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1 The capital increase of the International Bank for Reconstruction and Development combines a general capital increase, based on increases proportionate to existing shareholders, and a selective capital increase, which would increase the share of some countries’ commitments more than others, thereby altering the relative voting power of member countries.

1 The crisis buffer includes additional International Bank for Reconstruction and Development funds that can be activated to cover financing surges during crises.

1 The assignment of climate co-benefits to development policy operations is problematic, although it is based on a joint multilateral development bank methodology. Because the financing provided by a development policy operation does not go to finance the reforms supported by a prior action, there is a qualitative difference in assigning a value to the climate co-benefits of a development policy operation as compared with assigning a value to an investment project. Whereas investment projects in principle have a link from the amount of financing to the supported climate actions, that is not the case for development policy operations.

2 The International Finance Corporation does not have a volume or percentage target for adaptation finance.

3 Both the Cascade approach and Maximizing Finance for Development leverage private capital to maximize the impact of public financing.

1 See https://worldbankgroup.sharepoint.com/sites/ifcupstream/SitePages/Implementation-of-organizational-changes-impacting-Upstream-and-Advisory-teams.aspx (internal document).

1 Instead of using the staff engagement survey, management recommended that vice presidential units launch dedicated client satisfaction surveys to gather more specific, targeted, and actionable feedback.

2 Internal human resources data.

3 The International Finance Corporation quarterly operations to the Board, fiscal year (FY)21, FY22, and FY23 first–second quarters (internal document).

4 The International Finance Corporation management further reports that the FY19 progress of the workforce planning was limited as the International Finance Corporation absorbed the workforce planning changes, and “change fatigue” impacted staff morale (IFC 2020c).

5 Because the financial package was not included in the scope of the validation, the Independent Evaluation Group did not validate the capital increase package (CIP) reporting numbers for its commitments. The validation also excludes budget efficiency commitments because Group Internal Audit is reviewing these measures.

6 This information was presented by CIP’s FY21 annual report. The Independent Evaluation Group did not validate this number. The CIP expected to contribute $1.6 billion from a 10 to 40 basis point maturity premium increase for loans of more than 10 years.

7 For example, the transfer to the International Development Association of $117 million in FY22 was lower than the transfer of $274 million in FY21, reflecting higher loss-provisioning requirements in FY22, according to CIP annual reports.

8 World Bank management clarified that the tagging of fast-disbursing loans was only introduced in FY21, when the crisis buffer was expected to be tapped, and the Board of Executive Directors approved.

9 Moody’s Investors Service annual credit analysis from February 2022 indicated that the decline in International Bank for Reconstruction and Development’s allocable income in FY21 was caused by a higher loan-loss-provisioning charge in that year compared with FY20 (Moody’s Investors Service 2022a).

10 The assumptions underlying the plausible downside scenario include portfolio credit worsening, faster disbursements, slower capital payments, and the adverse impact of lower interest rates on income.

11 “International Bank for Reconstruction and Development Sustainable Annual Lending Level for FY23 and Size of Crisis Buffer” (internal document). The statutory lending limit is defined in IBRD’s Articles of Agreement and stipulates that the total amount of outstanding disbursed loans, participations in loans, and callable guarantees may not exceed the total value of subscribed capital (which includes callable capital), reserves, and surplus.

12 Undisclosed internal document.

13 According to the Independent Evaluation Group’s calculation and based on Management’s Discussion and Analysis and Consolidated Financial Statements (IFC 2022b), the CIP contributed $1.2 billion in capital by the end of FY21 and $2.2 billion by the end of FY22. Without the CIP, the capital utilization ratio would have been 70 percent and the DSC 20 percent in FY21 and 66 percent and 24 percent in FY22.

1 The rating criteria are shown in appendix A and are summarized in notes in table 6.1. The ratings are for the capital increase package’s implementation, not its outcomes.

2 Indicators can be a double-edged sword for driving action. These indicators create powerful internal incentives for staff to meet thematic targets; however, they may incentivize teams to focus on fulfilling lower-level targets rather than higher-level outcomes or to take credit for things they were already doing but did not report. Therefore, it is important to go beyond indicators when assessing outcomes.

3 Including new research to underpin improved policy making on emerging challenges, systematically harness and share knowledge, support innovative approaches for data collection, help countries share experience with the Cascade approach, and so on.