World BankIndependent Evaluation Group (IEG)2025-07-242025-07-242025-07-24https://hdl.handle.net/10986/43502The World Bank Group strategy emphasizes that private capital is critical for the investments required to meet the Sustainable Development Goals (SDGs) in client countries (World Bank and IMF 2023). A large gap persists between the resources of governments and donors and the investment required to address development challenges. In recognition of this gap, multilateral development banks (MDBs) and other development institutions, donors, and governments have recognized the importance of giving priority to private finance. Financing development goals is especially challenging in lower- and middle-income countries. This evaluation takes place at a time when the Bank Group strategy positions it to play a key role in mobilizing private capital for development. Guarantees are central to the Bank Group’s strategy for the Evolution Roadmap (World Bank and IMF 2023), which foresees the Bank Group enabling and mobilizing private capital to achieve development impact at scale. Emphasis on guarantees is rooted in recognition that they are vehicles to enable the substantial private investment required to meet the SDGs and confront development challenges. The main objective of this evaluation is to extract learning from the Bank Group’s experience in using guarantees appropriately and effectively to support clients in their efforts to mobilize private capital for development purposes.en-USCC BY-NC 3.0 IGOECONOMIC GROWTHPARTNERSHIP FOR THE GOALSECONOMIC DEVELOPMENTGUARANTEES FOR PRIVATE INVESTMENTIEG EvaluationWorld Bankhttps://doi.org/10.1596/IEG202134