IEvD
Independent Evaluation Department
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Overview: about the EBRDWho we are
Overview: about the EBRD
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Learn about the EBRD's journey to investing more than €220 billion in over 7,800 projects.
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Overview: how the EBRD operates
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Across three continents, the EBRD supports the transition to successful market economies.
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Local Capital Markets
July 2017
Evaluation of the EBRD Support for the Development of Local Capital Markets
Development of local capital markets (LCMs) was a core strategic objective of the EBRD at its inception in 1991. However, it was not until LC2 was launched in 2010 that it became an important operational objective in its own right. In 2012 the Bank established a dedicated LC2 team to improve implementation of the initiative. In 2013 LC2 was designated as one of the Bank’s strategic initiatives and an LC2 strategy was approved.
Under this strategy the LC2’s strategic priorities include legal and regulatory improvements, developing financial market infrastructure, supporting institutional investors, promoting improved transaction efficiency and expanding the Bank’s range of products. The initiative has an ambitious operational plan for effective LCM engagement.
In 2016 the Bank’s independent evaluation department launched an evaluation of LC2 activities from 2012 to 2015, reviewing them against the LC2 strategy, the Bank’s needs and legal assessments, and country strategies for its countries of operation.
Overall, there appears to be a disconnect between the Bank’s high but undefined ambitions for transforming LCMs and its limited capacity (resources, priorities, organisation, collaboration with other organisations) to do so. If this is not addressed, the evaluators foresee few accomplishments in LCM development beyond those already achieved (reported below in summary). The evaluation presents a case for fundamental reassessment of the Bank’s LCM development strategy.