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Special Studies (themes)

2023: Uzbekistan

This pilot country-level evaluation examines EBRD operations in Uzbekistan, covering the period 2017-22. The scope of this evaluation covers all EBRD activities – financing, policy dialogue, and Technical Cooperation (TC) assignments – in Uzbekistan during that period. The report highlights that EBRD’s re-entry to Uzbekistan after a hiatus of several years, in which it had no permanent presence in-country, was a success but with some challenges in implementation

2016: Country Strategies - an initial review

This paper summarises an external assessment of eight new country strategies which use the EBRD's new country strategy results framework. The assessment is conducted against the core objectives of the new results framework design and good practice features.
The paper also presents a quality assessment checklist drawing on the good practice of other IFIs adjusted for the EBRD context, covering four key areas: analysis, selection, instruments and results.

2020: EBRD-Ukraine Stabilisation and Sustainable Growth Multi-Donor Account

The ‘EBRD Ukraine Stabilisation and Sustainable Growth Multi-Donor Account’ (Ukraine MDA) was launched in 2014 as part of a multilateral crisis-response measures to provide urgent support to Ukraine in the wake of major political, security, economic and humanitarian crises.

A total of fourteen donors have contributed €53.5 million to the Ukraine MDA, out of which a portfolio of 38 projects have so far been or are being delivered, with a total earmarked value of €36.9 million. The Fund is managed by the EBRD and is the only such single-country focused arrangement in the Bank.

Bank’s independent Evaluation Department (EvD) was asked by EBRD management and the MDA donors to produce an interim evaluation on an accelerated basis in order to inform discussion and decisions about Fund’s effectiveness and potential extension ahead of its current July 2020 closure date.

The evaluation provides an assessment of: MDA relevance and effectiveness as a crisis response mechanism; its governance principles; the efficiency and effectiveness of its activities and sustainability of its results; and, any impact it has on the Ukrainian investment climate and economic growth, where possible to assess. The evaluation covers nine completed projects and 27 ongoing projects spanning 2014 to mid-2019.


2008 Crisis response

In the autumn of 2008, the EBRD announced an initiative called the "Crisis Response" as part of a number of actions taken by the G-20 governments and international financial institutions to changed market conditions after the bankruptcy of Lehman Brothers in the US. This study, carried out by the Bank’s independent Evaluation Department, focuses on the crisis response from an EBRD perspective and is grounded in the EBRD's unique mandate and instruments. The study makes observations and offers recommendations on possible adjustments to the Bank's future activities in the light of the study's findings.

2023: Accelerating the transition journey: Evaluation of the EBRD’s approach to Early Transition Countries (2017–2022)

This evaluation assesses the ‘early transition country’ (ETC) classification, its use in the EBRD, and contribution to furthering transition impact in EBRD’s smaller, and less advanced countries, in advance of EBRD’s expansion to Sub-Saharan Africa and Iraq. EvD evaluated the results of EBRD’s work from 2017 to 2022, across the three strategic priorities:  i) private sector development and access to finance; ii) sustainable infrastructure development and renewable energy; and, iii) inter-regional connectivity and international integration. Findings and insights provide learning from experience as EBRD expands to the new regions. EvD makes three recommendations to strengthen focus on smaller, less advanced countries in the future.

2023: Improving evaluability to improve impact, is the EBRD on track? Phase 1: Evaluability Assessment of the EBRD’s Green Economy Transition

Evaluability is essential in helping EBRD contribute effectively to fight climate change. Effective monitoring of results and progress will help the EBRD tell its green finance story clearly and credibly. The objective of this report is to provide an initial evaluability assessment of the EBRD’s Green Economy Transition to present suggestions to enhance the Bank’s approach to measure the impact of its green financing.

2023: Supporting Green Transformations in Municipalities: The EBRD Green Cities Programme Interim Evaluation (2016–21)”

EBRD has been implementing the Green Cities Programme (GrCP) since 2016 to promote urban solutions that reduce negative environmental changes and to scale up Green Economy Transition investments. Under the GrCP, municipal stakeholders are supported in the preparation of the Green City Action Plan, bringing together policy, regulatory, and investment priorities, which later on inform investment decisions of the EBRD and other financiers. EBRD has concentrated investments in the GrCP under the Green Cities Frameworks, which were approved by the Board in 2016 and 2018, and then extended in 2020 and 2021.

