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Evaluation of The Investment Fund for Developing Countries (IFU) 2004-2017

March 2019


The evaluation of the Investment Fund for Developing Countries (IFU) covers the period from 2004 to 2017. It assesses IFU at several levels: At organisational level, IFU’s statutory funds – the Danish Climate Investment Fund in particular, partner country level and project level on the basis of a representative sample of 50 in-depth case studies. Field work was undertaken in Kenya, China and Ukraine.

The evaluation was undertaken by Nordic Consulting Group and Carnegie Consult from April 2018 to March 2019.

Table of Contents

List of Abbreviations

Executive Summary

1 Introduction and background

2 Relevance and demand-driven versus policy-driven portfolio

3 Efficiency of the organisation and risk assessment

4 Financial and value additionality

5 Development outcomes and CSR performance

6 Financial outcomes

7 Conclusions and recommendations

The following annexes to the Evaluation Report can be downloaded as separate PDF files from evaluation.um.dk.

Annex 1: Terms of Reference

Annex 2: Evaluation methodology

Annex 3: Additional tables and figures

Annex 4: Overview of IFU instruments

Annex 5A: CSR performance per indicator

Annex 5B: List of case studies

Annex 6: List of documents reviewed

Annex 7: List of people interviewed

Ministry of Foreign Affairs of Denmark
Asiatisk Plads 2,
DK-1448 Copenhagen K
Phone: +45 33 92 00 00
Fax: +45 35 44 62 01


This page forms part of the publication "Evaluation of The Investment Fund for Developing Countries (IFU) 2004-2017 – March 2019" as the Frontpage.
Version no. 1.0, 2019-05-23
Publication may be found at the address http://www.netpublikationer.dk/um/evaluation_ifu_2004-2017/index.html