01. Annual Reports & Independent Evaluations

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International Finance Corporation Additionality in Middle-Income Countries: An Independent Evaluation April 17, 2022

(World Bank, Washington, DC, 2023-05-03) World Bank

Additionality is a core feature of private sector development finance institutions (DFIs). It is the unique contribution that a DFI or a multilateral/ bilateral bank brings to a private investment project that is not offered by commercial sources of finance. The key idea is that the investment project should add value without crowding out private sector activity. Identifying and articulating project additionality is particularly important in middle- income countries (MICs) since financial markets in MICs are more developed, and private investment far exceeds official development assistance. This evaluation report examines the relevance and effectiveness of IFC’s approach to additionality in MICs and seeks to explain the factors that contribute to or constrain its realization. While the evaluation focuses on IFC’s additionality on the level of the project, it also applies the lens of country and sector context to draw additional learning. Thus, it considers whether additionality can occur beyond the level of a single project—for example, at the country and sector level. Both at the project level and beyond the project, the evaluation derives lessons and offers recommendations on how IFC can further strengthen its additionality.
The World Bank’s Role in and Use of the Low-Income Country Debt Sustainability Framework: Independent Evaluation Group

(Washington, DC, 2023-05-02) World Bank

This evaluation, requested by the Committee on Development Effectiveness of the Executive Board of the International Development Association (IDA), is intended to provide input and insight into the upcoming World Bank–International Monetary Fund (IMF) review of the Low-Income Country Debt Sustainability Framework (LICDSF) currently planned for fiscal year 2023. The sharp rise in debt stress among low-income countries and a changing global risk landscape leading up to and after the onset of the COVID-19 pandemic have pushed concerns with debt sustainability to the top of the global policy agenda. This evaluation assesses the World Bank’s inputs into the LIC-DSF and how it uses LIC-DSF outputs to inform various corporate and country-level decisions. Main findings and recommendations include: (i) Expectations of the World Bank in taking the lead on long-term growth prospects should be clarified. (ii) Recently increased attention to debt data coverage should be sustained and extended; greater attention is needed to assess data quality. (iii) The DSA should be more directly and consistently used to inform priorities for the identification of fiscally oriented prior actions in development policy operations and SDFP performance and policy actions. (iv) The World Bank should continue to give increasing attention in the LIC-DSF to the long-term implications of climate change, in terms of both growth and fiscal requirements of adaptation and mitigation.
MIGA Annual Report 2022

(Washington, DC : Multilateral Investment Guarantee Agency, 2022-10-06) Multilateral Investment Guarantee Agency

In FY22, Multilateral Investment Guarantee Agency (MIGA) issued 4.9 billion dollars in new guarantees across a record 54 projects. The projects focused on encouraging private investors to work with host governments by helping manage and mitigate political risks. Working with the clients and partners, the Bank supported 6.5 billion dollars in total financing (from private and public sources). Almost a third of our gross issuances supported projects in International Development Association (IDA) (lower-income) countries; 12 percent went to fragile and conflict-affected countries; and 28 percent of the total guaranteed investment of the projects supported contributed to climate finance. FY22 issuances are expected to help provide access to power to some 15 million people, support nearly 20,000 jobs, and enable 1.9 billion dollars in loans, including those for small and medium enterprises and climate-related activities. An institution of the World Bank Group, MIGA is committed to strong development impact and promotion of projects that are economically, environmentally, and socially sustainable. MIGA helps investors mitigate the risks of restrictions on currency conversion and transfer, breach of contract by governments, expropriation, and war and civil disturbance, as well as offering credit enhancement on sovereign obligations.
Reducing Disaster Risks from Natural Hazards: An Evaluation of the World Bank’s Support, Fiscal Years 2010–20

