Results

Results from Evaluations undertaken during the reporting period

During the reporting period, three learning studies were conducted to assess program execution, partnership, and intervention effectiveness. These evaluations were conducted by the internal MEL Officer to capture lessons from our experience and generate practical insights to support adaptive management and continuous improvement. Summary of the key lessons and recommendations from each of these studies a described in the below sections.

Program execution evaluation

A review of the first year of implementing MMCP to identify lessons from our internal program execution. This was conducted between October and December 2024 using an After-Action-Review (AAR) methodology. Interviews were conducted with 17 internal program stakeholders from the PTA team, the MC project and front office sector departments to reflect on what went well and what can be improved across our processes, roles and responsibilities, decision-making and collaboration to improve the efficiency and effectiveness of the program.

The table below provides an overview of some of the key lessons and how these will be taken on board in the further execution of MMCP.

Table 8: Lessons learned on internal program execution and how we are intending to take these forward

TJ-FMO partnership evaluation

This evaluation covered the first year of the TJ-FMO partnership in implementing MMCP. This was conducted in November 2024 through a survey completed by 11 key partnership stakeholders, followed by a workshop with 11 core partnership members, facilitated independently, to jointly develop lessons and agreed on actions based on survey input.

The study focused on five key areas of the partnership to inform collaboration improvements:

• Pipeline: Interaction and collaboration on pipeline are effective, including with the broader organisation. Specific actions were agreed to improve efficiency and effectiveness of communications.

• The Joint Framework: Developing a joint ex-ante framework to support strategic pipeline development has facilitated more efficient identification of synergies, pipeline opportunities, and where both parties can add value. Going forward, efforts should focus on implementing this framework in practice, creating more joint frameworks, and continuously improving the efficiency of the process.

• Governance: The current pilot governance structure has shown improvements, particularly in process and communications. Future efforts should focus on enhancing strategic alignment and improving process efficiency.

• Fundraising: Key recommendations for future fundraising include establishing a clear TJ-FMO collaboration model and setting clear, realistic expectations.

• Building the structure for phase 2: Key lessons highlight the importance of aligning on strategic objectives before starting the creation process, and the need to be clear on roles.

ARIA learning review

The ARIA learning review assessed the program’s efficiency and effectiveness in its core focus areas: build, invest and learn. This review was conducted in December 2024 through analysing key documents and interviews with stakeholders. The purpose of the study was to identify success factors, challenges and recommendations to inform ARIA’s 2025 business planning. Several lessons and recommendations from this study can inform how we improve ARIA and other market creation efforts:

• ARIA is effective at accelerating near-term deal flow and investment in focus countries. Critical success factors driving this are ARIA’s local presence, connections and knowledge, alongside transaction expertise. ARIA is seen as a trusted and effective deal enabler for DFI deal teams in these markets where they do not have a strong local presence.

• Having internal champions within DFIs coupled with a well-aligned investment mandate are critical deal enablers.

• ARIA-led country visits significantly enhance DFI relationships, visibility and investment opportunities. Key is to tailor the scope of the event to the target outcomes and ensure the right people attend.

• Pre-investment TA is effective at unlocking investments that would otherwise not have been made. Securing DFI interest and input is a key driver of success but slows and limits use; DFIs don’t always have access to this type of funding or service.

• Ecosystem initiatives are most effective when they are closely aligned with DFI investment strategies and when DFI’ are actively involved in the collaboration with other stakeholders.

• There is a need to better clarify and communicate the concept of what it means to “build an ecosystem”, what the benefits of an ecosystems approach are for development finance, and how ARIA’s ecosystem building goals are relevant.

• Structuring DFI partnerships well is key in successful joint implementation. When managing interventions together with DFI partners that have different interest and criteria, it is important to have clear governance structures, scope, mandate and model in place.

Contribution to cross-cutting themes gender and climate change

• To monitor progress towards our gender and climate ambitions, we ‘tag’ projects that aim to positively contribute to gender, climate adaptation or climate mitigation. Aligned with the OECD DAC marker, a project qualifies for a tag if a principle or significant objectives of the project is to make a positive contribution towards gender, climate adaptation or climate mitigation objectives. The tag is used as an ex-ante tool to support impact assessment at project level, and to monitor and manage portfolio construction. Through ex-post MEL activities, we track the progress of tagged projects by collecting output data and assessing performance against intended objectives. Over time, this creates opportunity for deeper learning for example through thematic evaluations.

Table 9 below provides an overview of the tags provided so far, translating in 30% of our portfolio having received a climate tag and 30% a gender tag.

• Table 9: Overview of Tagging for Funded Interventions

Financial Progress, as of 31/12/2024

The financial progress report of MMCP is included in the financial report covering the Massif facility in its totality. Table 11 provides an overview of the existing and expected commitments per country. The commitments are based on signed contracts in 2024 with an estimated value per country. These estimates are subject to change and actual values per country will materialize when disbursements are made. For 2024 disbursement values per country are not included.

Table 11: MMCP existing and expected commitments per country

Note: all amounts stated in table above are in € x 1.000