Table 1.1 Evolution of Private Sector Monitoring and Evaluation, 1995–2012 (cont.) IFC MIGA
Investment and Corporate Advisory Services 2007
• Development results reporting in annual report, with external assurance review, Additionality Primer
MIGA’s technical assistance integrated into Foreign Investment Advisory Services Policy on Social and Environmental Sustainability
2008
• Vice Presidency for Advisory Services; • Advisory Services Project Completion Report
2009
Advisory Services branding in line with IFC
2010
• DOTS 2 (new version of DOTS) • Additionality tracking • IDG pilot • Development Impact Department
2011
2012
• Financial and operations Key Performance Indicators • Self-evaluation pilot; • MIGA convention change (coverage of stand-alone debt, simplification of application, coverage of existing assets)
• Advisory Services Operations Portal
Revised Underwriting Guideline; Environmental and Social Monitoring Strategy, Development Effectiveness Indicator System
• IDG 2 and 3 go “live” • IFC’s Environmental and Social Review Reports attached to XPSRs
Sources: IFC and MIGA. Note: IDG = IFC Development Goals; XPSR = Expanded Project Supervision Report.
In 1995 IFC’s M&E was limited to selected number of projects for learning purposes. When the independent evaluation function was established in 1996, it expanded the scope of evaluation for a randomly selected representative sample of investment projects. A standardized evaluation framework was also introduced, which covered IFC investments to include development outcomes (that explicitly includes environmental and social reviews), the quality of IFC’s work, and IFC’s role and contribution to the project. IFC subsequently incorporated measuring development outcome into its Development Outcome Tracking System (DOTS), which has been applied to all investment operations since 2005; DOTS is tracking results against expected outcomes. In 2007, IFC adopted a “double bottom line,” reporting DOTS-captured development results alongside its financial statements in its annual report. As its Advisory Services work increased, it developed systems for managing, monitoring, and evaluating those operations, which are embedded within its new information system platform, Advisory Services Operations Portal (ASOP). IEG evaluation of Environmental and Social Effects attached a separate
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Biennial Report on Operations Evaluation