Mid-term evaluation of the Investment Facility and EIB own resources operations in ACP countries

118 Pages·2011·0.84 MB·English

by  European Commission

Mid-term evaluation of the Investment Facility
and EIB own resources operations
in ACP countries and the OCTs

Final Report

Volume I: Main Report

September 2010

Evaluation for the European Commission

Framewoork contraact for
Mullti-countryy thematic and reggional/couuntry-leveel
strategy evaluatioon studiess and syntthesis

in thee area of eexternal coo-operatioon

Analysis fot Economic Decisions

Belgium
LLOT 1

Muulti-Counntry Evaluuation Stuudies of Ecconomic
ssectors/thhemes of EEC Exterrnal Cooperation

PARTTICIP GmbH
GGermany

Ref.: EurropeAid//122888/C/SER//Multi

Mid-term evvaluattion off the
Inveestmennt Faciility annd
Italy

EEIB owwn resoourcess operaations

in ACP ccountrries annd the OCTss

European Cenntre for Devellopment
Policyy Managementt
Belgium Finaal Repoort

Volume I – Mainn Reportt

Overseas Deevelopment Innstitute

Unitted Kingdom

This rreport haas been ppreparedd by
Deutsches Institut füür
Entwicklungspolitikk
GGermany

A consortium of EEGEVAL II (ADE, PARTICIP),
DRN, ECCDPM, ODI & DIEE
c/o ADE, leading companny:

ADE s.a.
Rue de Claiirvaux 40, Bte 1101
B-1348 Louuvain-la-Neuve (Belgium)
Tel: [phone] Septeember 20010
Fax: [phone]
E-mail: [email protected]
Web: www.ade.be

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CCoommmmiissssiioonn..

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ddrraawwnn uupp oonn bbeehhaallff ooff tthhee EEuurrooppeeaann CCoommmmiissssiioonn..

TThhee rreeppoorrtt ddooeess nnoott nneecceessssaarriillyy rreefflleecctt tthhee vviieewwss ooff tthhee
EEuurrooppeeaann CCoommmmiissssiioonn..

MID-TERM EVALUATION OF THE IF AND EIB OR OPERATIONS IN ACP/OCTS
ADE - EGEVAL II

Table of Contents
ACRONYMS 
EXECUTIVE SUMMARY 
1. INTRODUCTION ................................................................................................... 1 
1.1  OBJECTIVES AND SCOPE OF THE EVALUATION ................................................................... 1 
1.2  STRUCTURE OF THE FINAL REPORT ..................................................................................... 2 
2.  SUBJECT AND CONTEXT OF THE EVALUATION .................................................... 3 
2.1  INSTITUTIONAL FRAMEWORK ................................................................................................ 3 
2.2  INTERVENTION LOGIC ............................................................................................................ 5 
2.3  CONCISE OVERVIEW OF EIB OPERATIONS IN ACP COUNTRIES AND OCTS .................. 7 
3.  METHODOLOGY ................................................................................................. 11 
3.1  EVALUATION PROCESS ......................................................................................................... 11 
3.2  STRUCTURED EVALUATION APPROACH .............................................................................. 12 
3.3  CHALLENGES AND LIMITATIONS ......................................................................................... 14 
4.  ANSWERS TO THE EVALUATION QUESTIONS ..................................................... 15 
4.1  EQ 1 ON RELEVANCE AND COHERENCE .......................................................................... 17 
4.2  EQ 2 ON ACCESS TO FINANCE ............................................................................................ 23 
4.3  EQ 3 ON CATALYTIC EFFECT .............................................................................................. 31 
4.4  EQ 4 ON FINANCIAL SECTOR AND FINANCIAL INTERMEDIARIES ................................. 36 
4.5  EQ 5 ON ENTERPRISE PERFORMANCE ............................................................................... 41 
4.6  EQ 6 ON PRODUCTIVE SECTOR GROWTH .......................................................................... 45 
4.7  EQ 7 ON SOCIAL AND ENVIRONMENTAL IMPACT ............................................................ 50 
4.8  EQ 8 ON FINANCIAL SUSTAINABILITY ................................................................................ 56 
4.9  EQ 9 ON EFFICIENCY ........................................................................................................... 63 
4.10  EQ 10 ON COORDINATION AND COMPLEMENTARITY .................................................... 68 
5.  CONCLUSIONS ................................................................................................... 75 
5.1  OVERALL ASSESSMENT ......................................................................................................... 76 
5.2  MANDATE ............................................................................................................................... 77 
5.3  EFFECTIVENESS AND EIB VALUE-ADDED ......................................................................... 80 
5.4  COORDINATION .................................................................................................................... 84 
5.5  VISIBILITY ............................................................................................................................... 86 
5.6  ORGANISATION AND RESOURCES ....................................................................................... 87 
6.  RECOMMENDATIONS ........................................................................................ 89 
6.1  MANDATE ............................................................................................................................... 90 
6.2  EFFECTIVENESS AND EIB VALUE-ADDED ......................................................................... 92 
6.3  COORDINATION .................................................................................................................... 96 
6.4  VISIBILITY ............................................................................................................................... 97 
6.5   ORGANISATION AND RESOURCES ....................................................................................... 98 
Final Report September 2010 Table of Contents
MID-TERM EVALUATION OF THE IF AND EIB OR OPERATIONS IN ACP/OCTS
ADE - EGEVAL II

