April, 2022
The Evaluation Department (EvD) at the EBRD reports directly to the Board of Directors, and is independent from the Bank’s Management. This independence ensures that EvD can perform two critical functions, reinforcing institutional accountability for the achievement of results; and, providing objective analysis and relevant findings to inform operational choices and to improve performance over time. EvD evaluates the performance of the Bank’s completed projects and programmes relative to objectives. Whilst EvD considers Management’s views in preparing its evaluations, it alone makes the final decisions about the content of its reports.
This report has been prepared by EvD independently and is circulated under the authority of the Chief Evaluator. The views expressed herein do not necessarily reflect those of EBRD Management or its Board of Directors. Management was invited to comment on this report prior to internal publication. Any comments received were considered and incorporated at the discretion of EvD.