This report of the Independent Evaluation Group (IEG) was prepared by a team led by Raghavan Narayanan (senior evaluation officer, IEG). Team members include Georg Inderst, Christopher Humphrey, Dominik Naeher, Rodney Lester, Sandeep Dahiya, Mario di Filippo, Tony Mak, Surajit Goswami, Wasiq Ismail, Franz Loyola, Nadia Asgaraly, Aline Weng, Nana Sika Ahiabor, Polina Lenkova, Riad Al Khouri, and Amshika Amar. Emelda Cudilla was responsible for all administrative aspects of the evaluation. Clive Harris (lead infrastructure specialist, Infrastructure, Public-Private Partnerships, and Guarantees) was the technical adviser to the evaluation. Andrew Stone (lead evaluation officer) provided comments to the evaluation report. Aarre Laakso edited the report.

The team thanks the World Bank Country Management Units of Argentina, Bangladesh, China, India, Jordan, Mongolia, and Zambia for the field mission support. The team thanks all the World Bank, International Finance Corporation, and Multilateral Investment Guarantee Agency staff for the high levels of engagement and participation in staff consultations and semistructured interviews.

Peer reviewers were Janamitra Devan (adviser, B20, and former vice president, World Bank Group), Anne Simpson (chief investment officer, CalPERS), and Bart Oosterveld (global fellow, Atlantic Council, and former director, Moody’s Inc.).

The evaluation was conducted under the guidance of José Carbajo (director, Financial, Private Sector, and Sustainable Development), Stoyan Tenev (former manager, IEG), Marialisa Motta (manager, Financial, Private Sector, and Sustainable Development), and Alison Evans (Director-General, Evaluation).