An Evaluation of World Bank Investment Climate Activities

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Preface

The Investment Climate Study is a joint evaluation of the Operations Evaluation Department (covering the activities of IBRD/IDA), the Operations Evaluation Group (covering IFC), and the Operations Evaluation Unit (covering MIGA) . The combined findings are summarized in a separate Overview report. This report presents OED's evaluation of Bank activities. The OED report reviews the Bank's investment climate lending and non-lending activities during fiscal years 1993 through 2002-03 (the methodology is outlined in the Approach Paper of November 26, 2002).1 The report presents the collected findings of several evaluative exercises: a literature review; an analysis of investment climate themes in country assistance strategies and sector strategies; an analysis of lending operations as well as economic and sector work including survey-based diagnostic assessments; discussions with groups of international investors as well as with Bank staff; and client consultations and country case studies for five countries - Indonesia, Romania, India, Mozambique, and Peru. Separate reports on the literature review, the country case studies, and discussion groups are available upon request. Special thanks are due to the members of the advisory panel for the study, who provided unique perspectives and advice: • Roger Leeds, Professor at the School of Advanced International Studies of the Johns Hopkins University, and Director of the School's Center for International Business and Public Policy. • Beatriz Boza, former head of the regulatory body for competition policy in Peru (INDECOPI) as well as its investment promotion agency (PromPeru), and founding director of Ciudadanos al Dia, a non-profit organization that promotes transparency and good governance. • Herbert Oberhaensli, Chief Economist and Head of Economic and International Relations, Nestle Corporation. • John McMillan, Professor of Economics at the Stanford University Graduate School of Business, and Senior Fellow at the Stanford Institute of Policy Research.