01. Annual Reports & Independent Evaluations

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The World Bank Group’s 2018 Capital Increase Package - An Independent Validation of Implementation and Results

(World Bank, Washington, DC, 2023-08-29) Independent Evaluation Group

This report presents the Independent Evaluation Group’s validation of the World Bank Group’s 2018 capital increase package (CIP). It assesses the World Bank Group’s progress in implementing the CIP’s policy measures and achieving its targets, as well as the quality of management’s CIP reporting. The 2018 CIP boosted the Bank Group’s financial firepower with a $7.5 billion paid-in capital increase for the International Bank for Reconstruction and Development (IBRD), $5.5 billion paid-in capital increase for the International Finance Corporation (IFC), $52.6 billion callable capital increase for IBRD, and internal savings measures. The CIP also included a policy package that committed Bank Group management to policy actions linked to the Bank Group’s 2016 Forward Look strategy. The CIP committed to reporting annually on its implementation and an independent assessment after five years. This report fulfills the commitment to an independent assessment. This validation builds on management’s own reporting and other complementary evidence to assess the World Bank Group’s progress in implementing the CIP’s policy measures and achieving its targets. The report also assesses the quality of management’s CIP reporting. The report points to lessons on developing, implementing, and reporting corporate initiatives and commitments, such as the importance of having clear strategies or action plans, explicit buy-in from senior management, and accurate reporting with meaningful indicators and realistic targets.
Bonds for Sustainable Development: Impact Report 2019

(World Bank, Washington, DC, 2020-05) World Bank

This World Bank Sustainable Development Bond Impact Report 2019 is the first impact report covering all World Bank (International Bank for Reconstruction and Development, IBRD) bond issuance and the entire portfolio of IBRD’s development activities. The Sustainable Development Bond Impact Report 2019 describes how IBRD bond proceeds support the financing of sustainable development across a variety of sectors and how project results align to the Sustainable Development Goals (SDGs). The report is a key part of the World Bank’s efforts to engage market participants to support capital markets with strong transparency and disclosure standards and improve market participation to direct greater capital flows to sustainable purposes. The report provides an overview of how the World Bank engages with investors when issuing Sustainable Development Bonds using the SDGs as a framework and highlights related transactions. The Impact Highlights section maps results to the SDGs for 71 IBRD projects completed in fiscal year 2019 and provides forward looking information for the 84 projects that were approved and started disbursing in fiscal years 2018 and 2019 – the period for which IBRD introduced detailed use of proceeds language for its bonds. The report also provides information on the World Bank Group’s response to the coronavirus pandemic including examples of projects in countries eligible for IBRD financing. The impact report was prepared in consultation with investors and other capital market stakeholders, as an integral part of the process, to ensure the report met investor expectations. In addition to providing information on results, the report outlines the World Bank’s operational processes and safeguards and alignment of its bond issuance with market frameworks, namely the Sustainability Bond Guidelines coordinated by the International Capital Market Association.
Rwanda Country Program Evaluation FY09-17: An Independent Evaluation

(World Bank, Washington, DC, 2019-03-14) Independent Evaluation Group

The World Bank Group's positioning in relation to Rwanda's Vision 2020 goal of rapidly attaining Middle-Income Country (MIC) status reflected many of the elements that are critical to realizing the country's goal: (i) Under a first pillar of promoting economic transformation for sustained growth, it supported infrastructure (notably energy and transport); the business environment (including skills development); the financial sector (including rural finance); and in the latter years the urban sector. (ii) Under a second pillar of reducing social vulnerability and raising the productivity and incomes of the poor, it supported agriculture; health (initially); and social protection—including demobilization and reintegration of ex-combatants. (iii) A third accountable governance pillar aimed to strengthen central and decentralized public financial management (PFM). This evaluation assesses the development effectiveness of the World Bank Group's country program in Rwanda over the period FY09-17. The report aims to inform future partnership frameworks between the World Bank Group and the Rwandan Government. The report is also of interest to individuals and organizations working with countries striving to consolidate economic progress after a successful transition from conflict, or countries striving to reach middle-income country (MIC) status.
MIGA Annual Report 2018

(Multilateral Investment Guarantee Agency, Washington, DC, 2018-10) Multilateral Investment Guarantee Agency

MIGA provides political risk insurance and credit enhancement for cross-border private sector investors and lenders, in support of projects in developing member economies across the world. Marking its 30th year of operation, the Multilateral Investment Guarantee Agency (MIGA) has become the third leading institution among the MDBs in terms of mobilizing direct private capital to low- and middle-income countries. This year, MIGA issued a record $5.3 billion in political risk insurance and credit enhancement guarantees, helping finance $17.9 billion worth of projects in developing countries. New issuances and gross outstanding exposure—at $21.2 billion this year—almost doubled as compared to fiscal 2013.
Growing Our Influence: Celebrating 45 Years of Evaluation Excellence

