What Determines Non-Financial Project Success? Evidence from the EBRD

This paper looks at how various project- and client-related factors determine the non-financial success of EBRD investments. Non-financial project success is defined as the extent to which transition objectives, such as the demonstration of new financing methods or the expansion of competitive markets, have been realised once the project is finished. For our data we use 1,600 EBRD projects completed between 2003 and 2016. The results suggest that the probability of success is higher for larger projects and for projects that are part of a framework. Projects with state clients are less likely to be successful, mainly because state ownership tends to significantly slow down project delivery.