In accordance with EV's Terms of Reference, operations are assessed using internationally accepted evaluation criteria and examining EIB value-added and management of the project cycle.
Operations are rated on a 4 level scale that follows the Good practices of International Evaluation Groups. This scale has recently been updated from: 4 - Good, 3 - satisfactory, 2 - unsatisfactory, 1 - poor, to 4 - Excellent, 3 - Satisfactory, 2 - Partially unsatisfactory, 1 - Unsatisfactory, to better harmonise with the current practices of other multilateral banks associated within the ECG.
Evaluation process is regularly updated, taking into consideration changes in the activities of the EIB Group, new areas of analyses for EV and recommendations made by outside bodies.
Evaluation takes place during the later stages of the project’s cycle, normally 1.5 years to 3 years after completion, that is during the loan repayment period. For “programme or framework” loans, EV could consider an evaluation when a minimum of 50% of the sub-projects are completed. In exceptional cases, EV may carry out an evaluation already during project implementation.
Self-evaluation is handled by the Bank’s services; self-evaluation is reviewed by EV within the Evaluation process as defined below.