Evaluation of the
Infrastructure Development
Fund
Final Report

Volume 3 - Annexes

April 2018

Study conducted by ADE

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ADE has been contracted to prepare this
report by the Ministry of Foreign Affairs.
The views expressed are those of ADE,
the consultant, and do not represent the official
views of the Netherlands’ Ministry of Foreign
Affairs.

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
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Table of Contents
MAIN REPORT IN VOLUME I
VOLUME II : CASE STUDIES
VOLUME III:
ANNEX 1: TERMS OF REFERENCE
ANNEX 2: LIST OF IDF OPERATIONS
ANNEX 3: OVERVIEW OF IDF PROJECT PROCESSING SYSTEM
ANNEX 4: LIST OF PEOPLE MET
ANNEX 5: BIBLIOGRAPHY

Final Report / Annexes

April 2018

Table of Contents

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
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Annex 1: Terms of Reference

Final Report

April 2018

Annex 1

Terms of Reference

Evaluation Infrastructure Development Fund

1.

Introduction

The Infrastructure Development Fund (hereafter the Fund/IDF) aims to support the
development and improvement of commercially viable infrastructure projects developed by
private investors with loans (often subordinated) and/or equity in developing countries. The
untied Fund was created in 2002, when the (tied-aid) program ORET got closed for
investments in least developed countries (LDCs). That year, the Directorate-General for
International Cooperation of the Dutch Ministry of Foreign Affairs provided a subsidy of €
182 million to the Netherlands Development Finance Company (Dutch acronym FMO) to set
up this revolving fund. The subsidy decision has been renewed in 2006 and again in 2013.
The current subsidy expires on December 31, 2018. By that time the Ministry will have
invested a total of € 362 million in the Fund.
In the subsidy decision it is stated that the Fund shall be evaluated externally before the
subsidy has expired. This external evaluation is additional to the regular annual reports and
the project impact evaluations of IDF projects that FMO commissioned since 2013 under the
new evaluation protocol. This note provides the Terms of Reference (ToR) for the
evaluation. The evaluation aims at analysing the contribution of the Fund to the provision of
infrastructure services in developing countries. The evaluation must assess the outcomes and
impact of projects that have been financed by the Fund and also determine the contribution
of the Fund to the goals stated in the subsidy decision. The results of this evaluation will be
used for decision-making on the future development of the Fund.

1

2.

Characteristics of the IDF

Background IDF
The Netherlands Development Finance Company (FMO) supports private sector
development in developing countries and emerging markets in Asia, Africa, Latin America
and Central and Eastern Europe. FMO does so by providing loans, participations, guarantees
and other investment promoting activities. The goal is to contribute to the structural and
sustainable development in these countries and, together with the private sector, obtain
healthy returns.
FMO can be split into two components, namely FMO-A and the “rijksfondsen”, the former
being FMO’s independently run operations while the latter are funds & operations that are
commissioned by the Dutch government and hosted by FMO. IDF falls in the latter category
of “rijksfonds”. Through the IDF, the Dutch Ministry of Foreign Affairs and FMO aim to
stimulate private investors to invest in private or public-private infrastructure projects in
developing countries.
It does so with the provision of risk capital, through which the IDF removes a definite risk
for other financiers and this should catalyse1 additional private funds. IDF can thus engage in
projects which are too risky for private parties (like FMO-A), and take on a portion of the
risk making the project accessible for other financiers. The Fund provides various forms of
long-term financing (tenors of up to 20 years) for infrastructure projects in eligible
developing countries:
1. (subordinated) loans (individual) up to 10% of the total Fund size;
2. equity investments (individual) up to the lesser of 10% of the total Fund size or 49%
of the total transaction size;
3. convertible grants (also known as “development equity”) for
a. projects that are normally covered by the public sector, but which, due to a
shortage of funds, cannot be taken up;
b. non-commercial elements of projects that are financed by FMO (i.e. capacity
development);
c. the development and/or feasibility stage of infrastructure projects which in
principle qualify for financing from the Fund.
Also feasible are investments in international or multilateral investment funds that in turn
facilitate infrastructure projects as defined by the Fund.
Portfolio IDF
The IDF consists out of investments spread across three regions (Africa, Asia and Latin
America & the Caribbean). The total amount of projects the Fund is involved with, of which
some are already completed, currently stands at 46, and many are in different sub-sectors
(i.e. energy, agriculture, water). As of December 31st, 2015 the total contracted value of the
portfolio amounted to € 521 million, while the disbursed value was € 370 million.
Over the course of time several amendments were made to the Fund, which influenced its
portfolio. For example, in 2010 the Fund was amended to no longer be exclusively focused
1

Note the distinction between catalyzing and mobilizing. Catalyzing does not include the mobilization
of financing of other DFIs; catalyzing thus really focuses on the private funds that were unlocked.

2

on investments in the LDCs; new (LMIC-)countries were added to the list of eligible
countries. In 2013, the Minister decided that all new investments in the energy sector should
be in renewable energy2, a broader focus of the fund on Agribusiness as well as that FMO
should actively search for partnering up with Dutch companies in financing or the
construction of IDF projects. On top of this, an additional € 110 million was added to the
Fund in 2013, of which €100 million was to be used for the purpose of making the Fund selfsustaining from 2018 onwards.
In order to be eligible for IDF support, a project has to fulfil the following criteria:
 be poverty reducing, with a focus on employment opportunities and involvement of
local private sector;
 be additional to local & international financial sources, and not be market distorting;
 have a catalysing effect by lowering barriers for other, commercial financiers;
 positively contribute to sustainable economic, ecologic and social development;
 contribute to applicability of good governance principles.
Results Chain IDF
The Results Chain for the IDF (Annex I) describes how according to FMO the Fund’s
investments (input) leads to bankable projects (first output level), and among others to
improved and / or more affordable infrastructure (second output level), leading to an
increased access to infrastructure (outcome). In turn, investments should contribute to the
Fund’s higher level objectives of induced economic growth, employment and income
generation, and ultimately poverty reduction (impact). With this Results Chain, the IDF also
contributes to the realization of the Sustainable Development Goals (previously the
Millennium Development Goals), which is a core component of the Ministry’s development
assistance policy.
The main aims of the Fund are defined as follows:
 Increased / improved availability of infrastructure in developing countries which are
financed and maintained at market competitive rates;
 A revolving3 and self-sustaining fund for new and improved privately run
infrastructure services.
o Although it was always an aim for the IDF to be revolving, the latest subsidy
decision envisioned that the Fund should be completely revolving from 2018
onwards (see also section 3);
 Catalyse private sector investments in infrastructure in developing countries;
 Tax effects: enhanced government revenue from and limited government subsidies
to infrastructure services;
 Enhanced employment;
 Involvement of Dutch companies in financing or construction of IDF projects;
2

As with all subsidies, exceptions can be made but only with prior approval by the minister.
For this evaluation, we define “revolving” for the IDF as follows: The IDF is revolving when the
Fund can operate independently (no extra funds from the MFA) through the use of its portfolio, while
maintaining an annual investment level of €50 million indefinitely. Note that the budget for technical
assistance/capacity development as well as monitoring & evaluation (both €5 million) within the IDF
are not included in terms of revolvability, as stipulated in the subsidy decision. The management fees
(“beheerskosten”) however do count when assessing the revolvability of the IDF.
3

3

o
3.