(World Bank, Washington, DC, 2022-08-24) Independent Evaluation Group

Disasters caused by natural hazards are increasingly threatening the lives and livelihoods of the world’s poor and disaster-vulnerable populations. Climate change is further exacerbating the negative impacts of disasters caused by natural hazards. Investing in disaster risk reduction (DRR) has strong economic and social benefits and is essential for achieving climate change adaptation. IEG's evaluation shows that the World Bank is successfully supporting clients to increasingly take up DRR actions through strategic and comprehensive country engagement. The World Bank has developed an extensive portfolio of DRR activities, tripling its support over FY10-20. It focuses its DRR work on countries with the most serious natural hazards, uses synergistic pillars of DRR engagement, and increasingly mainstreams DRR into sector operations. Support for DRR in IDA, small island developing states, and IDA-FCV countries has been comprehensive. The Bank has also shifted from post-disaster response toward pre-disaster risk reduction. The Bank has shown that it is able to overcome political and financial constraints to DRR client uptake by engaging the right decision makers using rigorous evidence and by building on disaster reconstruction efforts. Analytical work that quantified risks, assessed costs and benefits and communicates impacts has highly influenced DRR uptake. However, there are gaps in coverage for some regions, sectors, and hazards that require attention. There are DRR coverage gaps in Europe and Central Asia and the Middle East and North Africa for all serious hazards. Also, while the World Bank is conducting analytical work on the needs of disaster vulnerable groups, there has been slow progress on incorporating their needs into operations. There are also missed opportunities to use conflict-sensitive approaches to mitigate conflict risks and pursue peace-building. Also, the Bank’s frequent inability to demonstrate the effects of its DRR activities on reduced exposure and vulnerability has consequences on its ability to make a development case for risk reduction. Most DRR operations are not providing sufficient information to establish the level of DRR being achieved, inhibiting an understanding of how DRR contributes to development impacts, such as reduced economic loss and mortality. IEG offers the World Bank four recommendations to improve their performance on disaster risk reduction: (i) Incorporate DRR activities in regions and sectors and for hazards that exhibit significant coverage gaps. (ii) Identify and measure the effects of DRR activities on exposure and vulnerability to strengthen the development case for clients facing serious disaster risks. (iii) Integrate the needs of populations disproportionately vulnerable to disasters caused by natural hazards into DRR project targeting and design, implementation, and results reporting. (iv) In countries affected by serious natural hazards and fragility and conflict risks, identify and assess the ways in which hazards and conflict interrelate and use this to inform country engagement and project design.
Approach Paper, Country Program Evaluation - Papua New Guinea: An Evaluation of World Bank Support FY08-22

(World Bank,Washington, DC, 2022-06-28) Independent Evaluation Group

This Country Program Evaluation (CPE) will assess the World Bank Group’s engagement in Papua New Guinea between FY08 and FY22. The Papua New Guinea has an abundant resource endowment of oil and mineral wealth, but this wealth has not translated into significant welfare gains for most citizens. Papua New Guinea’s fragmented geography and frequent exposure to disasters caused by natural hazards present significant challenges for delivering services to citizens. The evaluation is designed to derive lessons from Bank Group engagement in Papua New Guinea to inform the next Country Partnership Framework (CPF). The CPE will also provide lessons on the implementation of the International Development Association special themes of climate change, gender, and fragility, conflict, and violence and of the cross-cutting issues of debt sustainability and governance and institutions. Lessons may also be of relevance to other resource-rich countries.
The Multilateral Investment Guarantee Agency’s Experience with Non-Honoring of Sovereign, Sub-Sovereign, and State-Owned Enterprise Financial Obligation Guarantees: Meso-Evaluation

(Washington, DC : World Bank, 2022-05-19) Independent Evaluation Group

The Multilateral Investment Guarantee Agency (MIGA) introduced its Non-Honoring (NH) products - the Non-Honoring of Sovereign and Sub-Sovereign Financial Obligations and the Non-Honoring of Financial Obligations by a State-Owned Enterprise - in 2009. The objective of these products was to crowd-in private insurance capacity to support investments in International Development Association and Fragile and Conflict-Affected Situation countries, and to encourage state-owned enterprises to adopt good corporate governance, environmental and social sustainability practices. These products were expected to benefit guaranteed lenders through lower cost of financing and public sector borrowers through increased and more diversified funding sources. Since their introduction, the NH products have gained a substantial share of MIGA’s overall business. This report provides the first independent evaluation of MIGA’s experience with its NH products and aims to offer feedback and lessons to inform future strategies. The report reviewed all 34 NH projects implemented by MIGA between 2009 and 2019 to assess the extent to which they met their objectives and contributed to enhancing MIGA’s development effectiveness and additionality. The report invites MIGA to address questions related to the suitability of these products for IDA and FCS countries and on the methodology for evaluating their development impact.
Results and Performance of the World Bank Group 2022: Concept Note

