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The objective of the first Review of Development Effectiveness (RDE) in Multilateral Investment Guarantee Agency (MIGA) is to assess the development effectiveness of MIGA projects and services. It will also provide a baseline for future RDE reports. The report synthesizes the results from: evaluations of MIGA guarantee projects approved in FY96 through FY98; reviews of the ex-ante analysis of guarantee projects approved in FY04; and evaluations of technical assistance activities carried out in the FY98 to FY03 period. Operations Evaluation Unit (OEU) began evaluating guarantee projects in FY03 using the new methodology endorsed by the Committee on Development Effectiveness (CODE) for analyzing the development impact of guarantee projects. For this report, OEU evaluated nine mature guarantee projects from a randomly selected sample, including their consistency with safeguard policies. Significant changes have occurred in MIGA since May 2004. MIGA's management began revamping both the processes and criteria for approving new guarantee projects as this report was being prepared. While the project evaluations this report is based on come from the cohort of guarantees issued between FY96 and FY98, and the review of ex-ante development impact assessments sample consists of projects approved in FY04 before these changes occurred, the findings presented in this report can identify areas of improvement for future projects.
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