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- Impact assessment at the project approval stage and monitoring of EBRD transactions, including implementation of the Bank’s transition concept and assessment methodologies. This ensures that the Bank delivers on its transition mandate.
- Result management, knowledge management and foresight analysis, with the aim of improving communication of the Bank’s impact (both internally and externally) and promoting institutional learning.
- Engagement with the development community and academia.
See below for further information on these functions.
Transition impact methodology and blended finance
Impact management at the EBRD rests on the transition impact assessment methodology, including implementation of the Bank’s transition concept and periodic updates to that methodology. The assessment methodology is implemented through our internal IT system, which is updated as the methodology evolves.
The Impact team is also responsible for the framework governing assessment of the use of blended concessional finance (BCF) in EBRD operations. That governance framework is subject to periodic updates reflecting changes to best practice.
T. Besley, M. Dewatripont and S. Guriev (2010), “Transition and transition impact: A review of the concept and implications for the EBRD”, introduces the development economics rationale for the transition impact concept.
Project assessment and monitoring
The Impact team supports the fulfilment of the Bank’s transition impact mandate by analysing the results of EBRD investments. The team assesses the expected impact of all transactions and assigns a quantitative rating. It also examines the additionality that is provided by the Bank’s participation, as well as looking at whether the use of blended concessional finance is in line with internal guidelines. The Impact team monitors projects over time, tracking the impact that is delivered and comparing it with initial expectations.
Transition performance and impact reporting
The Impact team analyses operations before, during and after implementation, assessing their impact against the relevant objectives in the Bank’s scorecard. Staff compile, process and analyse results, performance data and qualitative information, reporting on them both internally and externally. This occurs via quarterly performance reviews (internal), strategy delivery reviews (internal), country results snapshots (external) and, from 2025 onwards, an external report on the impact of the EBRD’s activities.
Our monitoring and reporting system is aligned with various international best practices and standards, including the Harmonized Indicators for Private Sector Operations (HIPSO), the Global Impact Investing Network’s IRIS+ system and the Operating Principles for Impact Management. Relevant indicators are also aligned with the United Nations’ Sustainable Development Goals (SDGs).
Impact assessment and foresight analysis
The primary objective of this function is to capture and disseminate useful information across the EBRD. The scope of this work is driven by a rolling two-year work programme that is based on internal stakeholders’ demand for knowledge. Knowledge is generated mainly through backward-looking thematic assessments and forward-looking foresight analysis (such as the “Impact Horizon” papers produced by the team). These analytical products are complemented by lessons learned during the monitoring of projects and are informed by summary project assessments prepared by the Portfolio Banking team. As part of this function, the Impact team also acts as a point of contact for the Independent Evaluation Department on evaluation matters.
Impact management at the Bank also includes the delivery of knowledge management activities related to the improvement of learning and outreach on impact. This includes the strengthening of established knowledge management products such as the EBRD Impact Academy for the economies where we invest, internal communities of practice and donor-supported knowledge-sharing programmes. It also involves developing new tools and products to improve the collection, processing, use and dissemination of knowledge (both internally and externally).The team liaises with various external stakeholders (development organisations, international financial institutions and specialist knowledge providers) in order to build partnerships, share knowledge and adopt best practices in relation to impact, result/knowledge management and blended finance. Some of the output produced by this work is available below:
P. Carter, R. Davies, U. Marengo, L. Ciari, A. Maffioli and D. Strusani (2025), “Driving market-level changes in impact investing: Steps for investors and a call to action”, British International Investment discussion paper
A. Kolev and T. Randall (2024), “The effect of uncertainty on investment: Evidence from EU survey data”, European Investment Bank Working Paper 2024/02, April
B. Nemeh, U. Marengo and L. Ciari (2024), “Market effects in development finance’s impact assessment”, European University Institute policy paper