First Independent Evaluation Report to the IIC Board of Executive Directors

This report (IIC/RE-2) is OVE'S first independent ICC evaluation report. Its purpose is to verify the findings and ratings of sixteen early operating maturity projects that were self evaluated by the IIC between September 2001 and January 2002. Written as a desk study, without the benefit of field visits, the report is based on IIC's self evaluations, information from the Annual Supervision Reports, and independent data on borrowers' economic performance. OVE interviewed several of the investment officers and consulted closely with the officer who prepared the self-evaluation reports. This report is divided into four sections in addition to this Introduction: Methodology and Approach (Section II); Review of Self-Evaluation Reports (Section III); Emerging Issues (Section IV); and Conclusions and Proposed Action Plan for Self-Evaluation and Independent Evaluation in 2002 (Section V).