1. Results measurement and impact assessment of blended finance
Georg Weiers and Nina Fenton
Thursday, February 2, 2017

2. Outline End of the day, it is all about results
Some results at the EIB
Results reporting
Why the focus on results
2. Measuring results together
The general concept
The EIB results measurement framework
Harmonizing approaches and indicators
3. Moving towards impact
Measuring Impact
Impact investmentImpact evaluation
Impact investment

3. Outline End of the day, it is all about results
Some results at the EIB
Results reporting
Why the focus on results
2. Measuring the results together
The general concept
The EIB results measurement framework
Harmonizing approaches and indicators
3. Moving towards impact
Measuring Impact
Impact investmentImpact evaluation
Impact investment

4. Some results at the EIB Some numbers for EIB results outside the EU.
SME
SMEs and mid-cap companies gain access to finance, supporting jobs
URBAN
passengers benefiting daily from improved urban and rail transport
DIGITAL
households connected to broadband
WATER
1.35 million households with improved water supply or sanitation
TRANSPORT
2.9 million hours a year travel time saved from new and improved roads
ENERGY
7.2 million households supplied by energy generated
WASTE
people benefiting from improved waste management
MICRO- FINANCE
EIB support will help microfinance institutions make 3 million loans to microenterprises
Expected results based on EIB operations with first signatures in 2015

5. Some results at the EIB Some stories for EIB results outside the EU.

6. Results reporting All have some form of results reporting.

7. Why the focus on results Results keep us accountable and ensure effectiveness.
Accountability: Are we contributing? How? How much? And in line with what we set out to achieve?
Improved accountability: Align resource allocation with external results rather than with internal inputs and activities. What did we achieve with our lending and investments ?
Increased transparency: outline connections between desired results and resources
Effectiveness: Are we focusing on the right areas? Are we addressing the right needs and priorities?
Improved effectiveness: Direct organizational focus towards achievement of actual results, beyond inputs and outputs.
Continuous learning: are we achieving expected results? If not; why not? How can we improve our projects in the future?

8. Outline End of the day, it is all about results
Some results at the EIB
Results reporting
Why the focus on results
2. Measuring the results together
The general concept
The EIB results measurement framework
Harmonizing approaches and indicators
Moving towards impact
Measuring Impact
Impact investmentImpact evaluation
Impact investment

9. The general concept The results chain.
IMPACT - Longer-Term Effect
Positive and negative long-term effects produced by the project directly or indirectly. Not necessarily attributable to the project outcomes (e.g. Decreased incidence of water-borne diseases in the community)
OUTCOME - Medium-Term Effect of the Output
Short term and medium term effects of the project. Uptake or use of the project after completion by beneficiaries (e.g. More households have access to tap water )
OUTPUT - Physical Result of Project Execution
Specific, direct deliverables of the project. These will provide the conditions necessary to achieve the outcome (e.g. Potable water)
INPUT
Financial, human, material resources used for the project (e.g. EIB loan to a water utility)
Impact
Outcome
Output
Input

10. The general concept Managing and measuring for results.
Why this operation?
At the outset, consistency with objectives and clear contribution to development priorities needs to be demonstrated .
Review results
If possible measure results again some time after to assess if it is sustained and used as intended.
What will it deliver?
Clear, sector-specific, standardised and objectively measurable indicators are identified. Baselines and expected expected outputs and outcomes of the project are identified.1
Has it delivered?
At project completion, what outputs and outcomes has it delivered and how do they compare to expectations?

11. The EIB results measurement framework The three pillars of the EIB ReM.
Impact
Pillar 1 – Contribution to EU policy
Outcome
Pillar 2 – Development outcomes
Output
Input
- Market alternative
Pillar 3 – Technical and Financial contribution

12. The EIB results measurement framework The three pillars of the ReM.
Impact
Pillar 1 – Contribution to EU policy
Consistency with EIB mandate objectives
Contribution to EU and country development priorities (logical results chain)
Outcome
Output
Input
- Market alternative

13. The EIB results measurement framework The three pillars of the ReM.
Impact
Pillar 2 – Development outcomes
Results (outputs, outcomes)
Soundness of project or intermediary and operating environment
Environmental and social sustainability
Financial and economic sustainability
Outcome
Output
Input
- Market alternative

14. The EIB results measurement framework The three pillars of the ReM.
Impact
Pillar 3 - Technical and Financial contribution
Financial Contribution (e.g. Extension of tenor, Match with Economic Life, Local currency funding)
Financial Facilitation (e.g. Innovative Financing, Attracting other private sector financiers, Raising standards)
Advice (Financial Advice & Structuring, Technical contribution & advice)
Outcome
Output
Input
- Market alternative

15. Harmonizing approaches and indicators Reducing the burden on our counterparts, and making aggregate reporting possible.

16. Harmonizing approaches and indicators Reducing the burden on our counterparts, and making aggregate reporting possible.

17. Outline End of the day, it is all about results
Some results at the EIB
Results reporting
Why the focus on results
2. Measuring the results together
The general concept
The EIB results measurement framework
Harmonizing approaches and indicators
3. Moving towards impact
Measuring Impact
Impact investmentImpact evaluation
Impact investment

18. Moving towards impact Measuring indirect effects.

19. Moving towards impact Measuring indirect effects.

20. Moving towards impact Impact evaluation
A range of techniques are available to address the challenge of attribution – not just randomized control trials
These can supplement results measurement: often costly, require advance planning, not suitable for all projects or questions, hard to generalize findings
Source: World Bank (2011); “Impact evaluation in practice”

21. Moving towards impact Impact investment
Enhance results frameworks to capture the superior development impacts that impact investments aim to achieve
EIB uses a ReM+ framework to go “further and deeper”
Further down the results chain
Deeper into the profile of final beneficiaries