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OP 10.00 - Investment Lending: Identification to Board Presentation

These policies were prepared for use by World Bank staff and are not necessarily a complete treatment of the subject.
OP 10.00
June, 1994
This Operational Policy statement was updated in March 2007 to reflect issuance of  OP/BP  8.00, Rapid Response to Crises and Emergencies, dated March 2007.   

Note: OP 10.00 applies to specific investment loans, sector investment and maintenance loans, and financial intermediary loans.  It also applies (with some differences) to technical assistance loans; see OP/BP 8.40, Technical Assistance

OP and  BP 10.00 replace OD 9.00, Processing of Investment Lending, Circular Op 4/83, Format and Content of SARs; OMS 3.04, Format and Content of Staff Appraisal Reports; and the following Operational Memoranda: Board Presentations, 2/27/84, and Regional Loan Committees for Investment Operations, 8/10/92.  The statements also draw on Implementation of the Report of the Ad Hoc Committee on Board Procedures(R92-178), October 20, 1992; Portfolio Management: Next Steps-- A Program of Actions (R93-125), June 16, 1993; BP 17.50, Disclosure of Operational Information; Circular Op 4/80, SDR Denomination of IDA Credits: Changes in PRs, SARs, and Legal Documents; OPN 1.02, Presentational Conventions in Staff Appraisal Reports; OPN 3.02, Guidelines for Presentation of Financial Analysis in Staff Appraisal Reports; OPN 3.11, Project Cost Estimates and Contingency Allowances; OPN 4.04, Presentation of Consultants' Costs in President's Reports and Staff Appraisal Reports; and the following Operational Memoranda: SDR Denomination of IDA Credits, 3/31/82; IBRD/IFC Coordination in Oil and Gas Operations, 11/15/84; Bank Investment in Steel, 3/18/87; Board Attendance of Senior Operations Managers, 3/14/89; Tranching in Loans/Credits for Investment Projects, 3/9/90; Resource Management Issues, 2/28/91; Revisions in Operational Instructions, 11/26/91; Processing of Loan Documents, 12/9/91; Procedures for Processing of Loan Documents, 1/6/92;> Provision of Legal Services, 1/31/92; Implementation of Board Procedures Report, 10/8/92; Changes in Board Procedures, 11/11/92; New Board Procedures, 12/29/92; Revisions in Operational Instructions, 1/7/93; Board Distribution of Country Assistance Strategy (CAS) Documents, 1/8/93; Loan Committee Procedures, 1/26/93; Poverty Category of Operations, 2/22/93; Board Procedures, 3/30/93; IBRD Single Currency Loans, 6/10/93; Poverty Category of Operations: Reminder, 7/20/93; Engagement of Lawyers/Legal Consultants, 8/17/93; Preparation of Implementation Plans, 9/17/93; Implementation of Board Procedures, 11/12/93; Cover Sheet for Transmitting Investment/Adjustment Package, 2/4/94; Project Information Documents: Reminder, 2/4/94; and Features of the CAS Document, 4/20/94.  The statements are complemented by Regional procedures.  Questions may be addressed to

1.  The Bank1finances investment projects that contribute to the sustainable socioeconomic development of member countries.  Such investments help borrowers make the best use of their resources--natural, financial, and human--to alleviate poverty, protect the environment, and enhance the effectiveness of their public and private sectors.  To achieve these goals, the Bank and borrower need to ensure the quality of projects at entry.
Borrower's Role
2.  The projects the Bank finances are projects of the borrower.  The borrower and stakeholders must demonstrate commitment to and support of the project.  At the borrower's request, the Bank may assist in identifying and preparing the project.

3.  Investment projects may include any productive sector or activity and may consist of new projects, the rehabilitation of existing facilities, or a combination of both.  Each investment project must meet the following criteria: it must
(a)  be consistent with the Bank's Articles of Agreement, operational policies in force, and the Country Assistance Strategy;2 be anchored in country policy/sector analysis; and reflect lessons learned from the Bank's experience;
(b)  be economically justified;3 and
(c)  contribute to poverty reduction4 and sustainable economic growth. 

  1. "Bank" includes IBRD and IDA, and "loans" includes IDA credits and IDA grants.
  2. See BP 2.11, Country Assistance Strategies.
  3. See OP/BP 10.04, Economic Evaluation of Investment Operations.
  4. See OP 1.00, Poverty Reduction.