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At the 2015 annual meeting in Busan, the Boards of Governors of the Inter-American Development Bank (IDB) and the Inter-American Investment Corporation (IIC) decided to consolidate the IDB Group's private-sector operations into the IIC. This process of consolidation and capitalization, known as the private sector merge-out, took effect on 1 January 2016. The Busan Resolution set forth a “Renewed Vision” for promoting development in the region through the private sector. This Renewed Vision provides a long-term framework (2016-2025) for IDB Invest and focuses on the objectives of: (i) strengthening effectiveness and additionality; (ii) maximizing synergies between the public and private sectors; and (iii) maximizing the efficient use of resources and ensuring long-term financial sustainability. This evaluation seeks to independently assess and report on the effectiveness of the implementation to date of the Renewed Vision, aimed at promoting development in the region through the private sector. Specifically, the general question that the evaluation aims to answer is the following: To what extent is IDB Invest on its way to achieving the end objectives set out in the Renewed Vision? To that end, the Office of Evaluation and Oversight (OVE) used a combination of complementary methods, including a review of strategic and corporate documents, financial and portfolio analyses, interviews and surveys, and documentary analyses of a sample of operations. This evaluation covers the 2016-2021 period and uses as reference the findings in OVE's 2017 midterm review of implementation of the merge-out to further analyze areas that had not yet matured at that time. The evaluation was also guided by a reference framework that linked the objectives of the Renewed Vision to the main activities and initiatives undertaken thus far to help achieve those objectives.
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