|Approval and Signing|
|Implementation and Follow-up|
|Post-Evaluation After Completion|
An extensive preparation period of close collaboration between the Bank and
the beneficiary/executing agency begins, the purpose of which is to transform
the project idea into a detailed proposal that covers the full range of technical,
economic, financial, social, institutional and environmental aspects.
A major aspect in the preparation process is the project feasibility study which aims at defining the best method to achieve the project's objectives, by comparing alternatives on the basis of their relative costs and benefits.
Formal responsibility for project preparation rests with the beneficiary. The Bank plays an active role in making sure that the beneficiary has the capacity and resources to prepare the project, ensuring the beneficiary understands the Bank's requirements and standards, updating and filling gaps in projects that are inadequately prepared, etc.
The Bank can extend financial and technical assistance for project preparation in a number of ways. In particular, it can provide financing for preparation of feasibility study, detailed design or preparation of tender documents. In providing this help, the Bank ensures that the applicant is fully committed to the project and deeply involved in its preparation.