The emergence of information technology (IT) projects for developing economies is becoming a trend, as developing economies are striving to achieve modernization and industrialization. The IT project environment in developing economies is complex and susceptible to the economies' unique social, cultural, political, and financial contexts. This study proposes a framework for identifying the risks involved in IT projects for developing economies. For this, the study identifies unique characteristics of project management in the context of developing economies, which involve a broader stakeholder group, lack of precedence, infrastructural limitations, and cultural uniqueness. The study discusses how these characteristics shape project risk factors in terms of both internal (people, process, and technology) and environmental (legal and natural) elements of an IT project.