This report was prepared by an Independent Evaluation Group team led by Stephan Wegner and including Amitava Banerjee, Asita De Silva, Mitko Grigorov, Eric Kim Han, Emily Harwit, Andres Liebenthal, Daniel Palazov, Aurora Siy, and Disha Zaidi. Hiroyuki Hatashima, Carlos Stagliano, and Ichiro Toda prepared case studies based on International Finance Corporation Project Performance Assessment Reports. The evaluation was carried out under the direction of Alison Evans (vice president and director-general, Evaluation), José Carbajo Martínez (director), and Marialisa Motta (manager). Emelda Cudilla provided administrative and editorial support. Jozef Vaessen advised the team on methodological issues, and Andrew Stone provided guidance and suggestions.

The report was peer reviewed by Catherine Martin (World Bank country program coordinator for Nigeria; former principal strategy officer, International Finance Corporation; and senior private sector adviser, Department for International Development), Inder Sud (senior consultant for international development and former World Bank Group director, Cofinancing and Financial Advisory Services Department), and Laure Wessemius-Chibrac (managing director, Stichting NAB, and former managing director, Cordaid Investment Management, the Netherlands). Irene Basile (policy analyst, Private Finance for Sustainable Development, OECD) peer reviewed the approach paper for this evaluation.

The team appreciates the support from staff from the International Finance Corporation and the Multilateral Investment Guarantee Agency during the report preparation and the helpful comments from Independent Evaluation Group colleagues.