This report was prepared by an Independent Evaluation Group team led by Mercedes Vellez (senior evaluation officer) and Unurjargal Demberel (evaluation officer), under the overall direction of Sabine Bernabè (Director-General, Evaluation) and the supervision of Carmen Nonay (director, Finance, Private Sector, Infrastructure, and Sustainable Development, and acting director, Human Development and Economic Management), Theo David Thomas (director, Human Development and Economic Management), Galina Sotirova (manager, Corporate and Human Development Unit), and Beata Lenard (manager, Financial and Private Sector Micro Unit).

The core team for the analysis of the World Bank’s portfolio included Chikako Miwa, Gaby Loibl, Kavita Mathur, Virginia Ziulu, and Xiaoxiao Peng. Other Independent Evaluation Group colleagues and consultants who made valuable contributions were Andrei Wong Espejo, Ariya Hagh, Orlando Vaca Rodriguez, Rocio Manchado Garabito, Santiago Ramirez, and Shiva Sharma. For the analysis of the International Finance Corporation’s and the Multilateral Investment Guarantee Agency’s portfolios, the core team members included Carlos Stagliano, Fan Yang, and Min Kyu Song. Other Financial and Private Sector Micro Unit colleagues who provided valuable input were Ananda Ghose, Belen Barbeito, Feruza Abduazimova, Ichiro Toda, Izlem Yenice, Leonardo Bravo, and Sunbol Waheed. Maximillian Ashwill was the report’s primary editor.

The external advisory panel included Tamar Manuelyan Atinc (nonresident senior fellow at the Brookings Institution), Marie Gaarder (executive director, International Initiative for Impact Evaluation), Lavagnon Ika (professor, University of Ottawa), and Roland Michelitsch (independent international development consultant).

The team is grateful to Rasmus Heltberg and Andrew Stone for their comments on an early version and to other Independent Evaluation Group colleagues who shared their insight and feedback throughout the evaluation. The team also thanks Operations Policy and Country Services, International Finance Corporation, and Multilateral Investment Guarantee Agency colleagues who engaged with us during the preparation of the report.