Evaluation of programme of develop secure bond markets

Genesis was appointed by the IFC to conduct an end-of-programme evaluation of the Efficient Securities Markets Institutional Development (ESMID) programme, a joint IFC and World Bank programme.

It was funded by the Swedish International Development Cooperation Agency (SIDA) and designed to develop well-functioning securities markets to finance priority sectors such as infrastructure, housing and microfinance. ESMID operates as a regional programme in East Africa, covering Kenya, Uganda, Tanzania and Rwanda, and in Nigeria.

ESMID adopts a comprehensive approach to bond-market development that links efforts to strengthen the enabling environment (regulatory framework, market infrastructure, market participants and regional integration) with supporting “demonstration” bond transactions that pave the way for more issues to come to market.

The purpose of the review was to inform key programme stakeholders on the intended and unintended outcomes and impacts of the programme's implementation and delivery, and to provide useful insights to guide future replication of the programme.

To this end Genesis reviewed programme activities, outcomes and the monitoring and evaluation framework for the programme. We interviewed market stakeholders in the focus countries to determine their views on the relevance, effectiveness, efficiency, impact and sustainability of ESMID's interventions in the market.

As a result of the recommendations made in the review, the project was extended to other markets.