This aim was added in 2013.

Objectives, scope and design of the evaluation

Evaluation history of the Fund
Since the inception of the IDF a program evaluation (2008/2009), a midterm review (2012)
and several impact evaluations of individual transactions (from 2013 onwards) have been
undertaken. The program evaluation was conducted by IOB and SEOR in 2008/2009. This
evaluation focused on the additionality and development impact (in so far this was possible
to assess) of investments made between 2002 and 2007 and the management of the Fund by
FMO.
The mid-term review conducted by Carnegie Consult in 2012 focused on the financial
performance of the fund and the ability to continue as a revolving vehicle. An important
objective of this review was to determine the appropriate size of the Fund for it to become
self-sustainable/revolving in the long run (from 2018 onwards). Based on this review an
additional € 110 million was added to the Fund in 2013, of which € 100 million was to be
used for the purpose of revolvability. With this additional money the Fund was envisaged to
become revolving from 2018 onwards, based on a commitment level of € 50 million per
annum. However, note that this review was conducted before agriculture-themed projects
(which differ from “classical” infrastructure projects) were included in IDF’s investment
strategy. This might have made the conclusions of the earlier review less applicable to assess
the current revolving nature of IDF.
Objective of the evaluation
IDF has to be evaluated as per the subsidy decision as well as the regular evaluation cycle
used by the Ministry. This evaluation will look at the performance of the Fund and will
thereby provide a base for the Ministry to decide on the future of IDF post-2018 (the end of
the period covered by the current subsidy decision).
Scope of the evaluation
This evaluation covers the period 2002 – 2016. The evaluation can be seen as to consist out
of two parts. First of all, the evaluation will look at the performance of the Fund in terms of
investments made, outputs measured and their development impact. This will be the first
broad-scaled IDF evaluation to look at such results, seeing as the IDF only now has existed
long enough for a significant amount of its projects to be finalized, and thus be suitable for
an assessment of outcomes and impact. For this part, the evaluation will cover a sample of
all projects on which data is available (roughly period 2002-2014). Research question 1 is
related to this part.
Second of all, the evaluation will assess IDF’s business model, financial performance,
governance and management. This part of the evaluation mainly focuses on the IDF portfolio
in the years 2012-2016; this because the earlier midterm-review done by Carnegie Consult
has already investigated most of these topics in previous years. Research questions 2 to 6 are
related to this part, and will serve as a base to make a projection of the Fund’s future
(financial) position.

4

Research questions
1. RESULTS – How relevant and effective have the funded activities, and their
(expected) results, been to the Results Chain of the Fund? (Case studies - all years)
1.1. Portfolio - Which activities has FMO undertaken with the IDF, and how has
it progressed over the years (i.e. classification by region/sector)?
1.2. Outputs -What is the direct contribution of IDF projects in terms of:
i. Increased / improved availability of infrastructure
ii. Increased direct employment
iii. Strengthened institutional and contractual private/PPP frameworks
(if applicable)
1.3. Outcome - Do the projects contribute to the development of the private
sector? If yes, how (i.e. creation of indirect employment, demonstration
effects, better business climate etc.)?
1.4. Impact - To what extent have the projects contributed to poverty reduction
(i.e. through enhanced employment, tax effects and economic growth)?
2. ADDITIONALITY & CATALYTIC EFFECTS - Do investments meet the
requirements of additionality and catalytic effects?(Entire portfolio in 2012-2016)
2.1. In what ways do the IDF investments have a sufficiently higher risk profile
than 'normal' FMO-A investments?
2.2. To what extent are IDF investments additional to commercial market parties,
FMO-A and other DFIs?
2.3. To what extent has IDF had a catalytic effect for FMO-A/other investors?
2.4. Have any investments been transferred/sold from IDF to either FMO-A or a
third party?
3. REVOLVING NATURE - Will the Fund be able to sustain itself after 2018? If yes, at
what level of annual commitments? (Entire portfolio in 2012-2016)
3.1. How (and why) has the portfolio changed between 2012 – 2016 in terms of
risk appetite and/or type of commitments, which influenced the revolving
nature of the fund (i.e. the inclusion of agricultural-themed projects),
compared to the situation before 2012 as described in the mid-term review by
Carnegie?
3.2. Where does the Fund currently stand in terms of revolvability? In addition,
what are the effects on the revolvability by the expected in- and outflows of
the Fund in the years to come (i.e. investments that are already planned in
future years), taking into account the expiry date of the current subsidy
(2018)?
3.3. What are the effects on the IDF by offering highly additional funding to the
revolving nature of the fund (i.e. a trade-off), if any?
4. SOCIAL & ENVIRONMENTAL - What is the effect of IDF projects on societies and
the environment, especially in large-scale forest or renewable energy (wind, hydro,
solar) projects? (Entire portfolio in all years)
4.1. In which (large scale) projects with medium to high risk for society and the
environment (IFC PS risk categories A to B+) did IDF invest in?
4.2. Have these high risk projects increased in number and/or size?

5

4.3. How did FMO manage the social and environmental risks of these projects
(IFC PS risk categories A to B+), especially with regard to local
communities?
4.4. Which lessons can be learned from these projects?
5. POLICY - To what extent have IDF activities been coherent with other Dutch policy
and activities in the framework of the Dutch aid, trade and investments policy
agenda?
5.1. What are the effects of the most recent amendments (2013) to the subsidy
decision on the involvement of Dutch companies in IDF projects (i.e. have
more Dutch companies been involved since this change?)?
5.2. What are the direct effects for the Dutch companies involved in IDF projects
(i.e. does the project meet the goal of the Dutch company?), and the indirect
effects for the Dutch economy, if any?
5.3. What are the linkages with the other infrastructure programs (ORIO, DRIVE
and Develop2Build (D2B)) from the Ministry?
5.4. Which options can be discerned for IDF after 2018 in the framework of the
aid, trade and investments agenda?
6. EFFICIENCY - How does FMO shape the management of the Fund
6.1. How has FMO shaped the Fund’s management?
6.2. Is this administration cost-efficient and timely?
6.3. Which factors contribute to the success of the Fund and which factors hinder
its effective utilisation?
4.

