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ANNEX II Mid-term review and terms of reference for the evaluation of the EIB’s external mandate

The framework of the evaluation

It will include:

(a)

an evaluation of the EIB’s external financing activities. Parts of the evaluation will be conducted in cooperation with the EIB’s and the Commission’s evaluation departments;

(b)

an assessment of the wider impact of the EIB’s external lending on interaction with other international financial institutions and other sources of finance.

The evaluation will be supervised and managed by a steering committee comprising several ‘wise persons’ appointed by the EIB Board of Governors, an EIB representative and a Commission representative. The steering committee will be chaired by one such ‘wise person’.

The steering committee will be supported by the EIB’s and the Commission’s evaluation departments and by external experts. These external experts will be selected through a tender process managed by the Commission. The steering committee will be consulted on the terms of reference and on the criteria for the selection of the external experts. The costs of external experts will then be borne by the Commission and will be covered by the budget line dedicated to the provisioning of the Guarantee Fund.

The final evaluation report will be submitted by the steering committee, and will draw clear conclusions, based on the information gathered, to provide information necessary for the decision of the mid-term review as to whether to release the optional tranche for the remainder of the mandate and as to the regional distribution of any additional financing.