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Brazil is going through an institutional transition in the provision of public services, which had historically been supplied by State monopolies. A core element in this process is been the creation of a new form of public sector institutions-regulatory agencies with operational and financial autonomy. In this paper we identify their most important decisions and provide detailed analysis of the economic and political context in which they have been taken. We then compare Brazil with some of its peers and argue that its regulatory performance has been rather satisfactory so far, although four main problems must be solved: a. clear governance inadequacies in the coordination between different bodies; b. unclear definition of their respective competencies; c. lack of regulatory sovereignty; and d. inadequacies in design of the new antitrust agency. "What are we doing in practice? Creating regulatory agencies, a new State. And when I say regulation, I mean a radicalization of democracy. Improved control deepens democracy"

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The 2022 Annual Report by the Office of Evaluation and Oversight (OVE), Contributions from Evaluation toward Improving the Bank's Development Effectiveness, highlights findings and lessons from the different evaluations and products conducted throughout the year. It also presents the scope of the work dedicated to evaluation capacity development (ECD), knowledge, and dissemination efforts. We also preview the 2023-2024 work program, approved by the Boards of Executive Directors of the Inter-American Development Bank (IDB) and IDB Invest.

This approach paper defines the objectives, scope, and methodology for the evaluation of IDB Invest by the Office of Evaluation and Oversight (OVE). 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 decision was accompanied by a US$2.03 billion capital increase for the IIC over a 10-year period (2016-2025). This process of consolidation and capitalization, known as the private sector merge-out, took effect on 1 January 2016. In 2017, OVE completed a midterm review of implementation of the private sector merge-out to identify emerging lessons that might be helpful in completing the merge-out. In November 2017, the IIC was rebranded as IDB Invest. At the request of the Boards of Executive Directors of the IDB and IDB Invest, this evaluation was included in OVE's 2021-2022 work program. The Busan Resolution set forth a “Renewed Vision” for promoting development through the private sector. This Renewed Vision provides a long-term framework (2016-2025) for IDB Invest and focuses on strengthening development effectiveness, development impact, and additionality of operations, as well as maximizing the efficient use of resources and synergies between the IDB Group's public and private sector activities. The merge-out was selected as the way to implement this Renewed Vision. The challenges posed by the COVID-19 health crisis, as well as current discussions on the need to pursue a new business model for the institution and its financial and operational implications, make this an ideal moment to take stock of lessons learned and provide input for future discussions at the corporate level. Against this backdrop, this evaluation seeks to report independently to the Boards of Executive Directors of the IDB and IDB Invest on the effectiveness of the implementation to date of the Renewed Vision that gave rise to the creation of IDB Invest. This evaluation will also use the findings of OVE's 2017 midterm review of implementation of the merge-out to further analyze areas that had not yet matured at that time (e.g., finance, operations management, development effectiveness, etc.). The evaluation will cover the period from January 2016 (when the merge-out took effect) to December 2021.