Midterm Review of Results-Based Lending for Programs

Institutional Document | September 2016

The Results-Based Lending (RBL) policy was approved on a pilot basis for a 6-year period (from June 2013 to June 2019). The policy called for an implementation review of RBL operations 3 years after the modality became effective.

More specifically, the review was to assess

  1. demand for the RBL modality, and the sector and country distribution of operations;
  2. challenges faced by ADB staff and developing member countries (DMC);
  3. the issues discussed during the relevant management and board meetings; and 
  4. emerging lessons and best practices from the first 3 years of RBL implementation.

This paper presents the results of this review, carried out through focus group discussions and online surveys both involving DMC clients and ADB staff, field visits to three RBL borrowers, external consultations with other development partners, and analysis of nine RBL loans approved between June 2013 and June 2016 totaling $1.9 billion.


  • Executive Summary
  • Introduction
  • Objectives
  • Approach
  • Demand for Results-based Lending Operations
  • Results-based Financing in Other Development Partners
  • Summary of Findings
  • Options for Consideration
  • Appendixes

Additional Details

  • ADB funds and products
  • Public sector (Sovereign) financing

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