This report presents the results of the interim evaluation of the first five years of GrCP implementation (2016-2021), analyzing the extent to which the programme has been able to function as a catalyst for municipal solutions to mitigate or adapt to climate change

2016: Special Study EBRD's Sustainable Energy Financing Facilities (SEFFs)

This study is an evaluation of the design, implementation and impacts of the EBRD’s Sustainable Energy Financing Facilities (SEFFs) from 2004 to 2013. The €2.4 billion SEFF portfolio includes 27 facilities across 20 countries of operations, working with 90 local financial intermediaries. The facilities are packages of credit lines and grant financed technical assistance to participating financial intermediaries and sub borrowers to support energy efficiency and small scale renewable energy investments. The facilities often include incentive payments to ultimate beneficiaries – small and medium sized enterprises and households. This study examines the extent to which SEFFs have met objectives and contributed to transition impact, and suggests ways to enhance performance going forward.

2008: Environmental Policy 2003 Review: Achieving the Bank's environmental mandate through direct investments

This report looks at the effectiveness and efficiency of the implementation of the Bank's 2003 Environmental Policy, through direct investments, between 2003-2006. Taken together with EUD's companion study on the Financial Intermediaries sector, these two reports comprise EUD's contribution to the drafting of a new Environmental Policy.

2006: Achieving the Bank's environmental mandate through financial intermediaries

The report looks at the effectiveness of the financial intermediaries in implementing the Bank's policies and procedures and how the subprojects have improved environmental quality in line with the Bank's requirements.

2001: Environmental performance

Covers a sample of projects and other activities of the EBRD in environmentally important areas from 1991-2001. It aims to identify the Bank's environmental impact in the region and help to improve its future environmental performance. 

2023: Financing for Innovation – An Evaluation of the Venture Capital Investment Programme I (2012 – 2019)

Venture Capital Investment Programme (VCIP, is one of the several instruments that the Bank put in place to promote innovation in its countries of operation. The distinctive element of the VCIP is the provision of direct equity to early and growth-stage companies in software and web services, semiconductors and materials, communications, mobility and media, and cleantech. VCIP I and VCIP II are the first and second frameworks of this programme. The Bank gave the green light to VCIP I and VCIP II in September 2011 and May 2018, respectively. The principal objective of these frameworks are to support the development of technology innovation and its commercialisation, and to promote venture capital investments into the EBRD Region where there are scarce financing companies. The objective of the evaluation is to assess the merits of the VCIP, including the achievement of objectives and results, and to gather insights contributing to the improvement of the Programme in the future. This evaluation covers all investments that the Bank made under VCIP I.

2021: Nominee directors

The EBRD has used Nominee directors (NDs) since its inception: as a key element of its direct equity investments, as an instrument of transition impact, and to represent EBRD’s interests as a minority shareholder. This study is EvD’s first review of the Nominee Director programme for direct equity investments. The study used an extensive EBRD document and wider literature review, and prepared 14 case studies representing multiple sectors and company types. EvD interviewed operation leaders and NDs in each of the case studies, along with a wide range of staff across the Bank, including from Economics Policy and Governance Group, Legal Transition Team, Office of the Chief Compliance Officer and Equity Portfolio Monitoring Unit. EvD also surveyed current NDs and EBRD operations staff managing direct equity investments with ND roles.

2017: Equity Operations

This evaluation focuses on the Bank’s equity portfolio approach and developments between 2005 and 2016. It identifies significant and difficult issues regarding performance and approach and, on the basis of these findings, makes several recommendations for consideration by the Board and Management.

2013: Achieving equity investment objectives: A review

This study assesses the extent to which initiatives taken in equity investment and management by the EBRD from 2007 to 2011 are contributing to better achievement of the Bank’s equity investment objectives. It also considers how far equity objectives are specified at entry in a way that is measurable and supports effective monitoring. The study is based on a desk review of core project records for a sample of 17 out of 116 direct equity investments. It is presented around the three components that form the ‘equity story’ in the EBRD and need to come together to support sound equity investment: value creation; transition impact; and risk.

2015: Evaluation insights on gender mainstreaming

The main purpose of this report is to provide a brief review of some key features of the experience of other IFIs in order to constructively inform the internal EBRD strategy development process. The EBRD has elevated gender as a strategic priority and is currently developing a Bank-wide Strategy for the Promotion of Gender. Other international financial institutions (IFIs) have substantially intensified their efforts in this area and made significant changes at the levels of strategy, corporate structure and operations. EBRD can learn from this experience.