Methodology

The evaluation consists of a portfolio review and case studies. It will employ evaluation
methods such as record reviews, interviews, field visits and financial modelling. Annex II
gives a list of previous evaluations and useful reports that can be used, but should not be
seen as an exclusive list. Note that this list should be treated as confidential, and should not
be freely distributed. The following paragraphs also give some good examples per question
that can be used as inspiration.
The first main question is on the contribution of the Fund to the strengthening of the private
sector in developing countries, economic growth and (hence) poverty reduction. This first
question will use a multi-stage approach, starting with a review of IDF’s portfolio, and then
may use evaluations of FMO, FMO monitoring and evaluation reports4, impact studies from
other donors who also invested in projects in which IDF was involved (if available), (semi)annual reports and field work for several projects for an evaluation of the outputs, outcomes
and where possible impact. This field work is required in order to be able to answer these
questions; they are necessary in order to gather data/information on the
outputs/outcomes/impact of IDF projects.

4 Note that not many evaluations are available, because FMO started only in 2013 with conducting rigorous

impact assessments of projects (see Annex II).

6

The field visits will be selected on the basis of type of funding, regional distribution, size of
the project, nature of the investment, risk profile in terms of economic return & social and
environmental effects5 and should be a representative selection of IDF’s total portfolio. As it
stands now, it is envisaged that there will be around 4-5 projects (which are not already
currently evaluated by FMO) that will be assessed in this manner, but this is subject to
change if needed. The evaluation team will make a selection of projects that would be viable
for a field visit with the above criteria in mind, and present this selection in the inception
report. The evaluation team and the reference group together will then decide upon a final
selection at the discussion of the inception report.
A good example of previous evaluations which looked at outputs/outcomes/impact, and from
which this evaluation can find guidance, is the 2009 Evaluation from IOB and the 2015
IFHA-project evaluation (see Annex II)
The second main question focuses on the additionality and catalytic effects of the Fund.
These questions may be answered through an analysis of the project documents, client files,
internal evaluations by FMO, interviews with stakeholders and an analysis of the risk of
infrastructure projects in their respective countries.
An example of how to go about this question is the earlier 2012 mid-term review by
Carnegie Consult, which looked at a similar question in the years previous to 2012. Annex II
also refers to a document that details the recent agreement between FMO and the Ministry
regarding transfers from IDF to FMO-A/other parties.
The third main question deals with the revolvability of the Fund. This question will be
answered with the use of the financial records of 2012-2016 to establish the present state of
revolvability of the IDF. Next to this, by the means of a model, future projections of the
portfolio will be made based on certain key assumptions, so that different scenarios can be
analysed.
The 2012 mid-term review by Carnegie Consult looked at revolvability by means of a model,
and serves as a reference document.
The fourth main question deals with the management of social and environmental risks. To
answer this question an analysis will be made of the high risk projects (IFC PS categories A
to B+), and will look at FMO’s policies for dealing with the social and environmental risks
of its investments (i.e. has FPIC been used/compensation methods). It also looks at the
implementation of these policies both in terms of prevention as well as after an issue has
arisen.
The fifth main question will be answered on a descriptive basis based among other things on
the answers to questions 1 to 3, public documents about the other programs

5

The Access to Energy Fund (AEF), hosted by FMO, is also undergoing an evaluation. AEF and IDF have in

some cases participated in the same project. When selecting the countries/projects, care should be taken when a
project also has AEF-involvement, so that it is not going to be “double”-evaluated by both evaluations. The
reference group will stay in contact with its counterpart from the AEF regarding this matter.

7

(ORIO/DRIVE/D2B) and reviews of/interviews with Dutch companies involved in IDF
projects.
The sixth main question will be answered through analysis of the administrative organisation
of IDF (no. of employees, internal procedures, etc.) and based on interviews with relevant
stakeholders (whichever the evaluation team deems necessary and relevant), such as the
Ministry, FMO, clients and other DFI’s.
The evaluation of MASSIF (chapter 5), also a “rijksfonds” hosted by FMO, can serve as an
example in this case (see Annex II).

5.

Organization

Criteria for the contractor and evaluation team:
The contractor will be selected by Foreign Affairs in consultation with FMO in a public
tendering procedure using the new impact evaluation framework agreement of the Ministry.
The evaluation team has to meet the following criteria:
 knowledge of financing of infrastructure projects;
 knowledge of development cooperation;
 knowledge of and experience with the evaluation of development projects/field
visits;
 knowledge of (international) financial institutions;
 knowledge of private sector development in developing countries.
Full command of the English language is required. Next to this, knowledge of the French and
Spanish language might be beneficial if field visits are undertaken to certain cases.
The report will be written in English, as will official communication with the Ministry/FMO.
Principal of the evaluation
The Minister for Foreign Trade and Development Cooperation has provided 100% of the
funds for IDF. The Ministry of Foreign Affairs is therefore the client and funder of the
evaluation. DDE (the involved department within the Ministry) will supervise this evaluation
and chairs the reference group.
Reference group
A reference group, consisting of representatives of the Sustainable Economic Development
Department of the Ministry of Foreign Affairs (DDE), representatives of other MFA
departments (FEZ for financial expertise and IOB for evaluation expertise), a representative
from FMO and one external expert (IMVO expert), will guide the evaluation and evaluation
process (see Annex III for a complete list).

8

6.

Planning

The draft report should be finalized by July 2017.
What
When
Call for Expression of 22 September 2016
Interest
Expression of Interest by September
2016
(within 5 working
days)
Call for Concept note (if October 2016
more than 3 EoI’s are
received)
Concept note
October 2016 (5-10
days)
Consideration of Concept October 2016 (5
note
days)
Call for Full proposal
October 2016
Full proposal
November 2016
Choice of evaluation November/December
team
2016
Start evaluation/contract
December 2016
Inception rapport
End January 2017
Consideration inception February 2017
report
Draft of the Final report
July 2017
Consideration of the draft July 2017
Final report
August 2017
Approval
August 2017

7.

