short-term finance products. IFC’s traditional long-term finance remained below its pre-crisis level, reflecting the more difficult environment for long-term private capital flows to developing countries, as well as continued global uncertainty. The portfolio of the Multilateral Investment Guarantee Agency (MIGA) became highly concentrated in the financial sector in the Europe and Central Asia Region during the crisis, but the agency has made progress in diversifying its portfolio since FY11. New MIGA products available after the amendment of its Convention and Operational Regulations helped the diversification. However, MIGA’s new product range may pose new challenges for assessing and measuring results.
Effectiveness of Country Programs The country program, as defined in a Country Assistance (or Partnership) Strategy, is an important intersection point for the activities of the three Bank Group institutions. It offers a vehicle for the Bank Group to provide tailored support for country-specific challenges. Although country programs have met their objectives more often than not, the record falls short of the 70 percent performance standard set in the World Bank’s Corporate Scorecard. There is little disagreement on the need to strengthen realism and results frameworks for country programs, a finding supported by recent IEG country program evaluations and an evaluation of the Bank’s matrix system. Realistic country programs typically show an understanding of the country’s political economy and are characterized by selectivity and focus on areas in which the Bank can best add value. Strong results frameworks typically have well-defined objectives and sub-objectives that can be achieved under a realistic set of assumptions.
Effectiveness of Individual Operations Performance by Major Operational Category. To capture operations in the diverse areas in which the Bank Group provides support to its clients in a way that is comprehensive and avoids overlap, this review retains four major operational categories: expanding economic opportunities (macroeconomic stability and growth, poverty, public sector institutions, financial and private sector development, and agriculture and rural development), developing infrastructure, enhancing human development, and ensuring environmentally and socially sustainable development (environment, social development, and gender). Since the 2008–09 crisis, Bank Group support for reforms to expand economic opportunities has been particularly relevant. Lessons suggest that successful interventions allow sufficient time for reforms to take effect. Regarding infrastructure, the World Bank has significantly expanded its operations since the 2003 Infrastructure Action Plan and in response to the 2008–09 crisis. Recent evaluations highlight the challenges involved in designing and delivering increasingly complex projects. They also highlight a shift in Bank human development operations towards greater engagement in systems change. The Bank
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Results and Performance of the World Bank Group 2012