Empowered borrowers? tracking the World Bank’s program-for-results

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The World Bank has developed a new lending instrument, called Program-for-Results (P4R). This instrument is notable because it emphasises borrower programmes and contexts, ostensibly shifting from universally applied Washington Consensus models. Why did the Bank develop P4R? First, theoretical grounds for a new Bank policy are outlined. Second, the context, formalisation and usage of P4R are analysed. Third, P4R’s possible futures are described, along with their implications for development lending theory and practice. Despite its embryonic status, scholars and practitioners will be able to learn about power in development lending by following the fate of P4R.
Original languageEnglish
Pages (from-to)209-226
Number of pages18
JournalThird World Quarterly
Issue number2
Early online date21 Dec 2015
Publication statusPublished - 1 Mar 2016


  • world bank
  • program-for-results
  • development finance
  • international organisations
  • international political economy


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