Belén Barbeito, senior evaluation officer, and Andrew Stone, lead evaluation specialist, led this evaluation under the guidance of Marialisa Motta, manager; Carmen Nonay, director; and Alison M. Evans, Director-General, Evaluation.

Mariana Calderon Cerbon (consultant) led the portfolio analysis and coordinated the analyst team, which included Sylvie Kabaziga Bishweka (consultant), Doruk Yarin Kiroglu (consultant), Orlando Vaca Rodriguez (consultant), Tao Tao (consultant), and Rasec Niembro Urista (consultant). Anna Funaro Mortara (consultant) coordinated the country case studies. Country case study authors included Riad George Saleh Al Khouri (consultant), Amitava Banerjee (consultant), Belén Barbeito, Keith Leonard (consultant), Maria Elena Pinglo (senior evaluation officer), Orlando Vaca Rodriguez (consultant), Andrew Stone, and Rasec Niembro Urista (consultant). Gurkan Kuntasal (senior environmental specialist) provided advice on environmental and social data analysis. Jack Glenn (consultant) and William C. Haworth (consultant) authored the input paper on financial instruments additionality, and Andrew Kilpatrick (consultant) authored the input paper on development finance institutions’ additionality in middle-income countries. Estelle Raimondo (senior evaluation officer) advised the team on methods. Hiroaki Kambe (evaluation officer) authored statistical and econometric analytic inputs. Muez Ali Abdelgadir Ali (consultant) authored the structured literature review. Harsh Anuj (data scientist) worked with the team to produce donor data, and Ariya Hagh (consultant) provided quality control on the econometrics. Elizabeth Crespo (temporary) and Romayne Pereira (program assistant) provided administrative support. Aarre Laakso (consultant) provided developmental editing support.

Helpful comments and guidance were received from external peer reviewers: Rashad Kaldany, Roland Michelitsch, and Inder Sud.

The Independent Evaluation Group evaluation team and management thank key counterparts in the International Finance Corporation. We particularly thank Omar Chaudry (manager) and Junko Oikawa (senior strategy officer) for important interactions during this evaluation’s preparation, and the nine country teams and offices that facilitated virtual and field missions. However, the Independent Evaluation Group bears sole responsibility for the content of this evaluation.