Economic and social development advisory 80+ years of combined experience 105 countries across the team’s work
Guha Consulting

ECONOMIC & SOCIAL DEVELOPMENT ADVISORY

A fresh perspective.
A clearer way
forward.

Strategy, design and evaluation for inclusive economic and social development.
Working with development finance institutions, governments and impact investors.

Explore our expertise
Independent insight. Rigorous evidence. Measurable results.
Sculptural architectural curves opening toward the sky
A DIFFERENT PERSPECTIVE01 / GUHA CONSULTING

Clarity begins
with a better
question.

A bridge connecting two shores across calm waterCONNECTING EVIDENCE WITH OPPORTUNITY

01 / WHO WE ARE

Local understanding.
Global perspective.

Over eight decades of combined development consulting experience.

Founded in 2020, Guha Consulting advises development finance institutions, governments and impact investors on the strategy, design and evaluation of programmes that drive inclusive economic and social development.

Our team brings institutional insight, rigorous research, financial and economic modelling, and hands-on implementation experience to complex development decisions.

We help development partners design and implement programmes that deliver, with demonstrable results.

Meet our team

02 / WHY GUHA CONSULTING

Experience that informs.
Evidence that delivers.

A practical understanding of institutions, finance, inclusion and the evidence needed to move from design to results.

01

Institutional insight

Our team combines more than eight decades of development consulting experience with extensive knowledge of World Bank operations. We understand instruments including ASAs, PADs, PforRs, DLIs and ICR/LRNs, and the standards they demand.

02

Rigorous evidence

Cost-benefit analysis, ERR and financial modelling, RCTs and quasi-experimental designs, and data systems that work in data-constrained settings.

03

Inclusion built in

Women's entrepreneurship, access to finance and participation in markets are designed into our analysis, not added afterwards.

04

Public and private capital

Experience across development finance, government policy and private infrastructure helps us mobilise and engage private investors.

03 / THE PRACTICE

Six areas.
One integrated approach.

We connect research, policy, investment and delivery across the full project cycle — tailoring the expertise to each mandate.

01Urban, regional & resilient development
02Private & financial sector strategy
03Economic analysis, modelling & growth strategy
04Monitoring, evaluation & impact
05Data, research & evidence systems
06Technical assistance & service delivery

04 / OUR PEOPLE

Experienced people.
Shared commitment.

Partners and principals with expertise across development operations, public policy, finance, evaluation and infrastructure.

PARTNER AND FOUNDER
Puja Guha

Puja Guha

Partner and Founder

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Public policy, strategy and development consultancy grounded in economic analysis.

Puja Guha is a public policy, strategy and development consultant with 15 years' experience advising the World Bank, governments and development partners. She designs and prepares investment and results-based operations across private sector development, innovation, urban regeneration and infrastructure, and leads the economic and financial analysis that underpins them, from competitiveness strategies and regional corridors to energy financing.

She holds a BAS in Biomedical Sciences and a BSc in Economics from The Wharton School at the University of Pennsylvania, a Master of Public Affairs from Sciences Po and an MPA from the London School of Economics.

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PARTNER
Eric Sukumaran

Eric Sukumaran

Partner

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Strategy and development experience spanning government, the World Bank and the private sector.

Eric Sukumaran is a strategy and development consultant whose work spans government, the World Bank and the private sector. He combines policy design, economic analysis and project development: advising on urban and territorial strategy, climate resilience and the institutions that deliver them, including in fragile settings, and structuring and financing infrastructure and energy investments with governments, lenders and investors.

As a senior policy adviser in the UK Government, he shaped major infrastructure and climate policy, as well as international treaty negotiations. He holds an MBA from the University of Oxford and a BA in Philosophy, Politics and Economics from the University of Pennsylvania.

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PRINCIPAL
Hiran Herat

Hiran Herat

Principal

Five decades of World Bank operations experience, financial analysis and institutional support.

