Evaluating the EBRD's work

Latest evaluation reports

Infrastructure Project Preparation Facility – Thematic evaluation

Large infrastructure financing gaps in EBRD countries of operation have long been identified as a key challenge and opportunity for the Bank. There is an increasing recognition that traditional government funding and methods are not sufficient to close growing gaps, and increased private sector engagement is now widely understood to be essential.

The EBRD Infrastructure Project Preparation Facility (IPPF) was a high profile initiative approved by the Board in October 2014 to scale up infrastructure support. As a “delivery mechanism to improve the efficiency, quality and replicability of infrastructure projects,” the IPPF is meant to help governments build an infrastructure project pipeline using additional and improved project preparation support along with policy dialogue. 

On approval of the IPPF the Board requested a stock taking after three years and this interim review by the Evaluation Department is intended to assess IPPF’s performance against its wider objectives, identifying any early results and difficulties, and its potential to be a co-investment multi donor fund for specific countries and sectors.

Review of the EBRD Energy Sector Strategy

The Review of the 2013 EBRD Energy Sector Strategy investigates key issues around: what were the stated intentions and expectations of the 2013 Energy Sector Strategy; how did it reflect and integrate transition challenges and develop operational priorities; were clear and measurable goals established; were critical execution issues such as resources and cross-institutional collaboration addressed effectively; what results are observable thus far. Lastly, the Review identifies actionable recommendations for the next EBRD Energy Sector Strategy to be approved by end 2018.

Additionality in the EBRD – Review of Concept and Application

Additionality is one of EBRD’s three foundational operating mandates. It has featured centrally since 1992 in investment selection and design, in Bank representations of its role and purpose, and in Board/shareholder engagement with Management. For EBRD shareholders Additionality is the foundation of their claim for public resources and therefore has been of consistently high interest and concern.  This review seeks to fill some gaps that exist around additionality in EBRD and contribute to emerging Board and Management efforts to develop a stronger and more satisfactory institutional framework.

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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.

EBRD support for the development of 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 local 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.

Annual evaluation review 2016

The Annual Evaluation Review provides a summary of EvD’s mandate and operational priorities, and an overview of its activities and accomplishments in 2016.

Highlights include important findings and recommendations on: the effectiveness of support for policy dialogue, small business and sustainable energy; the role of field offices and subsidies; a new approach to country strategies; and the EvD leadership of the premier multilateral evaluation group.




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.

Small Business Support Programme 2011 to 2015

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 Strategic Plan. The evaluation makes use of both qualitative and quantitative data through documentary review, interviews, portfolio analysis and country and thematic case studies.


Evaluation work programme 2017 to 2019 and budget 2017

Almaty transport integrated approach

This operation evaluation appraises the performance of financing to Almaty Electrotrans, a trolleybus project and a two phase bus sector reform project, which represent combined total EBRD financing of just over €107 million. It discovers whether the integrated approach combining investments, technical cooperation and policy dialogue produced stronger results. It also explores the extent to which private sector participation increased through the project.


The EBRD's experience with resident offices

In the EBRD’s 25th anniversary year, with a new Strategic and Capital Framework 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.

Supply Chains and Backward Linkages

EBRD 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.

Crisis response to banks in south-eastern Europe

This evaluation reviews several EBRD operations to support bank stability in south-eastern Europe and to place capital in the real economy. It looks at the extent to which the operations contributed to systemic bank stability in south-eastern Europe, what signal the intervention sent to the marketplace and what would have happened without EBRD support.