An Evaluation of the World Bank's Trust Fund Portfolio

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CHAPTER 1THE ROLE OF TRUST FUNDS IN THE GLOBAL AID ARCHITECTUREDevelopment Goal (MDG) of universal primary education, to provideaid to Afghanistan, to support the implementation of the UNFramework Convention on Climate Change (UNFCCC), and tofinancially engineer funding for new vaccines and vaccine programsin developing countries.Figure 1.1 Trust Funds Amount to about 11 Percent of Total Aid from OECDMember Countries (CY07–08 Annual Average)Trust Funds($13.1b)11%Multilateral($32.4b)28%61%Bilateral($70.2b)Sources: OECD (2010), other OECD/DAC data, and data from the World Bank.Note: CY = calendar years.Trust fundsaccount forabout 11percent of totalofficialdevelopmentassistance, andthe Bank istrustee for abouthalf of the total.How significant are trust funds? While most donors do not reporttheir global contributions to them separately, this evaluation was ableto estimate that trust funds account for approximately 11 percent ofthe total official development assistance (ODA) of Organization forEconomic Co-operation and Development (OECD)/ DevelopmentAssistance Committee (DAC) member countries (as shown in figure1.1). This includes contributions to large global funds—such as theGlobal Fund to Fight AIDS, Tuberculosis, and Malaria and the GlobalEnvironmental Facility—as well as the many smaller trust fundsmanaged by the trustee organizations.3 This means that trust fundcontributions are larger than contributions to the InternationalDevelopment Association (IDA) and larger than the current bilateralprograms of two major aid donors—the Netherlands and the UnitedKingdom—combined. The World Bank is trustee of roughly half oftotal trust fund contributions.41.5 What are trust funds? They are vehicles for channeling aid fundsfrom governmental and nongovernmental donors to be administeredby a trustee organization such as the World Bank, United NationsDevelopment Programme (UNDP), or other multilateral organization.Trust funds are not programs, though they have often been labeled assuch. Rather they are dedicated sources of funding for programs and2
CHAPTER 1THE ROLE OF TRUST FUNDS IN THE GLOBAL AID ARCHITECTUREactivities agreed by the donor(s) and the trustee organization. Theactivities they finance range from huge global programs with theirown governance structures to conventional development projects andsupport to individual technical assistance advisers. 5 Error! Referencesource not found. illustrates the difference between trust funds andtrust-funded programs and identifies types of each.Table 1.1 Characteristics of Trust Funds and Trust-Funded ActivitiesDefinitionMain typesandcategoriesAssessmentcriteriaTrust fundsA source of funds; a financingvehicleMultidonor and single donorMultirecipient, single-recipient,and globalFinancial Intermediary Funds(FIFs) and non-FIFsAdditionality, relevance,effective and efficientdeployment, transparencyTrust-funded activitiesA development activity conducted by theBank or recipient that receives some or allits funding from a trust fundStudies, technical assistance, projectpreparation carried out by the Bank orrecipientsCountry investment projects and programsDebt relief and loan buy-downsGlobal and regional public goods programsand partnershipsDevelopment relevance, outputs, andoutcomesThe Evaluation1.6 This evaluation provides an opportunity to assess whatexperience shows about how effectively and efficiently trust fundsmobilize and deliver aid. It also allows for an assessment of thebenefits and costs of the varied uses of trust funds for recipients,donors, and trustee institutions. In making those assessments, theevaluation covers fiscal years 2002–10 (that is, the period for whichdetailed World Bank trust fund data are readily available). 61.7 The main evaluation questions are:What are the reasons for the use of trust funds as aninstrument of development finance from the perspective ofdonors, recipients, and the Bank? Do the uses of trust fundsprovide additional aid flows or only an additional aid vehicle?How has the World Bank trust fund portfolio evolved? Whatis its current size and what are its key features?How effective are trust funds as a vehicle for delivering aid?To what extent are trust funds and the activities they supportrelevant and aligned to the country and global priorities and3
Page 2 and 3: The World Bank GroupWORKING FOR A W
Page 4 and 5: ©2011 The Independent Evaluation G
Page 6 and 7: CONTENTSAllocation of Trust Fund Re
Page 8 and 9: CONTENTSFigure 5.3 All Networks, Es
Page 10 and 11: AcknowledgmentsThis report was prep
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: 1. The Role of Trust Funds in theGl
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Page 42 and 43: CHAPTER 2THE WORLD BANK’S TRUST F
Page 56 and 57: 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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