Hiran Herat brings five decades of World Bank operations experience, first as a Senior Financial Analyst and Task Team Leader and, since 2003, as a senior consultant to task teams. An accredited Financial Management Specialist, he is the primary author of more than 60 Implementation Completion Reports across private sector, finance, innovation and education operations.

He has designed line-of-credit and SME financing operations, prepared operations manuals, costings and procurement plans, and trained ministries and project units from Southeast Asia to Africa and the Pacific. He holds an MBA in International Finance and a BBA from George Washington University.

PRINCIPAL
James Dickson

James Dickson

Principal

Strategy, evaluation and results-based management across international development programmes.

James Dickson is a strategy and evaluation professional with more than 15 years' experience in economic development, institutional capacity building and results-based management. He has led theory-based evaluations and capacity-building initiatives for multi-million-dollar climate, public health and technology programmes across Sub-Saharan Africa, the Indo-Pacific and transition economies, helping implementing institutions measure their results and learn from them.

He holds an MBA and an MSc in Evidence-Based Practice and Evaluation from the University of Oxford, and a professional certification in Data Science and Artificial Intelligence from the University of Cambridge.

80+Years of combined development consulting experience
4World Bank contracts won by the team in the last year
105Countries across the team’s work
Green agricultural terraces following the contours of a hillside

THE BIGGER PICTURE

Lasting progress begins
with a deeper understanding
of the world around us.

05 / THEMATIC EXPERTISE

Understanding the systems.
Seeing the possibilities.

Multidisciplinary work across the institutions, markets and communities shaping development.

01

Urban & resilient development

Urban, corridor and territorial strategies, resilient infrastructure and renewables development, and municipal capacity improvement.

02

Private & financial sector strategy

Firm-growth diagnostics, SME and entrepreneurship programmes, credit guarantees and venture capital (VC).

03

Economic analysis & growth strategy

Cost-benefit, economic rate of return (ERR), financial and jobs modelling; sector, city and value-chain strategies.

04

Monitoring, evaluation & impact

Impact evaluations, including process and outcome evaluations, M&E frameworks, RCTs and quasi-experimental design.

05

Research & evidence systems

Survey, administrative and spatial data; bespoke surveys and focus groups; dashboards and management information systems (MIS).

06

Technical assistance & delivery

Implementation support, institutional strengthening and capacity building for public agencies.

06 / SERVICES

From the first question
to the next step.

Support from programme concept
through delivery, assessment and learning.

Curved library shelves filled with books
01

Strategy & policy advisory

Economic development and growth strategies, sector diagnostics, policy reform and investment priorities.

02

Programme & project design

Operational concepts, appraisals, results frameworks, disbursement-linked indicators and implementation arrangements.

03

Economic & financial analysis

Cost-benefit analysis, economic and financial rates of return, net present value, sensitivity analysis and project finance.

04

Research, monitoring & evaluation

Data collection, impact and process evaluations, monitoring frameworks, and evidence to inform future programmes.

05

Technical assistance & delivery

Institutional strengthening, stakeholder coordination, capacity building and practical implementation support.

07 / WHO WE WORK WITH

Different mandates.
A common focus on results.

We advise three connected groups working to unlock inclusive economic and social development.

01 / DEVELOPMENT FINANCE

Development finance institutions

World Bank Group, regional development banks and bilateral development finance institutions.

  • Analytics and operation design
  • Results frameworks and DLIs
  • Completion reviews and evaluations
02 / PUBLIC INSTITUTIONS

Governments & public agencies

Ministries, investment agencies and city governments.

  • Growth and territorial strategies
  • Investment appraisal and prioritisation
  • Implementation and capacity support
03 / INVESTMENT

Businesses & investment vehicles

Impact funds, blended-finance vehicles and project sponsors.

