiatives (TFI): expected average rate of return = 4.2%
Senior loans1: expected average rate of return = 5.1%
Equity investments in fund raising phase, 0 to 2 years: cumulative returns = -38.7%
Equity investments in investment phase, 3 to 6 years: cumulative returns = -1.8%
The equity investments have not yet matured to deliver expected positive returns, based on a typical ~10-year J-curve profile; the improved average returns (and high outliers) of the 3 to 6 year investments compared with the 0 to 2 year investments is consistent with J-curve expectations

24. Additionality: To what extent is the Private Sector Operations (PSO) portfolio contributing; (i) to the catalytic and demonstrational impact, (ii) in leveraging Private Sector Development (PSD) and (iii) in catalyzing additional private sector investment, both domestically and through foreign direct investment (FDI), including the promotion of regional integration?
Resource mobilization: The Bank’s involvement and reputation mobilized capital and “crowd-in” other investors
6 projects (25%) would not have been able to complete financing package without the Bank’s involvement
14 projects (58%) were able to obtain additional financing as a result, in some cases, commercial investors committed to the project after the Bank’s involvement
Financing instruments: The Bank provides products and affordable financing which meet clients’ needs
Most, if not, all projects benefitted from the Bank’s financing instruments, especially the ability to obtain financing with longer tenor and at lower costs. This holds true even for the 8 projects (33%) where the clients were able to complete the financing package without the Bank.
The Bank’s financing products of loans, equity/quasi-equity and, the not frequently utilized guarantees, are readily available in the market
The Bank is not currently offering innovative products that are not readily available elsewhere
In particular, clients have not benefitted from local currency financing instruments. As a result, this has limited the lines of credits and their ability to support certain sub-projects
ADOA ex-ante assessment forecasted strongly positive or positive financial additionality, which was confirmed during the field visits and phone interviews
1: Field visits and phone interviews of the selected 24 sample projects enabled further exploration of the Bank’s catalytic and demonstrational impact, results from the interviews were used
Source: FDI and private capital flow data from World Bank Database

25. Additionality: To what extent is the Private Sector Operations (PSO) portfolio contributing; (i) to the catalytic and demonstrational impact, (ii) in leveraging Private Sector Development (PSD) and (iii) in catalyzing additional private sector investment, both domestically and through foreign direct investment (FDI), including the promotion of regional integration?
File reviews and field interviews indicated that the PSO Portfolio is financial additionality is satisfactory:
1: Field visits and phone interviews of the selected 24 sample projects enabled further exploration of the Bank’s catalytic and demonstrational impact, results from the interviews were used
Financial additionality - 92% of PSO sampled projects benefitted from the Bank’s ability to mobilize resources and/or financing instruments
Equity investments benefitted the most from the Bank’s involvement in the financing package where all the clients benefitted significantly or better
66% of the loan and 80% of the lines of credit projects had more than significant level of benefit from the Bank’s involvement in the financing package

26. Additionality: To what extent is the Private Sector Operations (PSO) portfolio contributing; (i) to the catalytic and demonstrational impact, (ii) in leveraging Private Sector Development (PSD) and (iii) in catalyzing additional private sector investment, both domestically and through foreign direct investment (FDI), including the promotion of regional integration?
The Bank provides a certain level of political risk mitigation; however, the level of catalytic and demonstrational impact is not as strong nor as evident as financial additionality
The Bank’s involvement helped improve the investment climate of the region for 80% (17) of the projects
The majority of the projects experienced financial and political risks factors. Where these risks exist, the Bank’s involvement helped reduced the level of political risks; about 50% of the time
The limited amount of political risk mitigation is consistent with the ex-ante ADOA assessment
10 of the 24 sample projects had an ADOA assessment, political risk mitigation was expected for 3 projects only where strongly positive was assessed for 1 project and positive was assessed for 2 projects
Observations from field visit somewhat confirmed the assessment, however, there were some projects where the Bank provided political risk mitigation contrary to the ADOA assessment
Based on clients’ feedback, there were circumstances where the clients would have benefitted from the Bank’s expertise and assistance with government relations
Most ASR rated private sector development as satisfactory, though many have not yet met the objectives defined in the investment proposal due to the stage of the project

