Prepared to inform the Fourth Overall Performance Study, the 2008 Annual Performance Report reviews completed projects with a focus on outcomes, sustainability, and M&E.

The evaluation reviewed 62 terminal evaluations from FY2008 and a broader set of 210 projects submitted since FY2005, analyzing outcomes, sustainability, delays, cofinancing, monitoring and evaluation (M&E), and the quality of terminal evaluations.

The review finds that 80 percent of projects achieved satisfactory outcomes, exceeding the 75 percent OPS4 target, while 58 percent of projects were rated moderately likely or above on sustainability—an area where further progress is needed.

Cofinancing materialization averaged close to commitments, though performance varied across projects, and projects with weaker cofinancing showed lower outcome achievement. M&E quality improved significantly, with 76 percent of projects endorsed in FY2008 meeting minimum standards compared to 58 percent in FY2005, and the analysis confirms a strong link between M&E quality at entry and during implementation. The overall quality of terminal evaluations has also improved, though reporting on M&E and financial information remains uneven.

The report notes that adoption of GEF Council decisions has advanced in some areas, but progress has been slow on others, requiring continued attention in OPS4.