Though the World Bank investment in Medina is regarded as an effective demonstration of the best practice for incorporating heritage in development, the 2006 World Bank Implementation Completion and Results review can describe its immediate success. Compared to the expected economic effect of the project, such as NPV of $16.7 million and 13.6% of Economic rate of return, the final report tally was disappointing, with the NPV at $-0.5 million and -26% of the actual Economic rate of return. Analysts claimed that over-optimistic assumption unmet the project value leading to unrealistic high expectations. The reduced percentage of residents whose housing conditions were advanced through conservation was for material concern. The original goals of the initiatives were never achieved due to bureaucratic roadblock that interfered with the completion of the pollution mitigation and sanitation improvement (Radoine & Aomorali, 2019). As initially proposed in the strategic plan, the public-private partnership did not materialize and, therefore, aborted the parking lot. Competition over the building’s ownership slowed the conservation process of the buildings significantly when residents are displaced to create more spaces for infrastructure development. Although the project elements were successful, they were not as successful as the projection made during the negotiation and planning phase. The quantitative tools can predict, but they cannot predict the entire story of the several impacts of the sum of intervention. This inability to predict has remained to be a significant challenge to cultural heritage work. Eventually, the World Bank investment in Fez’s cultural heritage demonstrates that development debt instruments could be an essential aspect in revitalizing culture.
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