18 Uganda a mid-term report suggested that implementation was slowing because of bureaucratization of the process (lack of site visits).

5.18 _Project Benefits._ Project output was measured in terms of sales and/or export multiples. As discussed, this is not necessarily a good measure mainly because it is not an efficiency or profitability measure and because of attributability questions, but it can provide some indicative measure. The achieved export and sales multiple was calculated for five projects and gave fairly uniform measures, ranging between 37:1 and 50: 1, except in the case of Mauritius where a remarkably high ratio of 163:1 for revenue and 124:1 for export sales was apparently achieved. If these sales were (a) economically profitable, and (b) largely attributable to the grant funding, then these indicators would suggest that the MGFs performed very well. With regard to impact (both institutional impact and sustainability) no usable quantified indicators were provided for the projects complete. A proxy indicator was speed of disbursement, representing market stimulation. However, the Bank's ICRs and PARs made some nonquantified assessments. The ICR/ PARs for the six completed projects rated outcomes as satisfactory in five cases, and highly satisfactory in Mauritius; institutional development impact was rated partial or modest in three cases, satisfactory in two cases, and highly satisfactory in Mauritius. Sustainability was rated weak in Kenya, likely in four cases, and highly likely in Mauritius.

5.19 Table 3A shows the evaluation for five of the ten projects, all of them completed and closed.

**Table 3A Cow parative Cost Effectiveness of MGF** Proiects

|1.**Project Name**<br>_<br> <br> <br> <br>|**INDIAf**<br>**strial**<br>**Export (Engg)**<br>**Pr:ject**<br>**1**<br>**986**<br>_________<br>__________ij:,ijii<br> <br>|**INA**<br>**Export**<br>**lIN**<br>**Velopmet**<br>**ProJect**<br>**1989**<br>|**DNESIA**<br>**41**<br>**E**<br>**t**<br>**4evelopment**<br>:<br>**project 1986**<br>**Xr**|**KENYA**<br>**Exprt***<br>**evelopment**<br>**oJet**<br>**:019l**<br>:|MAURITIUS<br>**TA toEnhance**<br>**Comptiteness**<br>**Project 194**|
|---|---|---|---|---|---|
|**A**<br>**opraised**<br>**cot**<br>**(Snilflion)**<br>_<br>|**MOF**<br>20.(<br>**TotalBanak**<br>**250.0**<br>________<br>**Tot o**<br>**i1i000.0**<br>'|**MGF**<br>**204)**<br>**Bak**<br>**0**<br>**Tor**<br>**t 7**<br>**130**<br> <br> <br>|**MEf**<br>**_5.7_**<br>**Total Bank 68.7**<br>**r**<br>**ta**<br>_t5S9_<br> <br>|**MOE**<br>**2.0**<br>**Tot**Bak<br>90.3<br>**Tot Proec 109.2**|**MOP**<br>**3.2**<br>Ttal Bank 7.7<br>**Tota ro**13.3|
|**Cost of prep/**<br>**supo( **mllWion<br>|Toalj<br>_250.2_**SW**<br>|**Toa**r<br>225.7<br>bTtl<br>**SW**<br>|**T**<br>**project**<br>**356 SW**<br>|_165.5_**SW**|**p rojec**<br>**214 SW**|
|**Number of**<br>|359<br>|490|**685**|603|266|
|**dbbursed**<br>**(S million**<br>|**15.6 (77%of**<br> <br>|**_MA( 82%_of**<br>-**-pia**<br>|5.17 (91%of|2.0**_(lW*of_**<br>p<br>**A-.**|_2.52 (95% of_|
|**opecst (S**<br>**milion)000**<br>t; t<br>|**O**<br>**ted byPF**<br>**Not df;**<br>f**ast;t**<br>A ;Xt;D<br>0 St00**0** <br>**Ad** <br>|**Oated**by**PEs**<br>**No;;**<br>2<br> Af**atab000**|**APprs**cost**2.5X **<br>**Actual-; 2.42S**|<br>**pprsd**<br>cost=0.8<br>**A2ctua0.W8**<br>u|**Apprad**<br>**cost= 0.49**<br>Actual=0.49?|
|Avg**aniual**<br>**actuail '~cum.**<br>**disburs**<br>|**45%**<br>_<br>|**6%,**||**90% (est)**<br>___________dclosure=|**N/A**<br>**total at**<br>**91%**|
|**% oper cost/**<br>**grantvalue**<br>**wai**<br>*****|**Unkpown**<br>**d**<br>_________<br>_<br>___<br>|**Unkno**<br>__<br>i:_i:_<br> <br>|**4**<br>|57%<br>_<br>_<br>_<br>_<br>_<br>_<br>_|18.1<br>_|
|**% op cost /grant**<br>**value- acti**|**Unikown**- **bank**<br>**internal**<br>**cost**|**U**<br>**w**<br>**bank**<br>**minal**|**47%**<br>a<br>**training)**|_57%_|19.4%|
|**Actual op cost/**<br>**_*oofrects_**<br>**Act grant value/**<br>no**o projeets**<br>|**Unn**<br>|**Unknown**|_S3,518_per<br>sr:Cs<br>**$7547?**per<br>suWoect|$1326 per<br>subroject<br>$2,320 per<br>s,ent|$1,842 per<br>subproject<br>$9,479 per<br>subprojec|
|**Saesioreport**<br>**muitiple**<br>:<br>|**37:1**<br>|50-1|36:1<br>__:_____-___:_._|42.1|163.1 (revenue)<br>**124:1**(exports|
|**IC£AR**<br>**Performance**<br>**IRating**|**Outcome**<br>**S**<br>Institdevelopmt S<br>Susi<br>lityv L|**Outcom**<br>**S**<br>Instit develpxm S<br>t<br>bty<br>L|**outcome**<br>**S.**<br>Instit dv el partal<br>aisbity<br>L,|**outcome**<br>S.<br>Ihstit devtmodest<br>Sustainability<br>weak|Outcome<br>HS<br>Institdev<br>HS<br>Sustainablity<br>HL|