This paper was prepared by the public sector and governance group of the World Bank poverty reduction and economic management network. Since 1984, the World Bank has financed 87 Financial Management Information System (FMIS) projects in 51 countries, totaling over US $2.2 billion, of which US $938 million was for FMIS-related Information and Communication Technology (ICT) solutions. This study presents the World Bank's experience with these investment operations, including substantial ICT components, in order to share the achievements and challenges observed, and provide guidance for improving the performance of future projects. This study is dived into five chapters. The introduction covers the definitions used and methodology applied in reviewing projects. Chapter 2 provides descriptive characteristics of the sample data drawn from Bank databases and describes general patterns in duration, regional distribution, costs, and ICT solutions implemented, among other aspects. Chapter 3 analyzes the performance of the projects, differentiating between ratings of the Implementation Completion Reports (ICRs) and the Independent Evaluation Group (IEG) reports, as well as the factors contributing to the success and failure of projects and individual components. A detailed analysis of country case studies from Mongolia, Turkey, Albania, Guatemala, and Pakistan are presented in chapter 4. In conclusion, chapter 5 synthesizes the main lessons learned and prerequisites necessary for an effective FMIS project. The findings of this study are based on a comprehensive database of 55 closed and 32 active Treasury and FMIS projects implemented between 1984 and 2010 (pipeline projects were also analyzed in some sections). The data presented here was gathered from individual project ICRs, Project Appraisal Documents (PADs), the IEG reports, and complemented with interviews with task team leaders and relevant public sector and informatics specialists.