In year 2012, the World Bank responded to the continuous demand from borrowing countries to offer a results-based financing mechanism by introducing the Program-for- Results (P4R) mechanism. There are four main characteristics that define the framework of applying P4R; namely, (1) it supports borrowers’ programs, (2) offers disbursements against agreed results, (3) focuses on strengthening institutions that support the success of the program and (4) ensures supported programs serve social and environmental aspects. These characteristics are all translated into Disbursement Linked Indicators that are agreed between the WB and the borrowing country, prior to the implementation of program. DLIs are classified into several result-areas, according to their overall aim, such as (1) direct result areas that are directly related to the main aim of the program through the achievement of pre-agreed projects or tasks and (2) Indirect result areas that support the continuity of the achieved results, through supporting relevant institutions. This research analyzes the relations between such characteristics and their effects on the results of the program, through an evaluation of previous P4R operations. This is accomplished through an evaluation of the selected types of DLIs in different countries for different sectors. It also analyzes the types of indirect DLIs and their relation to the main Program Development Objective. The paper includes a detailed case study on the Sustainable Rural Sanitation Services Program in Egypt.