Development Effectiveness at the IIC
As we work to maximize our development impact across communities and sectors, we adhere to rigorous standards to ensure the efficient and effective use of resources and the long-term sustainability of projects. Our focus on development effectiveness at each stage of our operations also allows us to learn what works best for development and to generate a unique value for our clients, partners, and beneficiaries in Latin America and the Caribbean.
“Doing the Right Things” and “Doing Things Right”
Our commitment to maximizing impact while using resources in an efficient and effective way is best summarized by the expression “doing the right things and doing things right.”
“Doing the right things” entails that the IIC prioritizes its resources well and effectively by selecting investments that have the highest potential impact in the region. This requires selecting clients and partners that share our commitment to development and improving lives throughout the region.
“Doing things right” implies designing projects that will deliver the intended impact. The IIC is committed to designing, managing, monitoring and evaluating projects to ensure that they eventually achieve their development goals. For this purpose, we are dedicated to supporting our clients throughout the entire transaction cycle. Together with our clients and partners, we are also committed to learn from our operational experience, both from our successes and failures.
Development effectiveness throughout the entire transaction cycle
Understanding the developmental impact of our projects is central to our work. For this reason, the IIC’s development effectiveness framework is designed to cover the entire project/transaction cycle.
At the entry, projects are designed to ensure:
- Alignment with our strategic priorities
- A clear logic that links the development challenges to the proposed solutions
- A proper quantification of the project’s expected results and an assessment of the project overall social and economic benefits
- A clear identification of the IIC value added
- Monitoring and evaluation arrangements that will allow to monitor and evaluate the project
During execution, the progress of each project in terms of its development results is monitored at least on a yearly basis. This allows us to continuously learn from projects’ execution and to support in those cases where results are not materializing as expected.
Finally, at closing, we evaluate our projects to identify their impacts and to take stock of all the knowledge generated throughout their execution. Based on these evaluations, we identify lessons and operational practices that feed back into the transaction cycle.