Andrew Stone, adviser to the director, led this evaluation for the Independent Evaluation Group Financial, Private Sector, and Sustainable Development Department, under the guidance of José Carbajo (director), Marialisa Motta (manager from February 2020 onward), and Stoyan Tenev (senior manager). Contributors include Nadia Asgaraly, Ozlem Onerci, Nadia Ramirez, Santiago Rodriguez, and Aurora Siy. Nadia Asgaraly (corporate governance and extractive industries), Thorsten Beck (state-owned financial institutions), John Nellis (privatization, and also adviser to the overall evaluation), and Richard Schlirf Rapti (power sector state-owned enterprise reforms) contributed issue notes or deep dives. Amitava Banerjee, José Carbajo, Wasiq Ismail, Riad al Khouri, Ozlem Onerci, Santiago Rodriguez, Andrew Stone, and Izlem Yenice authored the country case studies. Tesfaye Alemu Abebe, Ozlem Onerci, and Aline Weng authored desk-based case studies. Victor Malca, Anqing Shi, and Xuetong Wang provided important inputs. Jacqueline Andrieu, Stefan Apfalter, and Anjali Kumar contributed to the approach paper and early phase of the evaluation. Danni Li conducted a structured literature review with guidance from Ozlem Onerci, who also led authorship of several appendixes. Aurora Medina Siy prepared input on the Multilateral Investment Guarantee Agency. Victoria Alexeeva and Kavita Mathur prepared an Independent Evaluation Group synthesis on utility reform in the power and water sectors. Emelda Cudilla provided administrative support and formatted the report. Helpful comments and guidance were received from our three peer reviewers—Robert Cull, Peter Heller, and William Mako—and from our methods team, including Qihui Chen (econometrics) and Jozef Vaessen. The team thanks key counterparts in the World Bank, International Finance Corporation, and Multilateral Investment Guarantee Agency. We particularly thank Alexandre Arrobio, Pietro Calice, Omar Choudry, Daniel Goldblum, Eva Guttierez, Mona Haddad, Sunita Kikeri, and Martha Licetti, and several other World Bank Group staff for important interactions at multiple stages of this evaluation’s preparation. However, the Bank Group staff bear no responsibility for this evaluation’s content.