The EIB Results Measurement (ReM) Framework
The EIB is active in over 130 countries outside the EU, lending to projects to support EU external cooperation and development policies. In order to further strengthen its assessment, measurement and reporting on the results and impacts of its operations, the EIB has introduced the Results Measurement framework (ReM).
The ReM framework has been in operation since 2012. It improves the ex-ante assessment of expected project results and enhances the Bank's ability to report on actual results achieved. The ReM framework serves to show how EIB operations such as loans, equity participations and technical assistance generate outputs, enabling outcomes and leading, over time, to impacts which are in line with the Bank's mandate objectives. For example, the framework might track how a loan to a public water utility (input) increases the supply of safe drinking water (output), enabling more households to access safe water (outcome), leading to better public health in the community (impact). The intention is to better assess and be able to report on the Bank's contribution to mandate objectives by focusing on concrete results.
The ReM framework throughout the project cycle:
Step 1: Project identification and appraisal
- At the outset, clear, sector-specific, standardised and objectively measurable indicators are identified.
- Baselines and targets are set to capture expected outputs and outcomes of the project.
- Projects are rated according to three "pillars" – policy contribution; quality and soundness; and EIB contribution.
Step 2: Project implementation
Step 3: Performance against benchmarks set is monitored throughout a project's life, rated and reported at two major milestones.
- 1st ReM review: Project completion or end of allocation/investment period (for intermediated operations).
- 2nd ReM review: Project completion +3 years, or end of fund life (for microfinance and equity).
ReM for development effectiveness
The framework is designed to be flexible enough to reflect differences in regional economic and social environments, to align in the future with changing demands and to remain useful internally, as a learning tool.As far as possible, ReM indicators have been harmonised with those of other IFIs to simplify client reporting requirements for co-financed operations. In 2013, the EIB signed a memorandum of understanding with 25 other IFIs to harmonise 27 sector indicators, and the harmonisation of an additional 16 indicators is being finalised. We have also harmonised indicators with the European Commission within the framework of the EU “blending platform” for development projects that require a mix of grant and loan funding. Work is also ongoing to harmonise EIB monitoring frameworks for inside and outside the EU.