While the 2004 report established benchmarks on project preparation, evaluation quality, and monitoring systems, the 2005 review adds evidence from completed projects and cofinancing.

The Second Annual Performance Report (APR) 2005, prepared by the GEF Evaluation Office, reviews the performance of 41 completed projects with terminal evaluations submitted in FY2005, representing $260 million in GEF funding. Broader samples were also analyzed to assess cofinancing and monitoring arrangements.

The report finds that most projects achieved satisfactory outcomes and sustainability, and that nearly all cofinancing was realized, though performance was lower for global projects and those in Africa.

Excessive completion delays were linked to reduced outcomes and sustainability, highlighting the costs of protracted implementation. Monitoring systems show gradual improvement, yet many projects still did not meet minimum M&E requirements, reflecting persistent gaps in the review process. Partner agencies also vary in how they identify projects at risk, and while terminal evaluation quality is improving, greater consistency is needed.

The report recommends strengthening project review guidelines, developing focal area indicators and tracking tools, and reinforcing accountability so that monitoring systems contribute more effectively to results and learning.