Evaluation ‘Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden’ (FMO-A)

March 2014

Contents List of abbreviations ......................................................................................................................... 4 Executive Summary .......................................................................................................................... 7 Acknowledgements ........................................................................................................................ 12

1.

2.

3.

Introduction .............................................................................................................................. 13 1.1.

Context FMO ..................................................................................................................... 13

1.2.

FMO’s Investment Mandate ............................................................................................... 13

1.3.

Goals and Limitations of the Evaluation.............................................................................. 14

1.4.

Structure of the Report ....................................................................................................... 14

Evaluation approach and methodology .................................................................................. 15 2.1

Interviews .......................................................................................................................... 15

2.2

Portfolio analysis................................................................................................................ 15

2.3

File analysis....................................................................................................................... 16

2.4

Desk research ................................................................................................................... 16

2.5

Benchmark ........................................................................................................................ 16

How does FMO combine its own financial sustainability with the development objectives? .. .................................................................................................................................................. 17 3.1

Overview of goals and targets ............................................................................................ 17

3.2

Analysis of Operationalization ............................................................................................ 20

3.2.1.

Development Returns................................................................................................. 20

3.2.2

Sustainability.................................................................................................................. 20

3.2.3

Additionality ................................................................................................................... 21

3.2.4

Catalyzing role ............................................................................................................... 24

3.2.5

Financial Returns ........................................................................................................... 24

3.3

Goals and the Agreement .................................................................................................. 25

3.4

Portfolio analysis................................................................................................................ 26

3.5

Selection process .......................................