Budget

Maximum of EUR 300.000 excl. BTW

9

Whom
MFA
Parties within the MFA
evaluation framework
MFA

Parties
MFA
MFA
Parties
MFA
Evaluator
Evaluator
Reference group
Evaluator
Reference group
Evaluator
Reference group

Annex I: Theory of change Infrastructure Development Fund

10

Annex II: Overview previous evaluations and reports – documents available upon
request
-TREAT AS CONFIDENTIALEvaluations of IDF
 2009 – IOB Evaluation – Investing in infrastructure – Evaluation of the LDC
Infrastructure Fund (former name of IDF)
 2012 – Carnegie Consult – Review IDF
FMO’s impact/effectiveness evaluations (project based)
 2015 – The case of: Investment Fund for Health in Africa (IFHA), Tanzania and
Uganda – Effectiveness Study of FMO’s IDF – by GFA Consulting Group
 2016 – FMO-Socoprim Toll Bridge Abidjan, Côte d’Ivoire – Impact Evaluation – by
NORC at the University of Chicago (2 documents – still ongoing)
 2015 – Green Resources AS, Tanzania – Impact Evaluation -by Wageningen UR
(Still ongoing - Currently an evaluability report, a baseline report will become
available in September 2016)
 2015 – Summit Alliance Port, Bangladesh – Impact Evaluation – By NORC at the
University of Chicago (Still ongoing – Currently a ToR, an evaluability report will
become available in September 2016)
 2016 – Africa Improved Foods, Rwanda – Impact Evaluation – By CHAI (impact
evaluation on health) and Carnegie Consult & KIT (socioeconomic effects) (Still
ongoing – Currently a ToR)
Annual reports IDF
 IDF Annual reports 2009-2015
 LDC Infrastructure Fund (former name of IDF) Annual reports 2002-2008
Other
 2015 – Agreement covering transfers from Government Funds to FMO-A and
External Parties
 2015 - MASSIF Evaluation (2006-2014) – by Ecorys & Carnegie Consult

Annex III: Composition reference group for this evaluation

Name
Johan Veul (chair of the reference group)
Christopher Starmans (supervisor)
Peter Ploeger
Otto Genee
Miriam Valstar
Prof. Annelies Zoomers (external)

Organization
MFA/DDE
MFA/DDE
MFA/FEZ
MFA/IOB
FMO/Evaluation Unit
Utrecht University

11

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
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Annex 2: List of IDF operations

Final Report

April 2018

Annex 2

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
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#

Region
AFRICA
ASIA
AFRICA

Customer
ADDAX BIOENERGY SA
AES Haripur Private Ltd.
AFC- FMO PROJECT DEV

EQ
1

2013
2006
2006
2006
2008
2015
2016

AFRICA IMPROVED FOOD
AFRICA RAILWAYS LIMI
AFRICA RENEWABLE ENE
AFRICAN TIGER MUTUAL
AGORA - Ikatel
AGUAS EL CARMEN SOCI
AL MANARA WATER COMPANY LIMITED
ALDWYCH HOLDINGS LIM
ALTHELIA CLIMATE FUN
ARTERIAL TOLL ROADS
MTWARA GAS TO POWER PROJECT
AXIATA (BANGLADESH) LIMITED
AZURA EDO LIMITED
Bengaz
BUJAGALI ENERGY LIMI
Celtel International
CHANYANYA INFRASTRUC
THE CLEAN ENERGY DEV
Danper Trujillo S.A.C.
DFCU BANK LTD
Digicel, Unigestion
DLO HAITI INC.
DUTCH-BANGLA BANK LT
Ecogas Company Ltd
ENVIROFIT INTERNATIO
EOLO DE NICARAGUA S.
ESSEL-CLEAN SOLU HYD
EXCELLENT AFRICAN FO
FRV SOLAR HOLDINGS IX B.V./JORDAN
GREEN RESOURCES AS
Grofin East Africa Limited
Grown Energy Project
GUARANTCO LTD.
HOUSES FOR AFRICA HO
HYDROPENTA
Ignite Holding Company Inc.

1
1
1

ENERGY
ASIA
PRIVATE EQUITY
ENERGY
E&H ENERGY
ENERGY
AGRIBUSINESS
Energy - Africa
ENERGY
PRIVATE EQUITY
AFRICA
GLOBAL PARTNERS 2
AFRICA
ENERGY
Energy - Africa

AFRICA
AFRICA
AFRICA
AFRICA
AFRICA
LATIN AMERICA & THE CARIBBEAN
AFRICA
AFRICA
GLOBAL
AFRICA
AFRICA
ASIA
AFRICA
AFRICA
AFRICA
AFRICA
AFRICA
ASIA
LATIN AMERICA & THE CARIBBEAN
AFRICA
LATIN AMERICA & THE CARIBBEAN
LATIN AMERICA & THE CARIBBEAN
ASIA
AFRICA
GLOBAL
LATIN AMERICA & THE CARIBBEAN
ASIA
AFRICA
ASIA
AFRICA
AFRICA
AFRICA
AFRICA
AFRICA
LATIN AMERICA & THE CARIBBEAN
LATIN AMERICA & THE CARIBBEAN

40
41
42

2006
2008
2015

AFRICA
IMS ECA/ASIA

ASIA
AFRICA
ASIA

Imperial Hospital Ltd
INVESTMENT FUND FOR
IRRAWADDY TOWERS ASS

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44
45
46
47
48
49
50
51
52
53
54

2005
2004
2011
2015
2007
2008
2008
2006
2012
2010
2013
2016

ASIA
AFRICA
AFRICA
AFRICA
AFRICA
AFRICA
AFRICA
AFRICA
LATIN AMERICA & THE CARIBBEAN
ASIA
ASIA
AFRICA

Kabul Serena Hotel
Moma Titanium Minerals Project
KIVU WATT LIMITED
KTDA POWER COMPANY L
LILAYI HOUSING DEVELOPMENT
LINSTITUT SUPERIEUR DINFOMATIQUE ET
LUMWANA PROPERTY DEV
Lycee de la Jeunesse
MAQUILAGRO S.A.
MEKONG BRAHMAPUTRA C
MEKONG BUILDING MATE
Mercator Novus B.V.

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Servicing Unit
PRIVATE EQUITY
ENERGY
AGRIBUSINESS
PRIVATE EQUITY
PRIVATE EQUITY
E&H ENERGY
ENERGY
E&H ENERGY
ENERGY
PRIVATE EQUITY
GLOBAL PARTNERS 2
PRIVATE EQUITY
AFRICA
AFRICA
AFRICA
E&H ENERGY
ASIA
Agribusiness
FI AFRICA

E&H ENERGY
AGRIBUSINESS
AFRICA
AFRICA
AFRICA
A&DS LAC
PRIVATE EQUITY
SPECIAL OPERATIONS
IMS Africa-LAC

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1

April 2018

1
1

1

1
1
1
1
1
1
1
1

1
1
1

Total
financial Total per
instrument customer EUR
SECTOR
2
15.169.355 Energy
1
7.959.249 Energy
1
569.235 Energy
4.545.709 Agribusiness
3

