Plantation Development Project

There were insufficient financial and governance benefits to merit insistence on an international fund manager when the size of the fund was extremely limited and the duration of funds available for investment short. In addition, project outcome and impact indicators were poorly defined in terms of sustainability and what this represented. There was inadequate consideration of sector financial risks, including wage inflation, and political risks relating to price escalation in the sector. A major cost item, the inflation adjustment formula for RPC leases, was not reflected in the institutional nor design framework.