Today ICAI published a rapid review of the Prosperity Fund, a cross-government aid fund promoting economic reform and growth in developing countries.
ICAI’s latest review has found that the Prosperity Fund needs to continue to improve its systems and processes to support the pace and scale of delivery.
The review found several emerging challenges for the Fund in building and delivering a strategic portfolio that matches UK government priorities.
ICAI examined the available evidence and made the following recommendations:
- the government should consider adjusting the planned rate of expenditure of the Prosperity Fund as delivery capacity develops
- the Prosperity Fund should develop a set of portfolio-level results indicators, to which each programme should align
- for Prosperity Fund programmes spending UK aid, the process for ensuring ODA eligibility should be explicit and challenging
- the Prosperity Fund should formalise and be more open about its engagement with UK and international firms
- the Prosperity Fund should establish its procedures and report its progress transparently