Country Exp Risk
SIERRA LEONE
BANGLADESH
AFRICA

1
1
1
1
1
1
4
1
1
2
1
1
3
1
1
1
2
1
1
1
1
1
2
1
1
1
2
1
2
1
1
1
1
1
1

18.143.485 Transport
7.188.039 Energy
210.839 Energy
2.000.000 Financial
1.228.541 Energy
23.710.714 Water
11.474.400 Energy
14.674.097 Energy
342.384 Transport
22.623.419 Energy
19.343.655 Telecom
1.496.166 Energy
29.388.246 Oil & Gas
19.472.842 Energy
12.750.000 Telecom
396.385 Energy
4.300.482 Energy
4.719.207 Agribusiness
7.000.000 Financial
20.454.545 Telecom
850.099 Energy
10.000.000 Financial
1.348.186 Oil & Gas
2.749.644 Energy
9.082.996 Energy
10.268.206 Energy
7.225.434 Agribusiness
571.108 Energy

RWANDA
AFRICA
AFRICA
AFRICA
MALI
NICARAGUA
SUDAN
AFRICA
GLOBAL
AFRICA
TANZANIA
BANGLADESH
AFRICA
BENIN
UGANDA
AFRICA
ZAMBIA
NEPAL
PERU
UGANDA
HAITI
HAITI
BANGLADESH
SIERRA LEONE
GLOBAL
NICARAGUA
NEPAL
RWANDA
JORDAN

14.968.224 Agribusiness
2.272.727 Financial
1.190.013 Energy
25.558.501 Financial
9.705.346 Housing
1.833.097 Energy
1.790.030 Energy

AFRICA
AFRICA
MOZAMBIQUE
MAURITIUS
AFRICA
NICARAGUA
GUATEMALA

1
2
1

220.000 Social
10.006.992 Social
16.395.816 Telecom

1
3
1
1
1
1
1
1
1
1
1
1

4.223.508 Other
22.065.898 Mining
13.887.442 Energy
13.829.983 Agribusiness
4.517.192 Housing
535.096 Social
17.848.856 Housing
602.174 Social
961.423 Other
9.980.040 Financial
1.233.069 Housing
120.600 Other Infrastructure

BANGLADESH
AFRICA
MYANMAR (FORMERLY
BURMA)
AFGHANISTAN
MOZAMBIQUE
RWANDA
KENYA
ZAMBIA
BURKINA FASO
ZAMBIA
BURKINA FASO
LATIN AMERICA
ASIA
VIETNAM
ETHIOPIA

Annex 2 / Page 1

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

#
55
56
57
58
59
60
61
62
63
64
65
66

Year 1
2013
2003
2010
2009
2016
2010
2011
2016
2014
2006
2012
2015

Servicing Unit
PRIVATE EQUITY

PRIVATE EQUITY
AGRIBUSINESS

Region
GLOBAL
AFRICA
ASIA
AFRICA
AFRICA
ASIA
AFRICA
ASIA
ASIA
AFRICA
AFRICA
AFRICA

Customer
MORINGA S.C.A. SICAR
MSI
MTN AFGHANISTAN
NEDOIL LIMITED
New Forests (Rwanda) Ltd.
NEWCOM LLC
NICE INTERNATIONAL B
NMB BANK LTD NEPAL
OMERA PETROLEUM LIMI
OPTIMA WIRELESS INC.
PAN AFRICAN HOUSING
PLANTATIONS ET HUILE

67
68
69
70

2011
2012
2015
2016

E&H ENERGY
E&H ENERGY
ENERGY
Private Equity

LATIN AMERICA & THE CARIBBEAN
ASIA
GLOBAL
AFRICA

POLARIS ENERGY NICAR
RAJASTHAN SUN TECHNI
RESPONSABILITY ENERG
RIFT VALLEY RAILWAYS UGANDA LIMITED

71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95

2006
2006
2012
2012
2005
2007
2016
2003
2009
2005
2014
2015
2016
2006
2006
2016
2011
2012
2014
2015
2009
2007
2009
2009
2015

AFRICA
AFRICA
AFRICA
PRIVATE EQUITY
LATIN AMERICA & THE CARIBBEAN
E&H ENERGY
AFRICA
AFRICA
AFRICA
AFRICA
AFRICA
Energy - Africa
ASIA
AFRICA
E&H ENERGY
AFRICA
AFRICA
A&DS AGRIBUSINESS FOOD
AFRICA
WATER
ENERGY
ASIA
Energy - Africa
ASIA
ASIA
ASIA
ASIA
IMS Africa-LAC
LATIN AMERICA & THE CARIBBEAN
E&H HOUSING
AFRICA
E&H ENERGY
ASIA
ENERGY
ASIA
AGRIBUSINESS
ASIA
E&H ENERGY
ASIA
ASIA
ASIA
E&H ENERGY
ASIA
FI ASIA
ASIA
AGRIBUSINESS
AFRICA

Ringroad Cotonou
ROUNDABOUT PLAYPUMPS
SANTA RITA INVESTMEN
SOCIETE CONCESSIONNA
Sotogaz
SOMALI TELECOM GROUP
Solu Hydropower Private Limited
Songas
SOTRACO
Spencon
SUCAFINA HOLDING S.A
SUMMIT ALLIANCE PORT
The Local Company for Water and Solar Projects PSC
TM International Bangladesh Ltd. A loan
TOURISM PROMOTION SERVICES
Transambiental S.A.S.
TRANSATLANTIC CITI-G
TROPICAL ASIA FOREST
UPC RENEWABLES ASIA
USHER AGRO LIMITED
VIETSTAR COMPANY
WWR BANGLADESH HOLDI
WWR BIO FERTILIZER L
XACBANK LLC
ZANZIBAR SUGAR FACTO

GLOBAL PARTNERS 2
E&H ENERGY
Energy - Africa
E&H ENERGY
E&H ENERGY
Private Equity
ENERGY

EQ
1
1

ME

GR

1
1
1
1
1
1
1

1
1

1
1
1
1
1
1
1
1
1
1
1

April 2018

1
1

1

1
1

1
1
1
1
1
1
1
1

1

1
1
1
1
1

1
1
1
1

1
1
1
1
1
1

1

31

Final Report

CL

Total
financial Total per
instrument customer EUR
SECTOR
1
7.400.730 Financial
1
11.938.873 Telecom
1
7.482.790 Telecom
1
350.000 Agribusiness
6.859.338 Energy
1
1
478.207 Energy
1
500.000 Energy
838.044 Financial
1
2
12.105.047 Energy
1
50.000 Telecom
1
5.661.232 Housing
15.111.966 Agribusiness
1

25

1
1
1
35

34

1
1
1
1

6.629.106 Energy
12.017.786 Energy
6.737.206 Energy
65.805 Transport

Country Exp Risk
GLOBAL
AFRICA
AFGHANISTAN
SIERRA LEONE
RWANDA
MONGOLIA
AFRICA
NEPAL
BANGLADESH
NEDERLAND
AFRICA
CONGO, DEMOCRATIC
REPUBLIC OF THE
NICARAGUA
INDIA
GLOBAL
UGANDA