The paper describes significant features of the way IFIs are approaching gender today – in terms of corporate commitments, attention to private sector operations, and for the first time, a more consistent approach to incorporating gender in evaluation. It finds that having set up the corporate mechanics to support their gender commitments, IFIs have adopted a largely pragmatic approach to adapting practices for best results on the ground. Many IFIs focussed on the public sector initially to gain traction and awareness on gender. Having done this, many are now moving to include the private sector where this increased attention is balanced with increased interest from clients. Surprisingly, given the maturity and strength of the gender agenda within most IFIs, much less progress is observed in addressing gender within evaluation, though many expect substantial changes here in the near future.

2021: EBRD’s Health-Focused Interventions

The EBRD’s operational engagement in healthcare equipment and services was minimal for most of its first two decades. After extensive internal debate, the EBRD introduced an Updated Approach (UA) in 2014 for engagement in specific areas of healthcare services. This evaluation is a first focussed EvD effort to assess activities under the UA. This evaluation covers both investment and non-investment activities approved between 2008 and 2018, whose use of proceeds and/or transition ambition directly affected the Healthcare Sector; it is not limited to operations covered by the UA.

2018: The EBRD’s Investment Climate Support Activities

Mobilizing private capital has been central to the Bank’s core transition mandate since its founding, and to achieving major recent institutional commitments such as supporting the SDGs, climate resilience, and inclusion. Significantly greater private investment, both domestic and foreign, is in turn critically dependent upon a supportive investment climate, which has long been identified as a strategic and operational priority for the Bank and an area of comparative advantage.
This EvD study identifies the principal objectives and components of the Bank’s work on investment climate (IC) improvement, assesses the effectiveness of design and delivery, and presents findings and conclusions that may contribute to programmatic performance in the future. Its intended scope includes efficiency and resource deployment across multiple work streams and observable contributions toward IC improvements, including analysis of the Investment Climate and Governance Initiative (ICGI) and other initiatives, and case studies. Its principal purpose is to draw out findings relevant to existing and emerging operational and strategical priorities and provide evidence-based insights useful for future programme design and delivery and internal learning.

Learning and Knowledge Management

Learning and Knowledge Management (LKM) at the European Bank for Reconstruction and Development (EBRD) is a thematic evaluation included in the Evaluation department’s (EvD’s) 2020 work programme following a recommendation of the 2019 independent external evaluation of the EBRD’s evaluation system (the Kirk Report).

Although this study stems from a recommendation directed at learning from evaluation, it takes a broader perspective on the way the EBRD learns as an organisation and what place knowledge has among its operational assets.

The scope of the evaluation covers organisational learning (which includes experiential learning) and the knowledge management (KM) processes that contribute to it. Both explicit and tacit knowledge are considered. The evaluation does not look into the EBRD’s role as a source of knowledge for clients or external stakeholders – a separate paper on this topic may be prepared at a later date.

This is the first EvD evaluation to offer a comprehensive analysis of key building blocks enabling the EBRD to be a knowledge and learning organisation.

This report consists of several distinct parts targeted at different audiences with differing interests. A summary report presents key conclusions and actionable recommendations of the LKM evaluation, with the primary focus on the Bank’s decision makers. Six technical papers (“TPs”) present in-depth analysis of the evidence and offer conclusions along the main building blocks of the LKM system.

2020: EvD Evaluation of the Legal Transition Programme

The Legal Transition Programme (LTP) is the EBRD’s flagship provider of legal and regulatory advisory work and technical assistance, combining it with investment activities to support legal reforms needed to strengthen investment climates and build markets. LTP activities are intended to provide and to demonstrate the critical links between the Bank’s discrete investments and the wider systemic reforms and transition that it was created to help drive. LTP work touches every EBRD Country of Operation and virtually the full range of the Bank’s lending and non-lending operations.
The Evaluation Department (EvD) was asked by the Board of Directors to evaluate the activities and performance of the LTP between 2011 and 2018, and to assess Management’s implementation of recommendations made by EvD in its previous evaluation of the Programme (2012).  This paper provides an overview of LTP operations over the period, identifies key findings and conclusions, and makes recommendations for consideration by Management and the Executive Board. 

