This report was prepared by an Independent Evaluation Group team led by Mitko Grigorov (evaluation officer) under the guidance of Marialisa Motta (manager) and Carmen Nonay (director) and the overall guidance of Sabine Bernabè (Director-General, Evaluation).

The evaluation team included Atinuke Ann Adigun (consultant), Ana Belen Barbeito (senior evaluation officer), Ridwan Bolaji Bello (evaluation analyst), William C. Haworth (senior consultant), Aarre Laakso (consultant and editor), Catherine Koh Chiew Ming (consultant), Massimiliano Santini (consultant), and Rama Seth (consultant). Romayne Pereira and Emelda Cudilla provided administrative support.

The report was peer-reviewed by Rashad Kaldany (chief investment officer, Blue like an Orange Sustainable Capital; former chief operating officer, International Finance Corporation [IFC]); Amédée Prouvost (enterprise risk management consultant and former chief operational risk officer at the World Bank); Sabine Schlorke (previously principal investment officer and manager at IFC); and Laure Wessemius-Chibrac (managing director, Netherlands Advisory Board on impact investing; chair of the board, REGMIFA [Regional MSME Investment Fund for Sub-Saharan Africa]; and former managing director, Cordaid Investment Management, the Netherlands).

The team appreciates the support from staff from the Development Finance Vice Presidency, IFC, and the Multilateral Investment Guarantee Agency (MIGA) during the preparation of the report and the helpful comments from Independent Evaluation Group colleagues. In particular, we would like to acknowledge Beata Lenard, Christopher Nelson, Ana Paula Pellegrino, Estelle Raimondo, and Andrew Stone (all Independent Evaluation Group); Federica Dal Bono (International Development Association); Nabil Fawaz (MIGA); Anastasia Gekis (IFC); Pranab Ghosh (IFC); Katrin Ivonne Greisberger (IFC); Hiroyuki Hatashima (MIGA); Sridar Padmanabhan Kannan (MIGA); Luigi Lannutti (International Development Association); Liane Asta Lohde (IFC); Ayesha Muzaffar (IFC); Sandra Ofori (IFC); Neelam Patel (IFC); Dirk Reinermann (International Development Association); Kruskaia Sierra-Escalante (IFC); and Aisha Elaine Williams (IFC).