1
1
1
1
3
3
1
1
1
1
2
1
1
1
1
1
1
2
3
1
3
3
1
2
1

465.000 Other Infrastructure
913.000 Social
6.408.996 Energy
10.000.000 Transport
20.070.000 Oil & Gas
7.525.447 Telecom
10.250.000 Energy
13.490.926 Energy
170.000 Other
8.408.359 Transport
8.229.162 Agribusiness
18.540.459 Transport
4.087.442 Energy
18.000.000 Telecom
4.250.000 Other
13.472.247 Other Infrastructure
1.877.670 Housing
12.217.786 Energy
1.468.591 Energy
6.904.653 Agribusiness
7.590.461 Energy
2.097.357 Financial
3.899.999 Energy
2.213.907 Financial
10.515.247 Agribusiness

BENIN
MOZAMBIQUE
GUATEMALA
IVORY COAST
TOGO
SOMALIA
NEPAL
TANZANIA
BURKINA FASO
KENYA
AFRICA
BANGLADESH
JORDAN
BANGLADESH
AFGHANISTAN
COLOMBIA
NIGERIA
ASIA
INDONESIA
INDIA
VIETNAM
BANGLADESH
BANGLADESH
MONGOLIA
TANZANIA

125

752.295.533

Annex 2 / Page 2

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

Annex 3 – Overview of IDF project
processing system

Source: FMO, Investment Process, Project monitoring, Decision process and Decision making bodies
(Power Point)

Final Report

April 2018

Annex 3 / Page 1

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

Annex 4: List of persons met
NAME
De Haas Alwin
Strootman Rien
Genee Otto
Groen Martijn
Ploeger Peter
Starmans Christopher
Ten Brummelaar Maartje

STRUCTURE
CARNEGIE
CARNEGIE
MFA / IOB
MFA
MFA / FEZ
MFA / DDE
MFA

Arteaga Diana
Bakels Tony
Bibo Clem
Boersma Idsert
Brahma Tarun

FMO
FMO
FMO
FMO
FMO

Broekhuizen Linda
Bruggenkamp Ammarens
Canavezi Andrea
Cornelissen Huub
Court Erin

FMO
FMO
FMO
FMO
FMO

Daniels Sander
Fokke Wieger
Fortes Femke

FMO
FMO
FMO

Janssen George
Messie Roel
Minderhoud Arnold

FMO
FMO
FMO

Moens Darren
Mol Rogier
Naafs Cathalijn
Nijland Henk
Reinking Jaap
Schraven Jorim

FMO
FMO
FMO
FMO
FMO
FMO

Sewberath Misser Ramon

FMO

Smit Dave

FMO

Smolenska-Green Monika

FMO

Final Report

April 2018

POSITION
Consultant
Senior consultant
Infrastructure Unit
Supervisor
Senior Policy Officer Infrastructure
Special Operations Senior Investment
Officer - project Bengaz
Credit Manager
Project Songas
Director Funds
Investment Officer ADDAX
Deputy Chief Executive Officer (FMO new
strategy)
Project Robi Axiata
Intern
Director Credit/IMR, Director Energy
Environmental and Social Officer
Energy Portfolio Analyst -project Essel
Clean Solu
Project Guarantco
Senior Finance & Control Officer
Investment Officer Pan Africa Housing
Fund
Director Public Investment Management
Senior Investment Officer Zanzibar Sugar
Energy Investment Officer -project Essel
Clean Solu
Senior Officer
Investment Officer Omera Petroleum
Investment Officer Guarantco
Private Equity Director - project Digicel
Director Strategy Department
Portfolio Analyst IDF / AEF - Funds,
Syndications and Value Creation
Senior Investment Officer Dutch Bangla
Bank
Special Operations Investment Officer project Kenmare
Annex 4 / Page 1

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

NAME
Soonawala - de Hann
Leonie
Soshinksaya Mariya
Stavenuiter Stan
Ten Brummelaar Maartje
Tewari Robin
Valstar Miriam

STRUCTURE

POSITION

Senior Evaluation Officer Data Quality
Investment Officer Zanzibar Sugar
Senior Evaluation Officer
Senior Policy Officer Infrastructure
Finance et Control Officer
Evaluation Officer
Fund Manager - Public Investment
Van der Meij Rosemarijn
FMO
Management
Energy Senior Investment Officer - Project
Van Meeteren Bernhard
FMO
Songas and KivuWatt
Fund Manager - Public Investment
Van Oppen Floor
FMO
Management
Van Pallandt Frederik
FMO
Manager Energy Artumas Mtwara
Verlinde John
FMO
Risk & Finance Manager
Energy Senior Investment Officer - project
Voskuilen Robert
FMO
Eolo
Wesselius Diana
FMO
Manager Private Equity investments
Senior Investment Officer Dutch Bangla
Wienk Wim
FMO
Bank
Chief Executive Officer Guarantco
Lasitha Perera
GUARANTCO
Management Company Ltd.
BANGLADESH
Managing Director and Chief Executive
Abdul Kashem Md Shirin
DBBL
Officer
Ahmed Shikatura
DBBL
Senior Executive Officer
Eng Mahbub Jan Chowdury DBBL
Senior VP E&S
DBBL
Md Habib-A-Khoda
Executive Officer
Md Sayedul Hassan
DBBL
Deputy Managing Director
Mohammed Mesbahul Alam DBBL
Company Secretary
Muhammed Didarul Islam DBBL
Deputy Head of Risk Management Division
Pronab Kumar Roy
DBBL
Head of Risk Management Division
Senior Asst VP Credit Risk Management
Shahadat Ahmed
DBBL
Division
Fakir Fashion Ltd
Farik K Nahid
Managing Director
Fakir Fashion Ltd
GM (Accounts and Finance)
Md Habib Ahmed
Mohammad Zakir Hossain Fakir Fashion Ltd
Chief Financial Officer
Fakir Fashion Ltd
Quazi Mohiuddin
Chief Executive Officer
GM Dyeing and
Abdul Mannan
Printing Mills
Partner
GM Dyeing and
Md Zahirul Islam
Printing Mills
Partner
GM Dyeing and
Rokibul Hasan ACA
Printing Mills
Manager

Final Report

FMO
FMO
FMO
FMO
FMO
FMO

April 2018

Annex 4 / Page 2

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

NAME
Caetano Amurane
Dario
Eusebia
Gareth Clifton
Higino Jamisse
Ian Ellis
Johan Jacobs
Rama Coetze
Regina Macuacua
Samira Izidine

