As of 31 March 2010, the total project's expenditure was 90% of the total project
cost. Disbursement of IFAD's loan stood at 97% of its total commitment. The project
has achieved high effectiveness against its cost. The actual investment per person or
household benefitting from project activities such as irrigation, water supply or road
access has been less than budgeted at the appraisal stage. According to the PCR,
the EIRR has increased to 12.2%, thus being considerably higher than the 8.7%
EIRR calculated in the appraisal report. However, the recalculated EIRR is subject to
the sustainability issues. In fact, it has been estimated that if, following OCISP
closure, only 30% of the recurrent costs can be mobilized, project benefits would
decrease to 60% and, as a consequence, the EIRR would significantly drop to 7.7%.