2012: Legal transition programme review

This study is an evaluation of the Legal Transition Programme’s activities from 2001 – 2011, through a review of a sample of 30 legal reform projects and advisory projects in Armenia, Hungary, Mongolia, Russia and Serbia. It was conducted by the Evaluation department in conjunction with three external experts: Professor Douglas Arner (University of Hong Kong), Professor Charles Booth (University of Hawaii) and Professor Gordon R Walker (La Trobe University). Overall the programme was found to be successful due to its compatibility with the Bank’s activities and highly relevant due to its support of the Bank’s investments through contributions to legal improvements. The programme’s projects have made a core contribution to the transition process, influencing domestic policy formulation and contributing to stronger free market economies. The transition impact and sustainability of the programme were found to be excellent.

2017: Local Capital Markets

This evaluation is focused specifically on the Bank’s local capital markets development work under the local currency strategy. It does not assess the substantial amount of work focused on Llocal currency activities, though in many cases this may have had secondary local capital markets dimensions. It confirms that considerable effort and skill has gone into delivering specific transactions and technical cooperation projects (TCs) in challenging contexts, resulting in discrete accomplishments in numerous cases. The commitment to a higher institutional profile and priority at the level of sector and country strategy and operations laid out in the Strategy depends on the content of new-format country strategies and is not yet observable. Solid evidence of wider contributions to local capital markets is limited.

2020: Discussion Paper - Evaluability assessment of EBRD’s Transition Qualities

A first independent review of the Bank’s evaluation systems completed in 2019 (the Kirk Report) covered both the overall structure of the Bank’s systems as well as key specific components, asking the core question of the degree to which intended operational results can be reliably and credibly verified. It raised additional specific concerns about the evaluability of the “Transition Qualities” at the heart of the Bank’s new approach, and recommended that the independent Evaluation Department (EvD) complete “a brief assessment of the evaluability of the transition qualities as concepts and operational tools.” This paper is EvD’s response.

2020: Project Self-evaluation in EBRD - EvD Discussion Paper for Management Working Group and Board of Directors

This paper provides EvD’s initial contribution to the Management review as directed by a first-ever “Independent External Evaluation of EBRD's Evaluation System” (Kirk Report). It consolidates analysis, findings and recommendations that EvD has largely provided in other contexts and that are directly relevant to the Kirk findings and Management’s work ahead. The objective is to contribute in an advisory capacity to a wider Management-led process in which EvD will also be systematically engaged. It also seeks to inform the Board and assist it to provide effective guidance for further system development. Overall, however, the findings and insights that are already available – from the Kirk Report, from the accumulated work of EvD, and from relevant experience across the IFI system -- provide a high-value basis on which Management can proceed.

2013: Performance metrics- How well do EBRD projects specify expected results?

The purpose of this study was to develop and test an evaluability assessment checklist that could have broader relevance as a quality assurance and learning tool at the EBRD. Further, the results from pilot testing of the checklist on a statistically valid sample of recent Operation Reports approved by the Bank between 1 July 2011 and 30 June 2012 provides immediate feedback to Operations staff on the feasibility of applying the checklist as well as an initial baseline of experience for future assessments.

2012: Discussion brief- Evaluability and the EBRD

The paper introduces the idea of evaluability, a concept widely used by international finance institutions (IFIs) to improve the performance of their operations, and their ability to report on the results achieved. Since the EBRD does not explicitly use evaluability, this brief explores the relevance of doing so. The paper aims to stimulate internal discussion on whether the concept offers value to the EBRD and whether it should be adopted.

2020: EBRD Mobilisation of Private Finance

Mobilisation of incremental private sector finance by the multilateral development institutions has always been formally at the core of their public purpose. In some it is explicitly established as a central objective; EBRD’s Articles specifically do so, as do the founding Articles of the World Bank, IFC and other comparator institutions.

The study seeks to contribute to Board and Management understanding, strategic thinking and operational decision-making about the Bank’s role in mobilising additional private capital to support transition. Organisationally it begins by providing essential factual background, including details on the instruments used, and current MDB strategies, practice and outcomes; key findings of existing performance assessments and evaluations. The bulk of the paper then looks closely at mobilisation practices and issues specific to EBRD and its performance.

