Independent Evaluation Group (MIGA)
The Independent Evaluation Group (IEG-MIGA) for MIGA is responsible for evaluating MIGA’s developmental and operational effectiveness. It was established in July 2002. Its functions and staff are organizationally independent from MIGA’s operational departments and decision-making. IEG-MIGA reports to the Committee on Development Effectiveness (CODE) of MIGA’s Board of Directors through the Director-General, Evaluation (DGE).
Mandate
IEG-MIGA’s mandate encompasses the evaluation of MIGA activities, including guarantee projects, technical assistance, advisory and legal services, as well as the evaluation of MIGA’s institutional efficiency, efficacy and strategy. IEG also participates in country, sectoral, and thematic evaluations with the Independent Evaluation Group of the World Bank and the Independent Evaluation Group of the International Finance Corporation. IEG-MIGA’s objectives are to formulate and share lessons, and contribute to improved operational performance, accountability, and transparency.
The work of the IEG-MIGA encompasses:
- Programs, guarantee projects, advisory and technical services, and the strategies, policies, and procedures that relate to them with particular attention to the achievement of agreed objectives for private sector development and the effects of guarantee activity.
- Assessing the quality and usefulness of MIGA’s evaluation processes and products, and participating in the formulation and continuous improvement of appropriate evaluation policies, practices and instruments.
- Identifying and disseminating lessons and making recommendations drawn from evaluation findings to contribute to improved operational performance, accountability for results, and corporate transparency.
The Terms of Reference for IEG-MIGA established the following reporting structure.
Activities and Products
IEG-MIGA assesses the effectiveness of MIGA’s products and services, including guarantee projects, technical assistance, advisory and legal services, as well as MIGA’s institutional efficiency, efficacy, and strategy. IEG-MIGA also participates selectively in country, sectoral, and thematic evaluations together with the Independent Evaluation Group of the World Bank and the Independent Evaluation Group of the International Finance Corporation. The unit submits an annual report to the Board’s Committee on Development Effectiveness (CODE), which summarizes IEG-MIGA’s evaluation findings.
The evaluations of individual guarantee and technical assistance projects (undertaken since 2003 and 2004, respectively), are building blocks for IEG-MIGA’s annual reports and for thematic, sector and country studies IEG-MIGA participates in within the World Bank Group. Since its inception, IEG-MIGA has also assessed the quality of MIGA underwriting for recent guarantee projects. In 2005, the group began an evaluation of MIGA’s online dissemination services and of claims and mediation services. The results of these and other forthcoming evaluations will be discussed in IEG-MIGA’s annual reports.
IEG-MIGA’s Annual Reports:
IEG-MIGA Independent Evaluation of MIGA’s Development Effectiveness 2009
The report focuses on MIGA’s performance in two of its four operational priority areas - IDA and conflict-affected countries. It assesses MIGA’s institutional effectiveness and operational performance in these areas, and identifies possibilities for improving the development effectiveness of the agency’s future activities in these countries.
MIGA’s exposure in IDA countries is important and increasing, but remains a small share of the total political risk market. Much of MIGA’s business has been in high-risk countries under-served by capital flows: 37 percent of its exposure is in IDA countries, and of the guarantees issued in IDA countries 60 percent are in Africa. However, MIGA’s restrictive Convention has hampered its effectiveness and its ability to respond in the context of the global crisis. The report found that MIGA has a role in conflict-affected countries, although PRI cannot address key investor concerns (such as security) and expectations should be realistic. MIGA has not been strategic in its approach and would benefit from a ‘game plan’ going forward, including better-designed and more flexible Trust Fund structures to absorb claims risk.
This year’s IEG-MIGA evaluation indicates that approximately half of the IEG-MIGA-evaluated projects in IDA countries during fiscal year 2003-2006 had satisfactory or better development outcomes. Better outcomes were found in projects with sound business models and financial structures and well-designed concession frameworks. More intensive due diligence by MIGA was also associated with better development outcomes.
