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Evaluation of IDB Lab: Strategic Relevance

This report presents the findings of the first phase of an evaluation of IDB Lab, which until 2018 was known as the Multilateral Investment Fund (MIF). The mandate for this independent evaluation stems from the second capital replenishment of the MIF (MIF III), which was approved by MIF Donors in April 2017 and became effective in March 2019. The Agreement Establishing the MIF III lays out the expected functions of the Fund and establishes that, any time after the first anniversary of the MIF III, IDB's Office of Evaluation and Oversight (OVE) is to conduct an independent evaluation to: i. Review MIF results in light of the purpose and functions of the MIF III Agreement; ii. Assess MIF operations for relevance, effectiveness, efficiency, innovation, sustainability, and additionality; iii. Determine to what extent progress has been made on implementing the approved recommendations of OVE's 2013 evaluation of the MIF. Donors requested that OVE deliver an evaluation of IDB Lab in 2021 to inform discussions about the Lab's future and funding model. As a result, OVE included this evaluation in its 2020/2021 work program and developed an Approach Paper (Annex V) issued in October 2020. OVE is conducting the evaluation in two overlapping phases. The first phase, conducted from April 2020 to May 2021, evaluated the relevance of IDB Lab's mandate, strategic focus, and corporate setup. Its findings are presented in this report. A second phase of the evaluation, currently ongoing, evaluates IDB Lab operations. This is OVE's third independent corporate evaluation of the MIF requested by Donors.