Finance-based scheduling: optimization of results-based funded multiple projects

Development lending institutions are exploring solutions that can ensure the effectiveness of funds. Results-Based finance (RBF) considers this goal through linking desired outputs to the disbursement of funds. This may require borrowers pre-finance programs and then receive their allocated disbursements and then receive allocated disbursements after achieving results, which form cash flow gaps. This paper presents a framework for the simulation and optimization of RBF programs, using Genetic Algorithms (GA). It applies finance-based scheduling on RBF multiple projects, for obtaining an improved benefit from borrowed funds. The Program-For-Results (P4R) mechanism offered by the World Bank (WB) was used as one of the RBF mechanisms for verification. It was validated using the Sustainable Rural Sanitation Services Program (SRSSP) in Egypt, and it improved the overall financial standing of the government. This model introduces an enhanced financing environment for RBF mega programs, enabling borrowers to apply for the RBF mechanism.The accepted manuscript in pdf format is listed with the files at the bottom of this page. The presentation of the authors' names and (or) special characters in the title of the manuscript may differ slightly between what is listed on this page and what is listed in the pdf file of the accepted manuscript; that in the pdf file of the accepted manuscript is what was submitted by the author