An Evaluation of the World Bank's Trust Fund Portfolio

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AcknowledgmentsThis report was prepared by a team led by Catherine Gwin. Other team members wereVictoria Elliott (consultant), John Eriksson (consultant), Nils Fostvedt (consultant), BrettLibresco, and Bowen Uhlenkamp. Support for individual country reviews was provided byconsultants Jumana Farah, Kris Hallberg, and Sylvia Saborio, and individual programreviews and other background information were provided by Anna Aghumian and MelvinVaz. The team received overall assistance from Yvette Jarencio and Yezena Yimer. Thereport was edited by William Hurlbut and Caroline McEuen.The report benefited from the advice of three external peer reviewers: Pius Bigirimana,Permanent Secretary, Office of the Prime Minister, Uganda; Alison Evans, Director,Overseas Development Institute; and Rino Schiavo-Campo, former manager in the IMF andthe World Bank.The evaluation was conducted under the supervision of Christopher Gerrard, LeadEvaluation Officer, IEGCC (Country, Corporate, and Global Evaluation), and the guidanceof Mark Sundberg, Manager, IEGPS (Public Sector Evaluation).Director-General, Evaluation: Vinod ThomasDirector, IEGPS: Cheryl GrayManager, IEGPS: Mark SundbergTask Manager: Catherine Gwiniv
ForewordIn the changing global environment of development cooperation, trust funds have emergedas a significant pillar of the global aid architecture, used to address limitations in bilateralaid and fill perceived gaps in the operations of existing multilateral institutions. Theycurrently account for about 11 percent of official development assistance (ODA), and theyfinance a substantial part of the World Bank's business. The activities they fund are highlyvaried, ranging from huge global programs with their own governance structures toconventional development projects, debt and disaster relief operations, and technicalassistance.This IEG evaluation, undertaken at the request of World Bank executive directors, assessesthe value of the trust fund vehicle as a way of delivering aid and the effectiveness andefficiency of the deployment of trust fund resources. In addition, the evaluation assesses theBank's management and accountability for the use of trust fund resources and the impact oftrust funds on the Bank's development role.The evaluation finds that donors, recipients, and the World Bank have considerableoverlapping interests in this vehicle, but their interests may diverge on specific issues suchas how trust fund allocation decisions are made and how trust funds are governed andmanaged. Furthermore, while trust funds can add value by providing coordinated grantfinancing for specific countries, development issues, and especially global public goods, thedeployment of trust fund resources does not consistently work in accordance with the ParisDeclaration aid principles of country ownership and donor coordination. Notably, manytrust funds of global scope involve insufficient recipient participation and lack clearoutcome objectives.Because trust funds help overcome limitations in bilateral aid, address operational gaps inthe existing multilateral system, and enable the Bank to enhance its development role, theBank should continue to accept them. But IEG recommends that the Bank and trust funddonors agree on a more strategic and disciplined approach to Bank acceptance andmanagement of these funds, as described further in this evaluation. In particular, the Bankshould strengthen its framework guiding the acceptance and management of FinancialIntermediary Funds—trust funds where the Bank does not have supervision or oversight ofthe use of resources, and which often pose greater reputational risks. For other trust funds, athree-pillar approach consisting of country-specific trust funds; global and regionalpartnership programs; and multidonor, multirecipient umbrella facilities would allow theBank to strengthen the effectiveness, efficiency, and accountability for results.Vinod ThomasDirector-General, Evaluationv
Page 2 and 3: The World Bank GroupWORKING FOR A W
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Page 6 and 7: CONTENTSAllocation of Trust Fund Re
Page 8 and 9: CONTENTSFigure 5.3 All Networks, Es
Page 12 and 13: SummaryAs development challenges ex
Page 14 and 15: SUMMARYchannels? In addition, the B
Page 16 and 17: SUMMARYinnovative development finan
Page 18 and 19: SUMMARYdonor funds in line with rec
Page 20 and 21: Management ResponseIntroductionMana
Page 22 and 23: MANAGEMENT RESPONSEplay at the leve
Page 24 and 25: MANAGEMENT RESPONSEattention needs
Page 26 and 27: MANAGEMENT ACTION RECORDMajor Monit
Page 28 and 29: Chairperson’s Summary:Informal Me
Page 31 and 32: 1. The Role of Trust Funds in theGl
Page 33 and 34: CHAPTER 1THE ROLE OF TRUST FUNDS IN
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Page 42 and 43: CHAPTER 2THE WORLD BANK’S TRUST F
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CHAPTER 3THE RELEVANCE AND EFFECTIV
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CHAPTER 4MANAGEMENT AND ACCOUNTABIL
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CHAPTER 5THE IMPACT OF TRUST FUNDS
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6. Findings and Recommendations6.1
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CHAPTER 6FINDINGS AND RECOMMENDATIO
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CHAPTER 6FINDINGS AND RECOMMENDATIO
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the evaluation, namely operational
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Appendix A: Methodology NoteCalcula
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Appendix B: Trust Fund Use in the E
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APPENDIX B: TRUST FUND USE IN THE E
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APPENDIX B: TRUST FUND USE IN THE E
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APPENDIX C: LIST OF INDIVIDUALS CON
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APPENDIX D: CORE TRUST FUND PORTFOL
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Appendix E: Trust-Funded FinancialI
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APPENDIX E: FINANCIAL INTERMEDIARY
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APPENDIX E: FINANCIAL INTERMEDIARY
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Appendix F: Reliance on Donor Funds
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APPENDIX F: RELIANCE ON DONOR FUNDS
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Appendix G: World Bank Operational
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Appendix H: Organizational Aspects
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Appendix I: Trust Fund Support for
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ENDNOTES3. Over fiscal 2002-10, the
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ENDNOTES31. Cited in a 2008 indepen
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SELECTED BIBLIOGRAPHYKharas, H. 200
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SELECTED BIBLIOGRAPHY____. 2010l.
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An Evaluation of the World Bank's Trust Fund Portfolio

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