2020: EBRD Policy Work in SEMED

The EBRD’s ability to combine non-sovereign investment and policy engagement was an important contributor to shareholders’ decision to offer membership to countries of the South-east Mediterranean and North Africa region (known as the SEMED region in EBRD) following the major political upheavals of 2011. EBRD’s experience with policy engagement work in these new and challenging member countries led to an opportunity for a provisional assessment of achievements. This evaluation reviews the content, objectives and, to the extent possible, performance of the Bank’s policy engagement in SEMED between 2011 and 2018. It looks at how the EBRD implemented the  2015 Enhanced and Structured Approach to Policy Dialogue in the SEMED region. The study provides findings for future policy work in SEMED, and potential new countries of operations.

2014: The EBRD’s experience with policy dialogue in Ukraine

This evaluation presents the findings of a study of the EBRD’s experience with policy dialogue in Ukraine. It provides insights to inform future policy dialogue efforts in Ukraine, and in other countries where the experience in Ukraine is considered relevant. It also provides ideas on how policy dialogue by the Bank might be made more effective as it moves to strengthen this area of its business.

Case studies:


2011: Policy dialogue 2010

Policy dialogue is one of the EBRD’s major instruments for assisting its countries of operations to achieve their transition objectives. This report summarises the Evaluation Department’s (EvD) 2010 review of the concept and practice of policy dialogue in the EBRD. The report summarises the findings, lessons and recommendations to help the EBRD improve its policy dialogue in the years to come. It focuses on the role, concept and scope of policy dialogue in the EBRD, reviews international-, country-, sector- and project-level policy dialogue, drawing on four case studies, and finally summarises the key findings and lessons, and makes recommendations.

2020: Projects Supporting Cross-Border Connectivity (Regional Integration)

This report presents an evaluation of nine infrastructure projects promoting cross-border connectivity, eight in transport and one in energy. It assesses their overall performance, but gives particular emphasis to their intended and observable impact on cross-border connectivity and integration.

The evaluation seeks to establish a broader context for its project-specific work - starting with a brief analysis of the evolution of the Bank’s approach to regional integration, a review of the portfolio of early cross-border projects, as well as of more recent operations after “Integrated” became one of the six transition qualities. The linkages and incorporation of regional integration into selected country and sector strategies are examined, along with how other IFIs approach regional integration and how EBRD collaborates with them.

2016: The EBRD experience with resident offices

In the EBRD’s 25th anniversary year, with a new strategic and capital framework for 2016 to 2020 in place and an operational effectiveness and efficiency initiative underway it is timely for the Bank to take stock of its field presence system. This evaluation identifies major challenges and opportunities for the Bank. Recommendations from this study suggest a new way forward for the resident office system.


2015: IFI operations in SEMED review of evaluation findings

EvD completed a review of evaluation material available from other organisations to assess the state of analysis and to extract findings that might be immediately useful to the EBRD.

After an initial review of 281 publically available documents, this paper reviews a total of 28 evaluations found to contain relevant and useful material and summarises their main insights and findings. Most are drawn from evaluations of private sector related operations completed between 2000 and 2014.


2012: Evaluation of the EBRD-Italy Western Balkans Local Enterprise Facility (LEF)

This study examines the extent to which LEF is fulfills its objectives and contributes to the Bank’s transition mandate. The framework was found to match the Bank's regional approach and country strategy priorities. The majority of individual projects were found to have met expectations of transition impact. It was found that the LEF approach is an effective model to implement higher risk smaller projects, due to its intensive origination and monitoring processes. Several recommendations were made including: to target higher level transition impact, avoid overlap with partner institutions, and to articulate the objectives and approach to new countries into the framework.

2012: Facility for medium-sized projects

This study, requested by the Board, represents the first full evaluation of the Facility for Medium-Sized Projects ("the Facility") which was approved in March 2008. The €140 million Facility provides equity and debt to corporate enterprises in countries not covered by other EBRD initiatives and targets subsidiaries of new international sponsors, regional cross-border investors and locally owned companies. The framework was appraised according to the OECD/DAC criteria, and concludes with a recommendation for a review of the various channels used to deliver investment products to small and medium sized enterprises.

2011: Russian regional banks

This examines the relationship with six Russian banks with regional networks. All six are privately owned and closely held (with a small number of major shareholders). The EBRD has equity stakes in five banks and provides capital support in the form of subordinated debt to three. Common objectives of cooperation included diversification of their funding base, lengthening of maturities and enhanced financial intermediation in the MSME sector.

2005: Delivery Mechanisms for MSME Financing

This special study outlines the development of the Bank's approach to the MSME sector in the transition countries and derives key generic lessons from PED evaluations of MSME operations.

