This report was prepared by an Independent Evaluation Group team led by Raghavan Narayanan, senior evaluation officer, and Željko Bogetić, lead economist, and was conducted under the guidance and supervision of Marialisa Motta, manager; Carmen Nonay, director; and Alison M. Evans, Director-General, Evaluation.

The core evaluation team included Nana Sika Ahiabor (research analyst), Aarre Laakso (developmental editor), Anna Sengphet Lattanavong (research analyst), Stephen Mier (research analyst), Dominik Naeher (econometrician), Romayne Pereira (program assistant), Maria Elena Pinglo (senior evaluator), Melvin Vaz (senior evaluator), and Virginia Ziulu (data scientist). Subject matter expert Onno Ruhl advised the team. The team was supported by the methods advisory group of Estelle Raimondo, senior evaluation officer, and Jozef Vaessen, adviser. Technical leads Jenny Gold, Rasmus Heltberg, Lauren Kelly, and Andrew Stone provided valuable insights. Country case studies, firm case studies, and syntheses were conducted by Željko Bogetić, Wasiq Ismail, Stephen Mier, Fernando Montes Negret, Maria Elena Pinglo, Rama Seth, Isha Sharma, Madeleine Varkay, and Melvin Vaz. Rasmus Heltberg and Onno Ruhl conducted key informant interviews.

We thank the Approach Paper’s peer reviewers: Afsaneh Beschloss (chief executive officer, RockCreek Capital); Stijn Claessens (head of financial stability policy, Bank for International Settlements); David Ndii (managing director, Africa Economics); and Liliana Rojaz-Suarez (fellow, Center for Global Development). The report was peer reviewed by David Ndii (managing director, Africa Economics); Liliana Rojaz-Suarez (fellow, Center for Global Development); and Mark Sundberg (chief economist, Millennium Challenge Corporation).

The Independent Evaluation Group evaluation team and management thank numerous staff of the World Bank Country Management Units, and Operational Strategy, Risk, and Country Operations staff (Praveen Kumar, Audra Sedluk, and Sona Verma); staff of the Multilateral Investment Guarantee Agency (Sandro Diez Amigo, Hiroyuki Hatashima, and Vlajko Senic); staff of the International Finance Corporation (Belen Castuera, Teng Jiang, Ellen Schwab, and Nuria Perez Tello); and staff of the International Monetary Fund (Jeremie Cohen-Setton and Prakash Loungani).