Candido Acacio Rangeiro
Elias Davai

Natuko Tibani
Olavo Alberto Diniasse
Alejandro Jimenez
Carolina Baltodano
Jaqueline Gazo
Kenya Navas
Leonel López
Maribel Pizzi
Oliver Narvaez
Rafael Bermudez
Catherine Gaelle
Marc Clissen
Baraka Nsemusa
David Chaudronnier
Elias Kilembe
Haruna Mchessu
Harussi Sadala

Final Report

STRUCTURE
POSITION
MOZAMBIQUE
Kenmare Moma Mine
HR and labour relations
Kenmare Moma Mine
Electrical plant
Kenmare Moma Mine
Jetty
Kenmare Moma Mine
Country Manager
Kenmare Moma Mine
Deputy Mine manager
Kenmare Moma Mine
Electrical plant
Kenmare Moma Mine
Health and safety
Kenmare Moma Mine
Mine superintendent
Kenmare Moma Mine
KMAD, CSR and community relations
Kenmare Moma Mine
Social and Environmental
Ministry of Mineral
Resources and Energy –
Deputy Director, Maputo
Nampula Regional
Office and Maputo
Ministry of Mineral
Resources and Energy –
Director (Nampula)
Nampula Regional
Office and Maputo
Mayor of Nathaka village (and also district
councillor)
Permanent secretary (number 2) Ladre
District Council
NICARAGUA
CMI Costa Rica
Financial Manager
Coordinator
of
the
Social
and
CMI Costa Rica
Environmental Department
School Pedro Joaquín Chamorro - Director
Community and Environment Coordinator Eolo
Nicaragua
Occupational Health and Safety Coordinator
Eolo
- Nicaragua
Eolo
Social consultant -Eolo
Eolo
Operations Manager - Nicaragua
Eolo
General Manager – Eolo Nicaragua
TANZANIA
Globeleq
ESG Associate Globeleq Cameroon
Globeleq Director of Operations and
Globeleq
Maintenance (Africa)
Mtawara Energy
Wentworth Resources Tanzania (WWT)
Mtawara Energy
Field manager M&P Mnazi Bay
Deputy managing director Maurel & Prom
Mtawara Energy
Tanzania
Mtawara Energy
Operations leader M&P Mnazi Bay
Mtawara Energy
Headmaster Msimbati Secondary School

April 2018

Annex 4 / Page 3

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

NAME

STRUCTURE

Mussa Mziya

Mtawara Energy

Neema Ndikumwami
Peter Gathercole
Reema Mnandowa

Mtawara Energy
Mtawara Energy
Mtawara Energy

David Jansson

Songas

Ndaganza Mzonya

Songas

Nicodemus Chipakapaka
Nigel Whittaker
Francis Bweigoge
Mzee Abdurabi Mjaka

Songas
Songas

Saeed

Final Report

April 2018

POSITION
Manager economics, Bank of Tanzania,
Mtwara
Consultant WWT - by phone
CSI Tanzania - by phone
HSE manager M&P Mnazi Bay
Operations and maintenance manager
Ubungo power plant
Deputy site operations manager Songo
Songo gas plant
Songas community relations manager
Songas Tanzania managing director
Clinical officer, clinic Songo Songo Island
Village elder Songo Songo Island
Headteacher secondary school Songo Songo
Island

Annex 4 / Page 4

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

Annex 5 : Bibliography
Author
Carnegie Consult

Title
Final Review Infrastucture Development Fund (July 2012)

Year
2012

Carnegie Consult

Evaluation 'Nederlandse Financieringsmaatschappij voor
Ontwikkelingslanden (FMO-A)

2014

Ecorys & Carnegie
Consult

MASSIF Evaluation, Financial inclusion in developing
countries, 2006-2014, Final report

2015

EPS Peaks

Development Impact of DFIs: What are their impacts and
how are they measured?

2015

Finance & Control and
Credit
FMO

Approach refinement Provisioning Policy
Evaluation Infrastructure Development Fund ToR

2015
2015

FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO

Agreement covering transfers from Government Funds to
FMO-A and External Parties
Annual accounts 2003
Annual accounts 2004
Annual accounts 2005
Annual accounts 2006
Annual Evaluation Report 2006/2007
Annual Evaluation Report 2007/2008
Annual Evaluation Report 2008/2009
Annual Evaluation Report 2009/2010
Annual report 2003
Annual report 2004
Annual report 2005
Annual report 2006
Annual report 2012
Annual report 2013
Annual report 2014
Annual report 2015
Annual report 2016
Annual report and accounts 2007
Annual report and accounts 2008
Annual report and accounts 2009
Annual report and accounts 2010
Annual report and accounts 2011
Annual Sector Evaluation 2015 - Energy

2015
2003
2004
2005
2006
2007
2008
2009
2010
2003
2004
2005
2006
2011
2012
2013
2015
2016
2007
2008
2009
2010
2014
2015

FMO
FMO
FMO
FMO

Compliance with articles 88-95 of the Captial requirements
directive (CRD IV)
Environmental and Social Policy (old)
ESG TOOLKIT
Annual Evaluation Report 2010/2011

Final Report

April 2018

2016
2013
2011

Annex 5 / Page 1

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

Author
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO
FMO

Title
Annual Evaluation Report 2011/2012
Annual Evaluation Report 2012/2013
Fact sheet FMO and private finance for development
FMO Development Impact Report 2013/14
FMO Position Statement Tax policy
FMO's position on tax base erosion and profit shifting
IDF Quantitative Indicators Results and Forecasts 2010
IDF Streamlining reporting of impact results (Powerpoint)
Impact Card Manual Corporates
Impact Card Manual Private Equity Funds
Impact Card Manual Project Finance
Impact Evaluation Africa Improved Foods, East Africa
Impact Indicator Framework (Powerpoint)
Increase of IDF QI forecast revised including indicators
Interim report 2011
Interim report 2012
Interim report 2013
Interim report 2014
Interim report 2015
Interim report 2016
Interim report 2017

Year
2012
2013
N/A
2014
2016
2016
2010
2016
2016
2016
2016
2016
2016
2013
2011
2012
2013
2014
2015
2016
2017

FMO
FMO
FMO
FMO
FMO
FMO

Investment Process, Project monitoring, Decision process
and Decision making bodies (PPT)
Manual Equity Valuation
Paving the way to prosperity over a decade of the IDF
Request Indicator Set for IDF
Sustainability report 2004
Sustainability report 2005

2017
2016
2014
2015
2005
2005

FMO
FMO, IOB and DGIS
GFA Consulting Group
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF

