This report was prepared by an Independent Evaluation Group (IEG) team led by Elena Bardasi, senior economist, under the overall direction of Alison Evans, Director-General, Evaluation, and with the guidance and supervision of Galina Sotirova, manager, Corporate and Human Development, and Oscar Calvo-Gonzalez, director, Human Development and Economic Management.

The core team included Ichiro Toda (who led the International Finance Corporation [IFC] and Multilateral Investment Guarantee Agency [MIGA] part), Jean-Jacques Ahouansou, Joy Behrens, Sylvie Bishweka, Kwabena Boasiako, Mariana Branco, Valentine Gandhi, Judith Gaubatz, Elisabeth Goller, Jessica Meckler, Chikako Miwa, Xiaoxiao Peng, Paola Rodriguez, Junko Sekine, Shiva Sharma, and Yi Yao. Maximillian Ashwill was the lead editor of the report.

Other IEG colleagues who made valuable contributions were Feruza Akbarovna Abduazimova, Harsh Anuj, Ana Belen Barbeito, Leonardo Alfonso Bravo, Unurjargal Demberel, Giuseppe Iarossi, Ramachandra Jammi, Jennifer Keller, Beata Lenard, Jose Candido Carbajo Martinez, Daniel Nogueira-Budny, and Stephan Wegner.

The technical advisory panel comprised Tamar Manuelyan Atinc (retired World Bank staff), Navin Girishankar (former IEG evaluator and World Bank and IFC staff), and Patricia Rogers (CEO, BetterEvaluation).

The team is grateful to the many IEG colleagues who shared their insight and feedback throughout the evaluation and to the Operations Policy and Country Services, IFC, and MIGA colleagues who engaged with us during the preparation of the report.