This report was prepared by an Independent Evaluation Group team co-led by Stephen Porter (senior evaluation officer) and Melvin Vaz (senior evaluation officer), under the guidance of Theo Thomas (director, Human Development and Economic Management), Timothy Johnston (manager, Corporate and Human Development), Beata Lenard (manager, Financial and Private Sector Micro Unit), and Galina Sotirova (former manager, Corporate and Human Development), and the overall guidance of Sabine Bernabè (Director General, Evaluation).

The evaluation team included Rocio Manchado Garabito, Diana Goldemberg, William Haworth, Aarre Laakso, Gaby Loibl, Melissa Metz, Chikako Miwa, Daniel Palazov, Konstantin Panov, Xiaoxiao Peng, Ichiro Toda, and Stefan Triendl. Other Independent Evaluation Group colleagues who made valuable contributions are Leonardo Bravo, Corky De Asis, Susan Caceres, Soniya Carvalho, Unurjargal Demberel, Jenny Gold, Ananda Ghose, Izlem Hajdenberg, Ramachandra Jammi, Donna Jeffrey, Priyanka Jetwani, Giuseppe Larossi, Eduardo Maldonado, Christopher David Nelson, Avjeet Singh, Min Song, Carlos Otobed Stagliano, Mercedes Vellez, Viktoriya Yevsyeyeva, and Virginia Ziulu.

The external advisory panel was composed of senior international development experts and evaluation professionals: Gabriela Yarahuan Perez (Inter-American Development Bank and a professor at Centro de Investigación y Docencia Económicas, Mexico), Ede Jorge Ijjasz-Vasques (nonresident senior fellow at the Brookings Institution), and Sabine Schlorke (former International Finance Corporation manager, Global Manufacturing, and manager, Global Trade Supply Chain Financing).

The team is grateful to Lily Chu and Estelle Raimondo for their comments on an early version of this report and to other Independent Evaluation Group colleagues who shared their insights and feedback throughout the processes. The team also thanks Operations Policy and Country Services, International Finance Corporation, and Multilateral Investment Guarantee Agency colleagues who engaged with us during the preparation of the report.