Final Report

ToR Impact Evaluation Africa Improved Foods, East Africa
2016
Mid-term review of program implementation,
IOB/DGIS/FMO
Effectiveness Study of FMO's Infrastructure Development
Fund Final Report 2015
Activity Plan 2008
Activity Plan 2009
Activity Plan 2010
Activity Plan 2011
Activity Plan 2012
Activity Plan 2013
Activity Plan 2014
Activity Plan 2015
Activity Plan 2016
Activity Plan 2017

April 2018

2016
2015
2015
2008
2009
2010
2011
2012
2013
2013
2015
2016
2017

Annex 5 / Page 2

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

Author
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
Final Report

Title
Activity Plan 2018
Annual report 2002
Annual report 2003
Annual report 2004
Annual report 2005
Annual report 2006
Annual report 2007
Annual report 2008
Annual report 2009
Annual report 2010
Annual report 2011
Annual report 2012
Annual report 2013
Annual report 2014
Annual report 2015
Annual report 2016
Beg. brief Kwartaalrapportage IDF 2012
Clarification Liquidity report Q1 2007
Clarification Liquidity report Q2 2007
Clarification Liquidity report Q3 2007
Explanation Liquidity report Q1 2008
Explanation Liquidity report Q1 2009
Explanation Liquidity report Q1 2010
Explanation Liquidity report Q1 2011
Explanation Liquidity report Q2 2008
Explanation Liquidity report Q2 2009
Explanation Liquidity report Q2 2010
Explanation Liquidity report Q3 2008
Explanation Liquidity report Q3 2009
Explanation Liquidity report Q3 2010
Explanation Liquidity report Q3 2011
Explanation Liquidity report Q4 2009
Liquidity report Q1 2014
Liquidity report Q2 2012
Liquidity report Q2 2014
Liquidity report Q3 2012
Liquidity report Q4 2012
Management summary Q1 2015
Management summary Q2 2015
Management summary Q3 2015
Management summary Q4 2015
Quartely report Q1 2016
Quartely report Q2 2016
Quartely report Q3 2016
April 2018

Year
2018
2003
2004
2005
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2012
2007
2007
2007
2008
2009
2010
2011
2008
2009
2010
2008
2009
2010
2011
2009
2014
2012
2014
2012
2013
2015
2015
2015
2016
2016
2016
2016
Annex 5 / Page 3

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

Author
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
IDF
Indevelopement
IOB
IOB
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)

Final Report

Title
Quartely report Q4 2016
Quartely report Q1 2017
Quartely report Q2 2017
Quartely report Q3 2017
Summary management Q1 2013
Summary management Q3 2013
Summary management Q3 2014
Summary management Q4 2013
Summary management Q4 2014
Financing Infrastructure 2005
Evaluation of the LDC Infrastructure Fund (2002-2007)
Evaluation of the LDC Infrastructure Fund (2002-2007)

Year
2016
2017
2017
2017
2013
2013
2014
2014
2015
2005
2008
2009

IDF New Beschikking with Annexes DDE 2010

2010

A new Agenda for Aid, Trade & Investment

2013

Addendum subsidie IDF 2012

2012

Beschikking IDF 2013

2013

Beschikking MOL 2006

2006

Beschikking with Annexes 2002

2002

Brief Addendum beschikking LDC DDE

2009

DGIS Letter New Beschikking DDE

2010

Goedkeuring aanpassing IDF indicatoren

2015

ink. brf MinBuza goedkeuring aanpassing IDF indicatoren

2015

Letter to the House of Representatives on a new instrument
for infrastructure development

2014

Protocol to accomplish the intended results and evaluability
in PSD 2011

2011

April 2018

Annex 5 / Page 4

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

Author
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Ministerie van
Buitenlandse Zaken
(MFA)
Netherlands Entreprise
Agency
Netherlands Entreprise
Agency
Netherlands Entreprise
Agency

Title

Year

Result measurement and evaluability in PSD

2011

Unofficial translation disclaimer of the Dutch policy rules

2015

Wijziging subsidiebeschikking IDF

2013

Develop2Build Factsheet

2015

Develop2Build strategic plan for 2016

2016

DRIVE Factsheet

2015

NORC at the University
of Chicago

FMO Socoprim Toll Bridge Impact Evaluation Abidjan,
Côte d'Ivoire Baseline report

2015

NORC at the University
of Chicago
Overseas Develoment
Institute
Overseas Develoment
Institute
SRQ
Wageningen UR
FMO
FMO
FMO
FMO
FMO

FMO Socoprim Toll Bridge Impact Evaluation Abidjan,
Côte d'Ivoire Preliminary Midline Memo
Comparing Developement Finance Institutions Literature
Review
The role of development finance institutions in tackling
global challenges
ESG TOOL Data
Evaluation assessment of investment by FMO in Green
Resouces AS
Agri sector strategy 2018-2025
Energy sector strategy 2018-2025
PE sector strategy 2018-2025
Sector strategies 2025 - Executive summaries
IDF strategy 2018-2025

FMO
FMO-IDF
FMO-IDF

AFC Development contribution agreement in regard of the
Development of the 44MW Ivoir Hydro Power Project
CIP Africa Improved Foods
FP Africa Improved Foods

Final Report

April 2018

2016
2011
2011

2015
2017
2017
2017
2017
2017
2015
2016
2014

Annex 5 / Page 5

EVALUATION OF THE INFRASTRUCTURE DEVELOPMENT FUND
ADE

Excel files received from FMO
File Name
170203 IDF portfolio including old investments
IDF 2007-2013 Loans movement schedule
IDF 2007-2013 Equity movement schedule
16 May 170426 grants overview 201612
26 April 170426 IDF grants overview 201612
FMO_New Portfolio 2002-2016
May 18 160115 IDF overview Grants per 2016 01
FMO_IDF Contracts 2002-2016
FMO_IDF Portfolio 2002-2016
Co-funding with FMO-A and other govt. funds
IDF NL business link
20170824 Project Size
IDF Portfolio (provisions) 2002-2016
Carnegie copy of 2012 06 15 Model IDF
Disbursement en repayment breakdown per client
IDF 1034 Fac Transactions
Loan Principal Cashflows Prospect
Loan Interest Cashflows Prospect
Liquidity Model Q3 2017 - IDF v1.1 Betaalverzoek
FMO-A vs IDF
Dashboard Portfolio Report Detailed (average deal throughout time)
IDF - FMO-A analysis (client and country ratings)

Reception
date
3/02/2017
24/04/2017
24/04/2017
26/04/2017
27/04/2017
4/05/2017
18/05/2017
19/05/2017
2/06/2017
9/08/2017
22/08/2017
24/08/2017
29/08/2017
30/08/2017
31/08/2017
12/09/2017
15/12/2017
15/12/2017
15/12/2017
15/12/2017
2/02/2018
13/02/2018

Final Report

Annex 5 / Page 6

April 2018