During tumultuous fiscal years of the past few decades, the World Bank, acting in its capacity as lender of last resort, granted unsecured loans to debt-ridden sovereigns. Instead of taking a lien over the state's assets, the World Bank protected its interests via a broadly-worded Negative...

This paper investigates the trends and the influencing factors of IFAD's project disbursement performance over the past 20 years. Based on data from 577 projects in 111 countries, the study finds that disbursement of funds are often delayed and time-consuming.Using econometric analysis, the...

To obtain market financing for an infrastructure project, a private operator needs to be able to provide potential investors assurance that revenue flows to the project will be reliable. Where those revenue flows consist in part of government output-based aid (OBA) subsidy payments, providing...

The total funding envelope for World Bank projects is often divided among various state and non-state actors, each of which can have competing ideas about or interests in the project. How does the division of financing relate to overall project effectiveness? I argue that too many funding...