← Erudite Africa Center of ExcellenceBank and MFIProject Finance ProgramLevel 2 · Intermediate
Project Appraisal Level 2: Financial Appraisal and Loan Structuring
Test the market case, build the projections, measure the return and size a loan the cash flow can carry
Build and defend the financial case for a project loan, from revenue assumptions and NPV to a repayment schedule the project can actually meet.
Start the course
0 of 5 modules completed
What you will be able to do
- Test market demand, price, capacity and technical assumptions against evidence
- Build projected income statements and cash flows, including depreciation, tax and financing costs
- Compute NPV, IRR, payback and break-even, and say what each means for the bank
- Measure debt capacity with DSCR and choose grace, tenor and repayment shape to fit the cash flow
- Write an appraisal report and defend it before a committee
- For
- Credit analysts, relationship managers and project appraisal staff at Ethiopian banks who have completed Project Appraisal Level 1 or Credit Level 2.
- Study time
- About 5 hours online, in 5 modules (10 hours in the classroom version)
- Each module
- Short lessons, animated visuals, Ethiopian examples, decisions to make, NBE rules and worked calculations, then a quiz
- Assessment
- A 20-question final exam; pass mark 70%
- Certificate
- Erudite Africa Center of Excellence certificate of completion
- Access
- Module 1 free for registered users; the full course, exam and certificate for subscribers
The 5 modules
- Module 01Free previewMarket and technical appraisalTest whether the plant can make the product and whether buyers will take it at the planned price, before any number goes into the projections.6 lessons · 55 min · quiz
- Module 02Financial projectionsBuild the projected income statement and cash flow line by line, so every figure traces back to an assumption the committee can question.7 lessons · 60 min · quiz
- Module 03Investment appraisal: NPV, IRR, payback and break-evenJudge whether the project as a whole creates value, separately from how the loan is structured, and how far sales can fall before it stops covering its costs.6 lessons · 60 min · quiz
- Module 04Debt capacity and loan structuringA good project can still be a bad loan if repayments start too early or rise too fast; learn to shape the schedule to the project's cash flow.7 lessons · 65 min · quiz
- Module 05The appraisal report and mock committeeTurn the analysis into a written appraisal with a one-page executive summary, and defend it before a committee that tests every assumption.6 lessons · 55 min · quiz
- Officer simulationA week as project appraisal analyst at Bank A, Project Finance DepartmentWork as project appraisal analyst: 11 real-life items, decisions with consequences and a hand-over note. Pass with 70% to qualify for the certificate.
- Final examFinal exam and certificate20 applied questions across all 5 modules. Pass with 70% to download your certificate.
Built on
- Erudite Africa training module: Project Appraisal Level 2: Financial Appraisal and Loan Structuring (October 2026)
- A commercial bank's Revised Credit Procedure Manual (2025), unnamed
- NBE directives as listed in the lessons: FXD/01/2024, NBE/INT/13/2026, SBB/87/2024, SBB/88/2024, SBB/90/2024, CRB/02/2019, MCR/01/2020
- Insurance Business Proclamation No. 746/2012
- Erudite Africa: Ethiopian context for banking and finance training, 39 topics (2026)
Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.