(World Bank, Washington, DC, 2018-09-30) Independent Evaluation Group

The World Bank Group began evaluating projects in 1970 when President Robert McNamara created an Operations Evaluation Unit in the World Bank’s Programming and Budgeting Department. In 1973, the unit became the Operations Evaluation Department, which reported to the Board of Executive Directors and became the first independent evaluation function in an international financial institution. After evaluation offices were established in the International Finance Corporation (IFC) in 1984 and the Multilateral Investment Guarantee Agency (MIGA) in 2002, the three evaluation functions were merged into the Independent Evaluation Group (IEG) in July 2006. As the scope of World Bank Group operations and its portfolio of products grows, IEG continues to develop and adapt its approaches to evaluating development effectiveness. These approaches include assessing outcomes against stated objectives, benchmarks, standards, and expectations, or assessing what might have happened in the absence of the project, program, or policy. Across projects, IEG looks at the patterns of what works under what circumstances. IEG’s evaluation approach reflects and is harmonized with internationally accepted evaluation norms and principles, such as the quality standards for development evaluation of the OECD Development Assistance Committee, the good practice standards of the Evaluation Cooperation Group, and the norms and standards of the United Nations Evaluation Group.IEG adheres to a multilayered quality assurance model, which includes in-depth review of intermediate and final evaluation products by internal (IEG) and external peers. A Methods Advisory Function was established in fiscal year (FY)16 to promote internal knowledge sharing on evaluation design issues and methodological innovation. This fiscal year, the Bank Group introduced a Bank Group–wide evaluation framework, which reiterated the independence of IEG and made explicit our dual mandate of promoting accountability and fostering learning. IEG’s new Results Framework aligns with the World Bank Group’s evaluation framework and the revised IEG mandate.
MIGA Annual Report 2017: Insuring Investments, Ensuring Opportunities

(Washington, DC, 2017-10) Multilateral Investment Guarantee Agency

In fiscal year 2017, MIGA continued to work on the WBG’s twin goals of eradicating extreme poverty and promoting shared prosperity by focusing on IDA (low income) countries, Fragile and Conflicted States, Climate Change and Innovation. Projects we supported will help 8.5 million people gain access to power, help avoid 1.1 million tons of greenhouse gas emissions, and enable access to healthcare for 8.7 million patients. We issued $4.8 billion in guarantees to private investors. This is a record for MIGA. Nearly half of our projects were in IDA. We also continued to work tirelessly to ensure that we supported investments in fragile and conflict-affected countries, which make up 10% of our portfolio.
A Thirst for Change: The World Bank Group’s Support for Water Supply and Sanitation, with Focus on the Poor

(World Bank, Washington, DC, 2017-06-30) Independent Evaluation Group

This evaluation assesses the World Bank Group’s effectiveness in supporting improved access to adequate, reliable, and sustained water and sanitation services in client countries. It also examines how well the Bank Group is equipped to support the countries in moving toward sustained water and sanitation services for all, with a focus on the poor, in keeping with Sustainable Development Goal 6. The World Bank Group provided $30.3 billion for WSS to client countries during FY2007-16. The World Bank accounted for the largest share with $28.4 billion (93 percent), followed by the International Finance Corporation (IFC) with $1.5 billion (5 percent), and the Multilateral Investment Guarantee Agency (MIGA) with $0.4 billion (2 percent). Lack of financial viability and accountability of service providers are at the core of gaps and disparities in global water and sanitation services, and the World Bank Group’s response has been inadequate. Securing financial viability and institutional accountability is also crucial to attract much needed investments into the water and sanitation service sector, including private sector finance. The water and sanitation services sector faces cross-sectoral challenges that are approaching crisis proportions in many areas, but the World Bank Group has not developed yet a systematic response to address such challenges. Without tackling financial viability and cross-sectoral impacts head-on, credible progress towards SDG 6 is unlikely. IEG’s evaluation also highlights pioneering and successful initiatives by the Bank in the WSS sector in several countries. The challenge is to replicate these positive experiences elsewhere.
Results in the Latin America and Caribbean Region, 2016, Volume 7

(World Bank, Washington, DC, 2016-04) World Bank ; Palladini, Eric

Over the last decade, the countries of the Latin America and the Caribbean region experienced a deep economic and social transformation which lifted millions out of poverty and swelled the ranks of the middle class. Strong economic growth driven by both domestic reforms and a favorable global economic environment, was responsible for this progress. Complementary social programs, made possible by growing fiscal space, helped finance programs that supported the poor and disadvantaged. Economic tailwinds have now receded and much of the region is now working to hold on to the recent economic and social gains. Governments are having to adjust to the new global conditions which an increasing number of analysts are regarding as 'the new normal'. This means that the region will need to work harder to (i) revive economic growth through productivity gains and stable macroeconomic policies; (ii) invest in sustainable cities and infrastructure for an increasingly urban population; and (iii) help the poor get out of poverty through quality education and health services and affordable social protection programs.
Supporting Transformational Change for Poverty Reduction and Shared Prosperity: Lessons from World Bank Group Experience

(World Bank, Washington, DC, 2016-02-25) Independent Evaluation Group

Transformational engagements are a critical pillar of the World Bank Group’s strategy for achieving its twin goals of extreme poverty elimination and shared prosperity. This learning product uses evaluative evidence from the Independent Evaluation Group (IEG) to understand the mechanisms and conditions for transformational engagements and the implications for the World Bank Group if it seeks to rely on such engagements to more effectively pursue its goals.
The Quality of Results Frameworks in Development Policy Operations

(World Bank, Washington, DC, 2015-06-24) Independent Evaluation Group

The objective of this review is to synthesize existing evaluative evidence and generate new evidence on the quality of the Results Frameworks (RFs) of development policy operations (DPOs). The study is organized around a number of evaluative questions on various aspects of DPO design, implementation, reporting, and evaluation. Its focus is on the quality of RF, taking objectives and coverage for granted. The study does not cover the scope and coverage of reform programs underpinning DPOs, including the relevance of objectives, or the choice of policy areas and the links between DPOs and country assistance strategies. It generally does not look at program achievements and outcomes, except in cases when it is required for assessing the quality of prior actions (PAs). The structure of the review is: chapter one presents the methodology; chapter two has the findings with respect to the presentation and clarity of RFs; chapter three discusses evidence of the quality of PAs and their contribution to the robustness of RFs; chapter four discusses findings with respect to the use of programmatic approach in DPOs relevant for RFs; chapter five discusses strengths and weaknesses in the ME framework of DPOs; chapter six discusses reporting of DPO results at completion and implications for IEG validation and evaluation of DPOs.