2003: Russia Small Business Fund

Identifies key issues and puts forward recommendations aimed at helping the programme achieve its intended objectives and maximise transition impact.

2017: Small Business Support Programme

The Small Business Support Programme (SBS) has been the EBRD’s main programme to support development of small and medium enterprises since its inception in the mid-1990s. This evaluation focuses primarily on the relevance, effectiveness and efficiency of the 2011 to 2015 SBS Strategic Plan. The evaluation makes use of both qualitative and quantitative data through documentary review, interviews, portfolio analysis and country and thematic case studies.

2007: Business Advisory Services Programme

This study provides a mid-term review of the Business Advisory Services Programme. The report gives a thorough examination of the extent to which the programme is meeting its objectives and makes recommendations on measures to enhance programme performance.

2004: TurnAround Management Programme

A highly successful advisory facility by the Bank.

2016: Special Study Transactions with State Owned Enterprises

The EBRD has long conducted transactions with state-owned enterprises to encourage reform and transition, through a blend of finance and analytical and advisory work. This evaluation examines EBRD transactions with these enterprises in the power and energy and transport sectors over the period from 2000 to 2013, exploring questions about project rationale, progress towards privatisation and commercialisation, sectoral impact and potential marketplace distortion.


Review of Strategy Implementation Plans (2016-2021)

Following approval of Strategic and Capital Framework SCF 2021-2025 (SCF2), the Board of Directors asked Evaluation Department to review previous Strategy Implementation Plans (SIPs) to provide findings and lessons on early experiences that could usefully inform the ongoing SIP process and content with a view to improving the operationalisation of the SCF.

This study aims to provide the Board with findings and lessons on the design and the content of the SIP; it is intended as a discussion paper rather than a full formal evaluation for several reasons. These include ongoing changes in key elements of the Bank’s strategic architecture, the fact that SCF2, and its first SIP, depart sharply from SCF1 and its SIPs, and the unusual circumstances due to the Covid-19 crisis.

2016: Special Study Use of Subsidies Phase 1

The EBRD’s use of subsidies in projects has increased substantially over the past decade, on par with the overall increase of Bank business volume. Key drivers of growth include the financial crisis and the Bank’s expansion into new areas including climate change, clean energy and resource efficiency. The role of subsidies is likely to increase further under the Bank’s current strategic direction. Phase 1 of this EvD study maps subsidies approved between 2010 to 2014 by type, sector, geography and donor, and their consistency with Bank policies.


2016: Special Study Supply Chains and Backward Linkages

Bank projects often target transition impact by extending markets through direct or or indirect positive effects on supply chains and backward linkages. This study examines projects where this has been a key objective, assessing how efforts are integrated into project design and the results of this work. Several recommendations to strengthen the Bank's approach and activities in this area are made.


2022: Evaluation of the Shareholder Special Fund (2016-20)

The EBRD Shareholder Special Fund (SSF) was established in 2008 so the Bank could respond more effectively to the remaining transition challenges in its region of operations by providing essential grant resources – technical cooperation and co-investment grants – to support the Bank’s operations and policy dialogue. Since its inception, more than €1.1 billion of the Bank’s net income allocation has been channelled through the SSF, supporting upwards of 2,200 TC and co-investment grant projects throughout the EBRD regions. In parallel to backing the Bank’s transition agenda, the SSF has also become an integral part of its crisis response toolbox.  The last full evaluation of the SSF took place in 2014. This latest evaluation offers an independent, comprehensive up-to-date assessment of the Fund. It looked principally at the period January 2016 to December 2020, though it also considered changes in and performance of the SSF since, where relevant.

2014: The EBRD Shareholder Special Fund – interim evaluation

The Evaluation department has prepared an evaluation of the EBRD Shareholder Special Fund at Management’s request to assess specific issues of its operations and management. This is to feed into Management and Board strategic and operational planning work, including with respect to grants and donor support. The evaluation draws specific attention to important operational, planning and governance issues of the fund flowing largely from divergent views on its intended priorities and how best to operationalise them.

2013: TC experiences in new countries of operations - Mongolia Cooperation Fund

The Mongolia Cooperation Fund was a multi-donor fund established in 2001 to finance technical cooperation activities in a then new member country prior to its eligibility for regular EBRD operations. This evaluation serves primarily to examine this experience with early use of technical cooperation funds, for potential findings and lessons applicable to subsequent new member countries.

