In early 2012, the World Bank introduced a new financing instrument, Program-for-Results (PforR) Financing, to complement the Development Policy Financing (DPF) and Investment Project Financing (IPF) it already provided. PforR has the following features: (a) Finances and supports borrowers’ programs of expenditures and activities. (b) Disburses upon achievement of program results. (c) Focuses on strengthening the institutional capacity and systems...
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