It takes a lot of work. Most of this work has to be done by the people in the countries themselves, but development organizations, such as the World Bank, have critical roles to play as well. The challenges of development concern all of us, and how we choose to meet these challenges will shape our lives and the lives of people everywhere for years to come. The project cycle begins when a developing country identifies a need, designs a project, and asks the Bank for a loan. Experts from the borrowing country and the World Bank study the plan carefully.
Negotiations take place on how best to implement the scheme.
Once an agreement is reached, and the loans are approved, work can begin. The Bank carefully monitors progress and pays out the loan bit by bit. Once finished, a project is evaluated to learn how successful it has been and to see how much it has helped and will continue to help the country s economy and its people. This project cycle is often complex and can take many years to complete. Not all projects funded by the World Bank are judged successful, but the large majority of them are.