2012: Synthesis paper- Findings and insights from technical cooperation evaluations

This study presents a consolidation of the knowledge and findings from past evaluations of technical cooperation initiatives. Between 2000 and 2010, the Evaluation department wrote 60 technical cooperation evaluations, producing 262 findings. Yet 92 per cent of the findings relate to processes for managing technical cooperation rather than to actual results, relevance to the mandate or future sustainability. This invites reflection on the process for both the design and management of initiatives, and the evaluation approach that has been employed in this area for more than a decade.

2011: FAO Framework Agreements

The cooperation between the Food and Agriculture Organisation of the United Nations (FAO), and the EBRD started soon after the creation of the Bank in 1991. This is an evaluation of the framework cooperation agreements to share costs of technical cooperation initiatives in joint FAO and EBRD countries of operations

2010: EBRD Shareholder's Special Fund

Established in April 2008 with the net income that the Bank achieved in the previous year, its function is to facilitate the Bank’s operations by financing technical cooperation (TC) measures and non-TC support, and supplementing the grant funds provided from donor organisations. This report looks at the functioning and appropriateness of the procedures set up for its implementation, on the features of its portfolio to date, and makes recommendations for the future.

2008: Japan-European Cooperation Fund mid-term review

An evaluation of the Japan-European Cooperation Fund, a bilateral trust fund that has contributed to a wide range of Bank projects. On account of the Fund's prolific activities in technical cooperation (TC) operations, this offers a comprehensive analysis of the role of TCs using representative case studies.

2005: Mongolia Co-operation Fund

Set up in 2001 in preparation of Mongolia becoming a new country of operation and supported by four existing bank member countries, provided financing for technical cooperation operation in various fields.

Project completion report assessments for technical cooperation projects

From 2006 to 2010, EvD annually assessed technical cooperation (TC) Project Completion Reports produced by the Official Co-financing Unit (OCU, now under the Technical Cooperation department). EvD also reviewed reports prepared by consultants and conducted interviews with operation leaders on TC projects. Findings were aggregated to highlight a number of lessons for future technical cooperation projects. This annual report was discontinued in 2011, and TC is now evaluated as part of the operation self-assessment, EvD validations and EvD operation evaluation process.

2022: Evaluation of EBRD’s investments in the West Bank & Gaza

The Bank’s engagement in the West Bank & Gaza (WB&G) has to be assessed five years following its approval by the EBRD Board of Governors. This evaluation was performed in a short timeframe to deliver findings and recommendations on time for Management’s next Net Income Allocation request and to inform the strategic engagement update in the WB&G that Management is undertaking.

EBRD has engaged in activities in the WB&G under three strategic themes aimed at: (1) enhancing private sector led growth through direct support for competitiveness and innovation, (2) strengthening the capacity of financial intermediaries with a particular focus on increasing access to finance for MSMEs and (3) fostering energy efficiency and sustainability.

The questions posed by the evaluation team on EBRD’s investments activities in the WB&G are based on four evaluation criteria and grouped under the four headings:

I. Relevance: To what extent have EBRD’s activities in the WB&G been responsive to the needs of the private sector in the region, donors and the WB&G authorities?
II. Internal and External coherence: How coherent have the Bank’s activities in the WB&G been internally and externally?
III. Effectiveness: What are the early results achieved by the Bank in the region; and to what extent Bank’s projects have achieved, or are positioned to achieve, their intended objectives?IV. Efficiency: Have EBRD’s resourcing and management supported efficiently the achievement of its intended results?

2020: EBRD Women in Business Programme in Türkiye

The Women in Business programme in Türkiye was the first EBRD approach to “support women’s access to finance and entrepreneurship, combining dedicated financing, backed by technical advice to local financial institutions and a direct engagement with women entrepreneurs through access to training, advisory services, mentoring and networking.” This study seeks to review the first phase of the programme in Turkey from 2014 to 2017 and assess its relevance, its effectiveness in achieving intended results and its efficiency. The Evaluation Department aims to answer three evaluation questions to in this review:
1.            Relevance: Has TurWiB been aligned with and supportive of EBRD’s strategic agenda, country and donor priorities?
2.            Effectiveness: Has TurWiB achieved its intended objectives and what evidence is available to this?
3.            Efficiency: Has TurWiB’s structure, resourcing and management supported efficiently the achievement of its intended results?
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