27. Additionality: To what extent did PSO contribute to enhanced visibility, accessibility of financing and technical assistance? .
Financing and Technical Assistance - 10% of PSO projects received formal technical assistance (TA), PSO provides informal assistance to aide projects on strategy and operational issues;
Technical Assistance - both formal and informal TA grants were extended to projects, reaching a peak of UA 5.85 million in 2008; no TA grants supporting infrastructure projects, 73% helping financial intermediaries
Enhanced Visibility - In addition to formal TA grants, PSO has helped the client create value-adding services such as training and community development programs ;
Accessibility of Financing - PSO’s involvement through technical assistance grants has improved project visibility, catalyzing additional financing as a result

28. Overview of Portfolio Performance: Disbursement Delays Often Caused by Cancellations, Recent Approvals or Project-Specific Situations
137 active projects in the NSO portfolio approved from 2006 to 2011, total net amount signed of the NSO portfolio is UA 3.5 billion
Projects in the portfolio are at various stages of maturity – Ranging from Board approval to fully disbursed
45 projects have not had a first disbursement; the majority of these were cancelled (15 projects) or approved during 2011 (18 projects)
3 large Industries & Services projects (ERC, Kalagadi, and OCP Morocco) represent 95% of the undisbursed approvals in this sector category
32% of project (44 projects) have been fully disbursed, the total amount disbursed for these projects is UA1.74Bn
Portfolio: Two-thirds (UA2.25Bn) of the net amount signed have been disbursed
Only projects approved in 2006 have been fully disbursed
% disbursed ranges depending on timing of approval, 2010 and 2011 did not achieve disbursement target1
Instrument: disbursement is 20% higher for loans than equity/quasi-equity products
While 68% (UA1.96Bn) of loans have been disbursed, only 48% (UA269M) of equity / quasi-equity have been disbursed
Sector: financial intermediaries have the highest amount of disbursement (70% disbursed), followed by infrastructure projects (64% disbursed), and industries & services projects (47% disbursed)

29. Project implementation performance: What are the underlying causes for NSO effectiveness and disbursement delays?
55% of projects was signed under 6 months, 82% of projects was signed under 12 months
Equity / quasi-equity: whilst higher % of projects was signed under 6 months, 10% required more than 18 months
Loans: only half of projects was signed 6 months or less
23 projects with duration over 12 months and rationale as follows:
7: where no supervision & monitoring documents on file
3: project approved and implemented before the use of PSR, April 2009 was the first one, these projects were approved before then
5: fund raising where the Bank was the first or one of the early investors to commit & were waiting for the fund to reach target for closing
3: New financing terms requested by clients (1 wanted to convert sub-debt to equity, 1 where the Board wanted OPSM to negotiate on the price of LOC, one was negotiation on the loan margin)
2: Loan documentation negotiation (specific reasons not specified)
2: Disagreements on guarantees by EPC contractor
1: political unrest
Durations from approval to signature averaged 7 months from 2006 – The 4 projects signed in 2011 had average durations of 4.3 months.
File reviews confirmed that approval durations average slightly longer for Infrastructure and Industry originations than Financial Intermediary projects. This reflects the extensive closing requirements common to projects in these sectors.
1: Based on available data for 128 projects out of 137 active projects in the NSO portfolio

30. Development outcomes: To what extent does quality-at-entry default have a cost and negative impact on the portfolio performance?
Current data suggests that marginal DO ratings project would be cancelled. However, sample size is too small to conclude.
83 of 137 projects have ADOA ratings, only projects after ADOA experiment and implementation
95% of projects is expected to achieve development outcome rating of 3 or above
94% of projects is expected to provide strongly positive or positive additionality
4 projects with development outcome rating of 4 (marginal), and 3 of them were cancelled, 1 was just signed
No data available yet to determine the development outcomes when projects were rated marginal
Out of sample of 24 projects, 10 projects have ADOA notes on file for review.
4 has 1 ADOA note for Board approval => no basis for comparison and tracking of ADOA rating changes
Of the 6 projects with more than 1 ADOA note on file, there were no ADOA rating changes (although 2 projects did not have ADOA score at the PCN CTM stage)
Based on file reviews from the field sampling, ADOA ratings did not change during the project appraisal process on any projects1
1: Based on file review of the ADOA note available on file for the 24 sample projects.