  • Market and constraint diagnostics
  • Cross-border strategy and risk assessment
  • Impact measurement and M&E
  • Investor engagement and support

08 / INTERNATIONAL EXPERIENCE & OUR WORK

Global perspective.
Local understanding.

Team experience across six World Bank regions and 105 countries, covering strategy, design, evaluation and implementation.

GEOGRAPHIC REACH

Where our team has worked

105 countries across the team's work

Select a practice area to explore the countries where our team has worked.

Urban, regional and resilient development

Country coverage map for Urban, regional and resilient development; 45 countries shaded, small island states shown as dots.
45 countries shaded; small island states shown as dots
Sub-Saharan Africa 36Latin America & Caribbean 17Europe & Central Asia 20South Asia 8East Asia & Pacific 16Middle East & North Africa 3Europe & North America 5

Photographs illustrate the themes of the work; they do not depict these project sites or participants.

THE WIDER PICTURE

Explore the full portfolio.

Selected team projects and prior professional experience. Explore the 18 detailed case studies below for the latest project summaries.

Cities & infrastructure09 projects
Romania

Informing urban transformation in Bucharest

World Bank · €1.08bn JUST project · 2022–2024

Egypt

Planning for a more resilient Alexandria

World Bank City Resilience Program · 2022

Guinea

Connecting agriculture to economic opportunity

World Bank · Kankan, Mamou, Boké and Nzérékoré

Kenya, Nigeria & Zambia

Designing programs for trade and economic growth

World Bank initiatives

Colorado, United States

Strengthening a downtown’s direction and identity

Town of Granby

Afghanistan & West Africa

Preparing cross-border infrastructure programs

Four infrastructure corridor projects

Lesotho

Territorial Development ASA

World Bank · territorial and climate-risk analysis · 2022–2023

South Sudan

Urbanization Review

World Bank · urban capacity and fiscal transfers · 2024–2026

Mozambique

Integrated Growth Poles Project

World Bank · US$100m IDA credit · 2013–2015

Enterprise & inclusion06 projects
Benin & DRC

Understanding women’s economic opportunity

World Bank · Benin Women Entrepreneurship PforR and DRC experience

Ghana

Making enterprise development measurable

World Bank SME and private sector program

Argentina, Zambia, Togo & Burundi

Designing programs for private sector growth

Multi-country program experience

Delhi, India

Planning an entrepreneurship incubator

Generation Enterprise · 2012–2014

Argentina

Innovation Program for Smart Growth (PINCRI)

World Bank · design, analysis and evaluation

Horn of Africa

Catalysing private sector engagement

World Bank Horn of Africa Initiative · 2023

Research & evaluation09 projects
Mali

Evaluating urban services and local government

World Bank Urban Local Government Support Project

Argentina

Learning from entrepreneurship investment

US$150 million SME and entrepreneurship program

Latin America & Africa

Drawing lessons across business development programs

Six business development programs

Türkiye, Benin & other countries

Linking program design with results

World Bank Program-for-Results operations

International

Planning for long-term enterprise impact

The Prince’s Youth Business International · 2010–2011

France

Informing an advocacy strategy through evaluation

Sidaction · 2010

Middle East

Examining the regional implications of water policy

Global Public Policy Network · research

Mexico

Examining conservation and groundwater recharge

Mexico City · field study

Eastern Caribbean

OECS Regional Tourism Competitiveness

World Bank · ICR technical review · Jan–May 2026

Finance & investment08 projects
Madagascar

Assessing the economics of infrastructure investment

Madagascar PIC / OFID2 (2020) and OFID3-PIC3 (2026)