MIGA has begun to address some of the institutional effectiveness issues identified in earlier IEG reports. To increase its reach and impact in IDA countries and its overall institutional effectiveness, IEG recommended that MIGA strengthen product innovation, improve its business development and client responsiveness, streamline business processes and strengthen key underwriting systems, standards and quality processes.
Independent Evaluation Group-MIGA 2008 Annual Report
Evaluating MIGA's FY05-08 Strategic Directions
The report assesses key aspects of the design, implementation, and results to date of MIGA's FY05-08 strategic directions, aiming to inform the agency's new operational directions for FY09-11. The report recommended a renewed strategic framework for MIGA that takes into consideration the agency's operating environment, linkages between financial and development impact results and its strategic objectives, and identifies strategic performance indicators. It also highlighted the importance of innovating to ensure that MIGA's product remains relevant and effective, as well as the need to make progress on initiatives related to development impact assessment and self-evaluation of projects.
Independent Evaluation Group—MIGA 2007 Annual Report
This report examines MIGA's systems for quality assurance, monitoring, and self-evaluation. It also assesses the quality of the work in underwriting guarantee projects to ensure development effectiveness in MIGA's operations. The report's findings are based on quality at entry assessments of 50 MIGA projects underwritten between January 2005 and June 2006, using MIGA's policies and guidelines as benchmarks. These assessments also provide the basis for determining MIGA’s progress in implementing previous IEG recommendations.
Independent Evaluation Group—MIGA 2006 Annual Report
This report presents ex-post evaluation findings of 21 MIGA guarantee projects underwritten between FY96-FY02, focusing on development outcomes, MIGA’s effectiveness; and contributions to MIGA’s profitability. It also presents evaluation findings of MIGA’s on-line information dissemination services. The report includes the status of implementation of previous IEG recommendations.
Operations Evaluation Unit—2005 Annual Report
This report focuses on MIGA’s quality assurance, monitoring and evaluations systems to ensure development effectiveness; reviews the quality of MIGA’s current underwriting; and assesses the implementation of previous recommendations.
2004 Review of Development Effectiveness in MIGA
This review focuses on the development effectiveness of MIGA guarantee and technical assistance projects.
2003 Report on Operations Evaluation in MIGA
This report describes and analyzes MIGA’s systems and policies for quality assurance, monitoring and evaluation of its operations.
Joint Studies:
Environmental Sustainability: An Evaluation of World Bank Group Support (2008)
This joint evaluation report by IEG-WB, IEG-IFC and IEG-MIGA evaluates the World Bank Group’s support for environmental sustainability -in both the public and private sectors- from 1990 to 2007. The assessment of World Bank’s effectiveness considered lending and non-lending environment-related activities together with the evolution of country strategies and policy dialogue. For IFC and MIGA, IEG examined the performance of supported projects in meeting project-level environmental standards and IFC’s and MIGA’s environmental work quality.
To access additional information on this evaluation, please click here.
Development Results in Middle Income Countries. An IEG Evaluation of the Worl Bank's support, (2007)
A Decade of Action in Transport. An Evaluation of World Bank Assistance to the Transport Sector, 1995-2005, (2007)
Turkey: Country Assistance Evaluation, 2006
Romania: Country Assistance Evaluation, 2005
Improving Investment Climates. An Evaluation of World Bank Group Assistance, 2004
Improving Investment Climates. An Evaluation of World Bank Group Assistance, 2004
Overview, World Bank Review, IFC Review, MIGA Review
Brazil: Country Assistance Evaluation, 2003
Extractive Industries and Sustainable Development: An Evaluation of World Bank Group Experience,Volume I (Overview), Volume II (IBRD), Volume III (IFC), and Volume IV (MIGA), 2003
Power for Development. A Review of the World Bank Group’s Experience with Private Participation in the Electricity Sector, 2002
For more information, contact:
Independent Evaluation Group (IEG-MIGA)
Multilateral Investment Guarantee Agency
1818 H Street, NW
MSN MSC 9-002
Washington, DC 20433
t. 1.202.473.9985
f. 1.202.522.3525
Email: migaevaluations@worldbank.org
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