1. Knowledge Management 1Introduction




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1.14Showcase Project Initiative



Introduction

1.14.1Under the stewardship of CHRM, and the coordination of FFMA, the Bank initiated the Showcase Project Initiative (SPI) as part of its ongoing efforts to improve project quality at entry by providing staff with the necessary tools to perform state-of-the art project appraisal through both pedagogical and hands-on training. Specifically, a team of consultants from Queen’s University was retained to assist staff conduct enhanced project appraisal on live projects that will be turned into benchmark case studies for the Bank Group.



Integrated Project Appraisal

1.14.2The analysis of the selected projects is carried out through an integrated approach, covering the evaluation of the financial, economic, stakeholder and risk aspects of each project in a single consistent model. This model also integrates the financial results from the analysis of the project within the overall financial position of the parent Executing Agency (EA).




1.14.3The central tool of the integrated project appraisal approach is the pro forma cash flow and net economic benefit statement. From these annual inflows and outflows, over the life of the project, are estimated. There are several goals of the appraisal. First, the appraisal seeks to determine if the project will be financially sustainable. The EA, as owner of the proposed project, should expect to recover the initial outlays on the project and to earn a fair rate of return. The debt service coverage ratios are very important indicators of financial sustainability. Secondly, the lenders to the project should feel comfortable with the ability of the project to generate the cash to the EA in order to meet the scheduled debt obligation, as well as, with the ability of the borrower to make timely payments not only on the project in question but also on its overall debt service. Other measures of financial performance such as the unit cost of products produced also provide useful benchmarks for comparing the proposed investment with alternative options.

1.14.4The pro forma net economic benefit statement constructed from financial appraisal serves as the basis for determining the project’s economic feasibility. Within the integrated appraisal framework, the economic analysis is built directly on the financial cashflows of the project and the economic treatment of project benefits is measured by the cost savings expressed in economic terms, consistent with the financial valuation of system cost savings by the EA. The issues that analysis aims to address in the economic analysis are mainly focused on the contribution of the project to the economy of country concerned and economic cost of producing the public goods or services.

1.14.5In the stakeholder module of the integrated appraisal, the quest is to identify the primary stakeholders affected by the project. What the decision-makers should know is the present value of economic externalities created by this project, and what is the amount of the gain/loss realized by each stakeholder because of the project.




1.14.6The objective of the sensitivity and risk analysis is to identify the risks the project faces. Project managers, to a certain extent, can control some risk factors while others can only be addressed at the level of the EA and the government of country concerned. There are also some factors that are totally exogenous forces that none of the country institutions can address.

SPI Benchmark Projects

1.14.7Four Showcase Projects were selected by the SPI working group in cooperation with the consultants from Queen’s University and approved by the SPI steering committee. Project selection was based on objective criteria, including: (i) suitability to highlight key project appraisal issues; (ii) geographic and sector mix; (iii) borrower diversity (AfDB/ADF, sovereign/non-sovereign); and (iv) project timing (to fit the six-month SPI window). The four selected projects are: (1) El Kureimat Power Plant (Egypt); (2) Rural Water and Sanitation Initiative (Senegal); (3) Rascom Satellite Telecommunications (Multinational); and (4) Smallholder Agriculture Development (Zambia).

1.14.8In accordance with the objectives of the SPI, the consultants assisted the Bank’s operations departments and other support departments to perform the following three primary tasks: (i) the preparation of full-fledged financial, economic and risk analysis models for four Bank Group Showcase Projects; (ii) the transformation of the four Showcase Projects into AfDB-specific case studies to serve as examples of ‘best practices’ and provide reference material for future Bank Group appraisal work; and (iii) the development of the AfDB case studies into well-documented teaching materials for use in future training courses both inside the Bank and at external development training centers.

1.14.9Below, the Appraisal Reports that are an outcome of the SPI can be accessed through the link provided. However, the related case study and teaching materials and the appraisal models are available separately in the Bank as they are too voluminous to link then to these Guidelines.





El Kureimat Power Plant


Sector

Power

Country

Egypt

Widow

AfDB







Appraisal Report is as follows:






Rural Water and Sanitation Initiative


Sector

Water

Country

Senegal

Widow

ADF







Appraisal Report is as follows:






Smallholder Production Project

Sector

Agriculture

Country

Zambia

Widow

ADF







Appraisal Report is as follows:

Not Yet Finalized




Rascom Satellite Telecommunications

Sector

Telecom

Country

Multinational

Widow

AfDB







Appraisal Report is as follows:

Not Yet Finalized



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