1. European Investment Bank Group
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Ex-Post Evaluation
at European Investment Bank
Presentation to the
European Parliament - CONT Committee Hearing on
EU funds in infrastructure and transport - effectiveness and problems
Ivory Yong-Prötzel
Head of Operations Evaluation Division
Brussels, 20 April 2016
European Investment Bank Group
European Investment Bank Group

2. The Inspectorate General
Inspector General (7)
Operations Evaluation (15)
Internal Audit (17)
Fraud Investigations (12)
Complaints Mechanism (11)
Created in 2005 to consolidate control and accountability functions
Is independent to carry out its missions
Is headed by the Inspector General
Has a total of approx staff positions
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European Investment Bank Group

3. The four functions in IG
Operations Evaluation (EV) carries out ex-post evaluations of EIB Group’s activities and ensures transparency among the EIB's governing bodies and interested outside parties
Internal Audit (IA) examines and evaluates the relevance and effectiveness of the Bank's internal control systems and procedures
Fraud Investigation (IN) investigates allegations of fraud or corruption within EIB Group
The Complaints Mechanism (CM) handles allegations of maladministration and ensures that complaints are handled objectively
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European Investment Bank Group

4. EV within the EIB Board of Governors Independent line of reporting
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EV within the EIB
Board of Governors
Independent line of reporting
Board of Directors
Management Committee IG
OC CO CS JU SG
OPS FC FI PJ RM
TMR EV CM IA IN
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European Investment Bank Group
European Investment Bank Group

5. European Investment Bank Group
What is evaluation?
A systematic and objective assessment of an on-going or completed project, programme or policy, its design, implementation and results. (OECD-DAC, 2010)
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European Investment Bank Group

6. Main purpose of Evaluation
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Main purpose of Evaluation
Operations Evaluation (EV) carries out independent evaluations of the EIB Group’s activities in order to
Improve accountability: EV assesses whether the activities have been in line with policy mandates and whether they have delivered as expected (“summative evaluation”)
Identify lessons: EV identifies possible areas of improvement to increase the Bank’s performance (“formative evaluation”)
The bank is accountable to: its shareholders; the European Parliament and Council; Civil Society; and EU citizens
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European Investment Bank Group
European Investment Bank Group

7. European Investment Bank Group
22/06/2018
Basis of evaluations
EV evaluates independently and systematically
Assesses against
Standard, internationally agreed, methodology and set of ethical principles
Stated objectives by using performance indicators and targets
Shares good practice with
EIB peers, e.g. EBRD, IMF, IADB, WBG
International professional societies, e.g. EES, AEA
Current Mandate approved by Board in 2009
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European Investment Bank Group
European Investment Bank Group

8. European Investment Bank Group
Key features
Thematic:
Sector (e.g. Transport, Urban development, Energy, ICT)
Financial product (e.g. Loans for SMEs, FWLs)
Mandate (e.g. JASPERS, RSFF)
Temporal scope: depends on thematic evaluation, typically 5 to 10 years
Geographical scope: EU or non-EU, sometimes a sub- region, generally not a country
Sample of projects evaluated within the scope, typically around 25
Assessment includes EIB strategies in the sector, organisation and any other factor affecting effectiveness
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European Investment Bank Group

9. Evaluation and (transport) projects
Projects are evaluated individually within the theme - but focus has moved from project-to-project to sector focus
307 projects evaluated ex-post during
41 in the transport sector – the most evaluated sector, (followed by manufacturing, energy and intermediated lending)
Transport is covered on several thematic evaluations (Climate Action, LGTT, Technical Assistance, Framework Loans, Urban Infra, …)
Most transport projects are satisfactory, some are excellent and few unsatisfactory
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European Investment Bank Group

10. European Investment Bank Group
Evaluation criteria
Relevance
Are objectives consistent with underlying EU policies and beneficiary needs?
Effectiveness
Has the operation or programme achieved its stated objective(s)?
Efficiency
Has the operation or programme converted its inputs into outcomes economically?
Sustainability
Does the operation or programme have continued long-term benefits and is it resilient to risk?
EIB/EIF contribution
What was EIB/EIF’s financial and technical contribution to the operation or programme?
Management of the project
How well was the operation or programme managed?
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European Investment Bank Group

11. Systematic on-site visits
Social housing in Poland
Cultural heritage in Cadiz
SID Loan for SMEs
Anti-flooding in Valle d’Aosta
Scrapyard, Ile-de-France
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European Investment Bank Group

12. European Investment Bank Group
Evaluation from
772 project evaluations and 54 thematic evaluations
covering 17 sectors of activity and 81 countries
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European Investment Bank Group

13. Reporting and follow up
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Reporting and follow up
Evaluation reports are widely discussed with relevant operational services and with management
Management must send thematic reports without change to the Board
After discussion by Board, EV thematic reports are published on EIB’s website:
All thematic evaluation reports contain recommendations
EV follows up quarterly how the EIB/EIF implement those recommendations and reports on progress to the Board twice a year
Two examples on key changes: physical monitoring (years ago) and use of outcome and impact indicators (recent)
Evaluations provide recommendations on how to improve the way it works. Provide examples of ways in which the Bank has change the way it work following recommendations from evaluations (e.g. physical monitoring in the past, outcome and impact indicators more recently)
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European Investment Bank Group
European Investment Bank Group

14. European Investment Bank Group
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Work programme
Established by EV in consultation with Directorates concerned
Discussed with MC and sent to Board for decision
If requested, EV also undertakes ad hoc evaluations or reviews
2013
Evaluation of intermediated lending to SMEs (EIB, EU)
End-evaluation of Risk Sharing Finance Facility (RSFF - EC mandate)
Evaluation of Investment Funds (EIB, ACP+FEMIP)
2014
Evaluation of Technical assistance activities (EIB, non-EU)
End-evaluation of Loan Guarantee for TEN-T (LGTT - EC mandate)
Synthesis paper on good practices re. four EC mandates (EIB+EIF, EU)
2015
Evaluation of Knowledge Economy support (EIB, EU)
Evaluation of Climate Action support (EIB, EU)
Stocktaking study of Microfinance activities (EIF, EU)
2016
Mid-term evaluation of EFSI (EIB+EIF, EU)
Mid-term evaluation of several EC mandates (EIB, EU and non-EU)
Evaluation of intermediated lending (EIB, ACP)
Evaluation of securitisation activities (EIF, EU)
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European Investment Bank Group
European Investment Bank Group

15. European Investment Bank Group
The team
Composed of a total 15 staff (incl admin support)
Aim is to balance evaluation experience gained outside the EIB Group with knowledge of Group business (ideally from several areas)
Often work with consultants to support EV team
However, EV retains total responsibility for each report (no disclaimer in case of consultants’ participation)
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European Investment Bank Group

16. Evaluation for a better Bank
Evaluation seen as a Bank-wide effort
We work for …
Evaluations to be embedded within the day-to-day activities of the Bank
Evaluations to ensure that the EIB Group is accountable for the past
Evaluations to identify lessons for the future
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European Investment Bank Group

17. Questions? Thanks for your attention
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European Investment Bank Group