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Since the creation of the facility, 22 projects for over US$500 million have been approved, and about half of the approved amounts have been either disbursed or cancelled. Therefore, the time is now ripe for taking stock of the PROCIDADES facility. In doing so, OVE's independent evaluation will not only validate the findings of the self-evaluation, but it will also address some new questions not raised there. For instance, the evaluation will look at the strategies to generate demand from the municipalities, the cost and benefits for the bank, and the importance of political cycles for the effectiveness of the projects. In general, the evaluation exercise has two overarching objectives: to assess PROCIDADES as a lending facility and evaluate the extent to which it achieved its objectives; and to analyze, to the extent possible, the impact on the municipalities benefiting from the program.
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