United States

Bringing rigor to real estate investment decisions

FM Capital · 2014–2023

Pacific Islands

Assessing the viability of banking support

Correspondent banking rescue program

International

Evaluating renewable energy investments

Global Renewable Power Company · professional experience

Puerto Rico

Supporting energy infrastructure funding

Puerto Rico grid privatisation and LUMA stand-up · 2019/2021

United States

Understanding revenue and financial disruption

Marsh & McLennan · professional experience

United States

Evaluating financial products for older consumers

Nonprofit advocacy organization

International

Assessing consumer benefits of financial products

Global wealth management firm

Strategy & development07 projects
India

Shaping a regional competitiveness strategy

India’s Northeast Region

Guyana

Turning resource revenues into wider opportunity

Multi-sector economic strategy

Kazakhstan

Extending the benefits of major infrastructure

Secondary-city economic development

International

Applying financial expertise to public institutions

Oliver Wyman · professional experience

Europe

Developing a public-sector reform proposal

European tax authority · proposal development

United Kingdom

High Speed 2 property compensation

UK Government · Homeowner Payment policy · 2013

International

CORSIA: offsetting aviation emissions

UK Government / ICAO · international aviation emissions · 2016–2017

Energy & project development05 projects
Ghana

400 MW gas-fired power station

Proposed US$400m project · indicative India Exim Bank terms

Sierra Leone

Port Loko solar programme

100 MW in phases · Ministry of Energy MOU

Madagascar

101 MW solar and hydropower programme

45 MW solar + 56 MW hydro · signed PPA and guarantee

Burundi

15 MW solar project

Captive-customer model · Ecobank agreement in principle

Scotland

10 MW quarry battery pilot

Reached approval stage before cancellation

DETAILED EXPERIENCE / 2026 INTRODUCTION

Selected case studies.
Evidence in practice.

18 selected projects from the latest company introduction. Open a case study to see the scope, analytical work and reported outcomes.

The examples include engagements undertaken by members of the team through Guha Consulting and in prior roles. Project stage and outcomes are described as reported in the company introduction; proposed or cancelled projects are not presented as completed.

Romania · 2022–2024

The JUST Project, Bucharest

World Bank for the Government of Romania (Ministry of Justice)

Design and appraisal of the €1.08bn Justice for Sustainable Urban Transformation programme: a resilient, climate-smart district consolidating Romania’s justice institutions on a regenerated Bucharest brownfield site.

  • Strategy and governance — Concept and component design, KPIs, Theory of Change, governance arrangements and long-term urban strategy.
  • Financial and economic analysis — NPV, ERR and sensitivity testing, including property-value uplift, fiscal impacts and private-capital participation.
  • Implementation readiness — Disbursement planning, procurement structuring, resilience metrics and EU climate alignment.
Guinea

Regional corridors and secondary cities

World Bank

Analysis of how planned corridor investment could support private sector growth, jobs and opportunity in the secondary cities of Kankan, Mamou, Boké and Nzérékoré.

  • Economic and spatial modelling — Examined road investment, lower trade and border friction, wages and market access.
  • Local evidence — Interviews with firms and local governments on feeder roads, cold chains and serviced land.
  • Key finding — Modelled wage gains of 2.1% from roads alone and over 8% with trade facilitation and additional policy levers.
Argentina

Innovation Program for Smart Growth (PINCRI)

World Bank for the Government of Argentina

Programme design, analysis and evaluation support to strengthen Argentina’s innovation ecosystem and the route from research to commercialisation.

  • Economic rationale — Analysed commercialisation barriers, market failures and the case for public investment.
  • Results frameworks — Focused measurement on commercialisation, firm performance and innovation adoption.
  • Data and stakeholders — Firm-level reporting designed for agencies, universities and industry.
Benin

Women entrepreneurship and access to finance

World Bank for the Government of Benin

Economic analysis for the Women Entrepreneurship Development and Access to Finance Program-for-Results (PforR), supporting Benin’s SME strategy.

