
1. Concept clearance
ADB carries out preliminary fact finding on the project and the sponsors using the information provided by the sponsors.

2. Due diligence
A project team from ADB conducts due diligence on the project, including a visit to the project site, offices of the sponsors, relevant government agencies and any proposed co-financiers.

3. Term sheet
During due diligence, the ADB project team discusses and negotiates the terms and conditions of ADB assistance.

4. Final review
The project team prepares the appraisal report and other internal documentation, for presentation to the Investment Committee for the Final Review.

5. Board consideration
Following endorsement from the Investment Committee, the proposed ADB assistance is presented to the ADB Board of Directors.

6. Financial close
Following Board approval, the documentation for project is finalized and signed.