31. Field interview case studies, lines of credit
Development outcomes: To what extent did PSO contribute to overall development outcomes (business successes, economic sustainability, social and environmental sustainability, private sector development)?
The Bank has limited ability to influence use of financing for indirect investments such as equity investments and lines of credit
Field interview case studies, lines of credit
Field interview case studies, equity investments: Field interview case studies, senior loans: good examples of projects achieving development outcomes

32. Strengths and advantages of the DO monitoring and tracking process
NSO has the process and tools in place for project appraisal and supervision / monitoring for tracking and measuring project implementation;
ADOA has a comprehensive system is in place to assess development outcomes and additionality at project origination;
NSO has initiated development outcomes tracking through the use of the core indicator templates.

33. Project Implementation Performance
Opportunities
Topics
Opportunities
Project Implementation Performance
Implement quarterly investment profitability tracking system for projects;
Review ADOA process efficiencies, allow for a 1 page approval to proceed at the early project acceptance phase, assign 1 ADOA reviewer and 1 peer reviewer etc.
Additionality
Develop process and tools to capture client’s feedback on the Bank’s additionality of PSO projects;
Explore additional / innovative financial instruments to meet clients’ needs;
Proactive in seeking ways to support political risk mitigation of PSO projects
Development Outcomes
Increase alignment between ex-ante DO assessment and ex-post DO monitoring to improve the transparency of DO achievement and to determine the predictive reliability of ADOA
Include development outcomes reporting in the legal agreement to ensure compliance
Bank needs to identify and to prioritize the qualitative factors of PSD strategy/objectives to improve decision-making of PSO projects approval at board meetings, e.g.,
Project implementation performance:
Implement quarterly investment profitability tracking system and process for projects
Re-introduce the disbursement condition and schedule section at appraisal and as part of the PAR to help determine disbursement timing and adherence to schedule
Increase awareness of cognitive biases amongst PAT, OPSCOM and Board, e.g., over-optimism. Implement approaches to minimize biases at appraisal, e.g., utilize a wider sensitivity analysis range on financial model for project timelines assumptions
Additionality:
PSR, ASR and XSR are more focused towards development outcomes than additionality. Consider developing process and tools to capture client’s feedback on the Bank’s additionality
ADOA assesses additionality ”from the perspective of all participating DFIs…and not focusing only on the Bank’s participation”1. Assessing the Bank’s portion provides clarity on the Bank’s impact for ex-ante forecast and ex-post tracking 33

34. Implement a more structured approach to project portfolio management.1
Opportunities
Implement a more structured approach to project portfolio management.1
Define time- or milestone- based core indications to improve tracking and reporting of development outcomes;
Institute consistent framework and indicators for development outcomes ex-ante assessment and ex-post monitoring;
Utilize a Decision Analysis approach (Multiple Attribute) to facilitate decision-making for the PSO given the multiple priorities.2
Utilize modern portfolio management software solutions, including data visualization, to facilitate improved insights for senior management, decision making, and performance tracking.
Development Outcomes
Development outcomes:
ADOA assesses the benefits throughout the life of project. Defining core indications that are either time- or milestone- based helps determine the achievement of outcomes at regular intervals, especially at the beginning of the project
The Bank has multiple strategic priorities and Board member perspective, a methodology to facilitate the decision-making under multiple criteria and multiple objectives would provide additional transparency, see next slide
Applies ADOA consistently ex-ante and ex-post, can allow for ranges if there are concerns about the precision of the assessment
1: For example, see: Richard M. Bayney, Ph.D., and Ram Chakravarti, Enterprise Project Portfolio Management, J. Ross Publishing, 2012, pp Also: Michael Meard, A Fish In Your Ear: The New Discipline of Project Portfolio Management, CreateSpace: North Charleston, SC,
2. For example, see: Department for Communities and Local Government: London, Multi-Criteria Analysis: A Manual, Department for Communities and Local Government: London, 2009.

35. Thank you