  • Costs and benefits — NPV, IRR, benefit-cost ratio and benefits not readily quantified.
  • Appraisal models — Detailed cost-benefit assumptions for the Project Appraisal Document annex and PforR assessment.
  • Context and sensitivity — Only 3.4% of women-managed firms could access bank loans; downside scenarios helped inform programme design.
Eastern Caribbean · January–May 2026

OECS Regional Tourism Competitiveness

World Bank

Technical review of the Implementation Completion and Results Report for a tourism competitiveness project in Grenada, Saint Lucia, and St Vincent and the Grenadines.

  • Technical consistency — Reviewed the draft ICR and annexes against World Bank guidance.
  • Results and ratings — Strengthened the results narrative and rating justifications.
  • Future operations — Refined lessons for tourism and wider OECS collaboration.
Puerto Rico · 2019 and 2021

Privatising Puerto Rico’s electric utility

Quanta Services and ATCO; subsequently LUMA Energy

A two-phase engagement from the bid to operate Puerto Rico’s electricity grid to the regulatory stand-up of the operator, LUMA Energy.

  • Bid strategy — Led structuring, messaging and bid content, coordinating three companies and dozens of specialists.
  • Outcome — The bid resulted in a US$16bn award to the client consortium.
  • Regulatory stand-up — Helped complete the new operator’s regulatory documentation and planned-operations overview.
Lesotho · 2022–2023

Territorial Development ASA

World Bank for the Government of Lesotho

Evidence, analysis and territorial economic strategy for a World Bank advisory and analytics programme on economic development across Lesotho’s regions.

  • In-country evidence — Collected information on the ground.
  • Analysis — Assessed spatial, climate and disaster-risk dimensions.
  • Strategy — Principal contribution to the World Bank TDASA report and its territorial recommendations.
South Sudan · 2024–2026

Urbanization Review

World Bank for the Government of South Sudan

Assessment of urban government capacity and fiscal arrangements to strengthen city finance in the South Sudan Urbanization Review.

  • Government capacity — Led the capacity assessment through multiple country missions.
  • Fiscal transfers — Evaluated the intergovernmental fiscal transfer system.
  • Own-source revenue — Developed recommendations to increase city-level revenue; also contributed to climate and disaster-risk chapters.
Horn of Africa · 2023

Catalysing private sector engagement

World Bank — Horn of Africa Initiative

Private sector analysis and an operational framework supporting regional trade integration under AfCFTA, focusing on Kenya and Ethiopia alongside Djibouti, Somalia and South Sudan.

  • Private sector diagnostics — Compared business maturity, finance and market constraints.
  • Dialogue — Brought public and private stakeholders together on investment opportunities.
  • Trade facilitation — Identified target value chains and actionable projects for the initiative’s roadmap.
Madagascar · 2020 and 2026

Energy and infrastructure financing

PIC Project, Government of Madagascar — OFID financing

Economic and financial appraisal supporting successive OPEC Fund (OFID) financings alongside the World Bank’s Integrated Growth Poles and Corridors programme.

  • OFID2 — ERR, NPV and sensitivity analysis for energy and rural roads; US$15m financing alongside the World Bank’s US$70m PIC2.2.
  • OFID3-PIC3 — Appraisal of clean cooking, blue carbon, sustainable energy and strategic infrastructure.
  • Financing analysis — Estimated ERR, FIRR and NPV and prepared methodology and donor submission material.
Mozambique · 2013–2015

Integrated Growth Poles Project

World Bank for the Government of Mozambique

Design of a US$100m IDA-financed programme supporting smallholders and enterprises in the Zambezi Valley and Nacala Corridor.

  • Project targeting — Selected growth poles and priority infrastructure using spatial analysis and stakeholder input.
  • Infrastructure-plus — Paired roads and water supply with a US$24m catalytic matching fund for agribusiness.
  • Appraisal — Modelled projected economic rates of return of 25% for Zambezi Valley and 19% for Nacala.
United Kingdom · 2013

High Speed 2 property compensation

UK Government — in-house policy advisory

Rapid policy design for compensation for property-value losses along the £42bn HS2 railway route.

