The governance frameworks of the two Climate Investment Funds provide that “an independent evaluation of the operations of the CTF [and SCF] will be carried out jointly after three years of operations by the independent evaluation departments of the MDBs." The five Independent Evaluation Departments (EvDs) of the MDBs have constituted a six-person Evaluation Oversight Committee (EOC) to oversee and manage this evaluation.
After extensive consultation, the EOC produced an Approach Paper detailing the Evaluation purpose, questions, and approach. The Approach Paper and budget were approved by the CIFs in September 2012. A consulting company, ICF International, was selected through a competitive process, and the Evaluation kicked off in November 2012.