(Washington, DC : World Bank, 2022-04-25) Independent Evaluation Group

The Results and Performance of the World Bank Group (RAP) report 2022 presents an annual review of evidence from IEG evaluations and validation work on the development effectiveness of the World Bank Group. This year’s RAP will focus on the country level. The Bank Group’s outcome orientation agenda emphasizes high-level outcomes, and, by focusing on the country level, the 2022 RAP aligns with that agenda. This focus also responds to the interest of members of the Bank Group’s Board of Executive Directors for reporting on country level performance. In this context, the RAP will conduct an in-depth analysis of country level evidence contained in IEG’s Country Program Evaluations (CPEs) and Completion and Learning Report Reviews (CLR Reviews) through two types of analyses. First, overall country program performance will be assessed by tracking country program ratings over time. Second, the country program will be used as the entry point to examine the extent to which the Bank Group’s support (i.e., project portfolio and Advisory Services and Analytics) contributed to the achievement of the objectives of the Country Partnership Framework (CPF) and the intended development outcome. Furthermore, the extent to which there was a line of sight between the development outcome and high-level outcomes will also be examined.
The World Bank’s Role in and Use of the Low-Income Country Debt Sustainability Framework: Approach Paper

(Washington, DC : World Bank, 2022-04-14) Independent Evaluation Group

Interest is high on the World Bank’s role in and use of the Low-Income Country Debt Sustainability Framework (LIC-DSF) in light of the sharp rise in debt stress among low-income countries and a changing global risk landscape in the years leading up to and resulting from the coronavirus pandemic (COVID-19). Since 2015, the number of IDA-eligible countries at high risk of or in debt distress has more than doubled. As the key instrument to assess the debt sustainability of IDA eligible countries, the LIC-DSF is intended to guide the World Bank’s advice and support to these countries. This evaluation seeks to assess how the World Bank contributes to the LIC-DSF, how it uses LIC-DSF output in various corporate and country-level decisions, and how it can better leverage the LIC-DSF to address debt vulnerabilities in LICs. In doing so, it will seek to identify opportunities for the World Bank to strengthen its role in the preparation and use of the LIC-DSF in a changing global context and to highlight potentially important questions that may need to be addressed in the upcoming joint review, including the extent to which the LIC-DSF meets IDA’s needs in serving its clients. Recommendations from this evaluation will focus on aspects of the LIC-DSF that are within the World Bank’s ability to change or influence.
International Finance Corporation Additionality in Middle-Income Countries: Approach Paper

(Washington, DC : World Bank, 2022-03-02) Independent Evaluation Group

Accounting for almost half of global gross domestic product and 70 percent of the world’s population, middle-income countries (MICs) face multiple development challenges limiting achievement of the Sustainable Development Goals (SDGs), including poverty and inclusion, climate change, financial access, and economic diversification and market development. The International Finance Corporation’s (IFC) portfolio is focused heavily on MICs. Additionality is the unique support that IFC brings to a private client or client country that is not typically offered by commercial sources of finance (IFC 2019). This evaluation assesses the unique support and value addition (additionality) that the International Finance Corporation (IFC) provides to middle-income countries (MICs). It will cover IFC’s support of MICs through investment and advisory projects, and through its platforms and partnerships. The primary audience is the World Bank Group Board and IFC management and staff, however some findings of the evaluation will be relevant to a broader audience including multilateral and bilateral financing private sector activities, investors, and government officials and practitioners in client countries.
The World Bank Annual Report 2022: Helping Countries Adapt to a Changing World

(Washington, DC : World Bank, 2022) World Bank

The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA)--collectively known as the World Bank--in accordance with the by-laws of the two institutions. The President of the IBRD and IDA and the Chairman of the Board of Executive Directors submit the Report, together with the accompanying administrative budgets and audited financial statements, to the Board of Governors.