  • Policy design — Developed a workable compensation mechanism within six weeks.
  • Evaluation — Used property data to assess fairness, costs and implementation.
  • Outcome — The Homeowner Payment policy was adopted, with reported savings exceeding £1bn.
International · 2016–2017

CORSIA: offsetting aviation emissions

UK Government / International Civil Aviation Organization

Economic analysis that shaped the international aviation emissions offsetting mechanism under CORSIA.

  • Emissions modelling — Projected aviation emissions and carbon-offset requirements.
  • Mechanism design — Developed the economic analysis underpinning the scheme.
  • Negotiation support — Briefed the UK negotiating team for international discussions; the proposed structure was accepted as the basis for CORSIA.
Ghana

400 MW gas-fired power station

Independent power producer developer

Development and indicative financing preparation for a proposed US$400m gas-fired power station in Ghana.

  • Government engagement — Obtained an expression of interest and project memorandum of understanding.
  • Technology — Engaged major turbine manufacturers.
  • Indicative finance — India Exim Bank debt term sheet for up to US$340m (85%), subject to indicative terms.
Sierra Leone

Port Loko solar programme

Independent power producer developer

Development of a proposed 100 MW solar programme, beginning with a 15 MW pilot and planned battery storage.

  • Site and grid — Assessed three potential sites near Port Loko and a connection to the 225 kV substation.
  • Government support — Secured a Ministry of Energy MOU, allocated land and a commitment to turnkey development.
  • Project preparation — Developed pre-feasibility and commercial analysis and approached potential debt and equity partners.
Madagascar · 2015–2018

101 MW solar and hydropower programme

Independent power producer developer

Phased 45 MW solar and 56 MW hydropower development in Madagascar, with an estimated programme value of US$142m.

  • Programme design — Solar phases of 20 MW and 25 MW; hydro phases of 31 MW and 25 MW.
  • Contracts — Signed a PPA and concession agreement backed by a Ministry of Finance sovereign guarantee.
  • Financing preparation — Coordinated lenders, manufacturers, legal advisers and political-risk insurance partners.
Burundi

15 MW solar project

Independent power producer developer

Development of a proposed 15 MW solar photovoltaic project using a captive-customer model.

  • Site and offtake — Identified land, grid connection and prospective factory customers.
  • Government engagement — Developed the government-side project structure.
  • Financing — Secured an agreement in principle for lending from Ecobank.
Scotland

10 MW quarry battery pilot

Independent power producer developer

Proposed battery storage pilot at a quarry site that reached the approval stage before the government cancelled it.

  • Technical design — Completed feasibility and design studies with battery suppliers lined up.
  • Government and community — Worked through planning with stakeholders and proposed jobs, training, EV charging and restoration of the quarry as a park.
  • Financing — Obtained a credit letter from Bank of China; the project was cancelled before approval.

09 / SELECTED ORGANISATIONAL EXPERIENCE

Experience across sectors.
Perspective that travels.

World BankUK GovernmentLUMA EnergyOliver WymanMarsh & McLennanYouth Business International

Selected organisations connected to our partners’ project work and prior professional experience; not all represent Guha Consulting client engagements.

An artisan working with blue thread at a wooden loom

10 / OPPORTUNITY & INCLUSION

Development is
ultimately about people.

Behind every policy and investment decision are people seeking more secure livelihoods, stronger businesses, and better access to opportunity.

Our experience includes programmes supporting women’s entrepreneurship, youth enterprise, financial inclusion and under-served communities. Understanding the human context is central to how we evaluate policy and investment choices.

Explore the work

Illustrative photograph of an artisan; not a project participant.

11 / ENQUIRIES

What are you
thinking about?

We welcome early conversations about upcoming analytics, operations, strategies and evaluations, and how we can support your portfolio.

puja@guhaconsulting.com

For enquiries to Eric: eric@guhaconsulting.com
You can also connect with Puja on LinkedIn.

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