Este resumen presenta los principales resultados de la validación 2021 del Sistema de Seguimiento de las Recomendaciones de las Evaluaciones del Grupo BID (ReTS).

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.

This evaluation reviews the experience of the Inter-American Development Bank Group (IDB Group) with using medium- and long-term guarantees to support its clients during the period 2005 to 2020. This is the first evaluation by the Office of Evaluation and Oversight (OVE) of the guarantee instrument - an instrument that has the potential to mobilize private resources and has been in the tool kit of the Inter-American Development Bank (IDB) since its establishment (see IDB, 1996). The evaluation is delivered at a time when the IDB Group and its borrowers are looking for innovative ways to mobilize additional financing to confront the consequences of the COVID-19 pandemic, to meet the Sustainable Development Goals, and to comply with the Paris Agreement. The From Billions to Trillions initiative prepared jointly by several multilateral development banks (MDBs) aims to mobilize private financing for these goals (AfDB et al., 2015). This evaluation examines the extent to which the IDB Group has used guarantees to mobilize private resources and identifies the main challenges to the use of long- and medium-term guarantees. The focus is on guarantees as an instrument, and thus the evaluation does not assess the outcomes of projects and programs financed using guarantees.

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