LIST OF FIGURES

FIGURE 1:  MAIN FEATURES OF THE INVESTMENT FACILITY AND EIB OWN
RESOURCES IN ACP COUNTRIES AND OCTS (2003-2009) ................................... 3 
FIGURE 2:  EXPECTED IMPACTS DIAGRAM ................................................................................ 6 
FIGURE 3:  OVERVIEW OF EIB OPERATIONS IN ACP COUNTRIES AND OCT– 2003 TO
09/2009 ...................................................................................................................... 7 
FIGURE 4:  GEOGRAPHIC BREAKDOWN – MAIN TRENDS - 2003 TO 09/2009 -
SIGNATURES €M FOR IF AND OR, ESTIMATES €M FOR IRS, AND CONTRACTS
€M FOR TA ................................................................................................................. 9 
FIGURE 5:  SECTOR BREAKDOWN – MAIN TRENDS - 2003 TO 09/2009 - SIGNATURES
€M FOR IF AND OR, ESTIMATES €M FOR IRS, AND CONTRACTS €M
FOR TA ..................................................................................................................... 10 
FIGURE 6:  EVALUATION PROCESS ........................................................................................... 11 
FIGURE 7:  STRUCTURED EVALUATION APPROACH ............................................................... 12 
FIGURE 8:  MAIN INFORMATION SOURCES AND TOOLS ........................................................ 13 
FIGURE 9:  SELECTED OPERATIONS FOR IN-DEPTH ANALYSIS ............................................. 14 
FIGURE 10:  COVERAGE OF DAC EVALUATION CRITERIA, COHERENCE, EIB ADDED
VALUE, AND COORDINATION AND COMPLEMENTARITY BY THE
EVALUATION QUESTIONS ..................................................................................... 16 
FIGURE 11:  CUMULATED IF AND OR SIGNED OPERATIONS ................................................. 26 
FIGURE 12:  SHARE OF TOTAL PROJECT COST FUNDED BY THE EIB PER SECTOR
(CUMULATED CONTRACTS 2003-SEPT 2009) ........................................................ 28 
FIGURE 13 :  IF INCOME STATEMENTS (€ 000) ........................................................................... 58 
FIGURE 14:  POTENTIAL LOSS IN THE ABSENCE OF MS SPECIAL CONTRIBUTION (€ 000) .. 59 
FIGURE 15:  INVESTMENT FACILITY. LOAN GRADING DISTRIBUTION IN % ........................ 60 
FIGURE 16:  CUMULATIVE % DISTRIBUTION OF SIGNED EXPOSURES PER LOAN
GRADING AS OF 31/12/2009 ................................................................................. 61 
FIGURE 17:  CONCLUSIONS ......................................................................................................... 75 
FIGURE 18:  RECOMMENDATIONS .............................................................................................. 89 
FIGURE 19:  PRIORITISATION OF RECOMMENDATIONS........................................................... 90 

LIST OF TABLES

TABLE 1 :  OVERVIEW OF THE EVALUATION QUESTION TOPICS .......................................... 15 
TABLE 2 :  ESIAF PILLAR 1: ASSESSMENT OF CONSISTENCY WITH COTONOU
OBJECTIVES .................................................................................................................. 20 
TABLE 3 :  CONTRIBUTION OF EIB OPERATIONS TO EMPLOYMENT CREATION .................. 50 

Final Report September 2010 Table of Contents
LIST OF ANNEXES IN VOLUME II
ANNEXE 1: TERMS OF REFERENCE
ANNEXE 2: OVERVIEW OF EIB OPERATIONS IN ACP COUNTRIES AND OCTS
ANNEXE 3: LIST OF EIB OPERATIONS IN ACP COUNTRIES AND OCTS
ANNEXE 4: INTERVENTION LOGIC
ANNEXE 5: EVALUATION QUESTIONS, JUDGEMENT CRITERIA AND INDICATORS
ANNEXE 6: COVERAGE OF TERMS OF REFERENCE BY EVALUATION QUESTIONS
ANNEXE 7: EIB COORDINATION WITH THE COMMISSION AND OTHER DONORS IN
THE ACP COUNTRIES
ANNEXE 8: OPERATION FICHES
ANNEXE 9: DATA COLLECTION GRID
ANNEXE 10: LIST OF PERSONS MET
ANNEXE 11: BIBLIOGRAPHY