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An Evaluation of International Finance Corporation Investments in K–12 Private Schools


This evaluation was prepared by an Independent Evaluation Group (IEG) team led by Aurora Medina Siy and Susan Caceres under the guidance and supervision of Marialisa Motta, manager, Finance, Private Sector, Infrastructure, and Sustainable Development, and Carmen Nonay and José Carbajo Martinez, directors, Finance, Private Sector, and Sustainable Development, and the overall direction of Alison Evans, Director-General, Evaluation.

The evaluation team consisted of Janet M. Billson, Emelda Cudilla, Unurjargal Demberel, Jeffery Marshall, John Eyers, Ann Flanagan, Mitko Grigorov, William B. Hurlbut, Doruk Yarin Kiroglu, Daniel Palazov, Suzanne Roddis, Dafni Skalidou, and Anthony Tyrrell. The team was assisted in conducting the case studies by local colleagues Nada Abdelhay, Jin Feng, Irene Kinuthia, Sibomana Leonard, Sara Taraman, and Marie Merci Twiringiyimana. The initial stages of the evaluation benefited from foundational research by and continuing advice from Hiroyuki Hatashima, guidance from Beata Lenard, methodology advice from Jos Vaessen, and guidance from José Carbajo Martinez and Oscar Calvo-Gonzalez. The report was peer reviewed by Deon Filmer (director, Development Research Group, World Bank); Karan Khemka (former partner head of the International Education Practice at The Parthenon Group [now EY-Parthenon]); and Norman LaRocque (former principal education specialist, Asian Development Bank).

The team is grateful for the assistance of our International Finance Corporation (IFC) technical correspondents Alejandro Caballero, Chris McCahan, and Junko Oikawa. We also thank IFC staff Mohammed Ali Khan, Stacy Bhagwandeen, Yenny Castillo, Juliana Guáqueta-Ospina, Carlos Mayorga, Andrew Myburgh, and Niharika Sachdeva. IEG colleagues Brenda Barbour, Romayne Pereira, Bahar Salimova, and William Stebbins provided valuable support during report preparation and the engagement workshop with IFC.