Completion of the operation is generally defined as the date at which the technical execution or carrying out, of the operation is completed. Usually this date is shortly after the last disbursement of the Bank’s financing. By way of contrast, the Closing Date is the date at which any liabilities of the Bank, and liabilities or financial obligations of the Client(s) to the Bank have been fulfilled (e.g. full repayment of a loan, completion of exit from an equity investment, or expiration of a guarantee).

 

Post-evaluation begins at Operation Completion. It is the process by which the Bank assesses its operational performance through the systematic analysis of the outcomes of completed Operations and their operating performance prospects against the objectives and results that were planned or expected at the time of appraisal, and determines whether there were significant lessons to be learned to help improve the performance quality of future Operations.

 

Post-evaluation is an integral part of the Bank's Operations Cycle and the operational quality management process. It is both backward- and forward-looking. It is designed around the principles of accountability, transparency and independent validation. Post-evaluation provides a basis for rendering judgments, for the benefit of the Bank's staff, management, Board and shareholders, concerning the relative success or failure of Bank Operations in achieving their objectives and the Bank's purpose, as specified in the Establishing Agreement. It plays a key role in the process of self-assessment that is essential for maintaining and enhancing the Bank's operational quality as well as its public reputation, long-term credibility and ability to sustain the support of its owners as a development finance institution.