Overview Overview Highlights •
The International Finance Corporation (IFC) has advanced systems to gather, analyze, and apply investment and advisory project information. It has made strides in developing, aggregating, disclosing, and strategically using its development indicators.
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The Multilateral Investment Guarantee Agency (MIGA) has made progress in upgrading its system of assessing its development performance.
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In IFC, monitoring and evaluation has contributed to improved project design, supported timely interventions during execution, and strengthened strategic focus.
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IFC’s and MIGA’s monitoring and evaluation systems have helped improve operations and results.
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IFC’s monitoring information is timely, but at the project completion point, many Advisory Services projects cannot demonstrate outcomes or impacts because not enough time has passed for these effects to have taken place.
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There are gaps in terms of measuring private sector development for investment projects and use of relevant standard indicators in Advisory Services projects. Reliability of data can be enhanced by adding more independent verification.
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Most self-evaluation has been project focused, but there is much that could be learned by extending evaluation to cover programs and strategies.
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The systems could be improved in several aspects to make evaluation more effective and to get more value from evaluation lessons.
The development paradigm has shifted toward private investment, and the private sector has become central in development strategies. Consequently, the shares of support provided by the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA) have grown, rising in the past decade from 21 to 35 percent of Bank Group financing. In line with their new priorities and growing responsibilities, IFC and MIGA have adapted and are improving their monitoring and evaluation (M&E). IFC is a leading player among private sector development (PSD) agencies in monitoring, evaluating, and disclosing its development results. It has developed systems for investments (Development Outcome Tracking System—DOTS) and an advisory projects results measurement system. Its indicators and development targets are used in corporate and departmental scorecards, in strategies, and in the IFC Development Goals (IDGs). They are embedded within business processes and are influencing internal staff incentives. IFC uses self-evaluation extensively, with oversight by the Development Impact Department (CDI); it also publishes results data in its annual report.
Overview
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