North Eastern Region Capital Cities Development Investment Program (Tranche 3 and Multitranche Financing Facility)

Better coordination and the Preparation of a consolidated project financial statement for projects being implemented by multiple agencies will facilitate the timely submission of annual project financial statements (APFSs) which in turn will help avoid delays in loan disbursements. In this program, the Preparation by the two EAs of separate annual project financial statements, both audited by an external auditor, created an unnecessary administrative overload for ADB. Lack of uniformity in APFSs and audit reports from the EAs, as well as submission deadlines created additional difficulties in ADB loan administration rev iews.