On 07 November 2013, as part of its engagement with its stakeholders, and following on from its roundtable on assessing and measuring development results for operations outside the EU (Results Measurement Framework) in December 2011, EIB held a roundtable event at its office in Brussels to hear views on how the Bank assesses the Value Added of its operations inside the EU.
As a result of the capital increase by the EIB shareholders in 2012, it was clear that more detailed information was needed to report on how the extra lending capacity of the EIB, primarily through the Growth & Employment Facility, would be used. This led to a revision of the Value Added (VA) assessment of the Bank’s operations in EU and Pre-Accession countries, and the 3 Pillar Assessment was implemented on 1 January 2013.
During the roundtable, EIB staff presented the 3 Pillar Assessment. This was followed by an open discussion which included the possible public disclosure of the framework, the impacts of the framework on project promoters including compliance costs, and how the data collected is used by the Member States. Participants and EIB staff also exchanged views on how the indicators were weighted with respect to the EU 2030 Framework and the weight of the climate change part of the evaluation, as well as how to monitor the implications of the Bank not financing a project i.e. could it still go ahead anyway?
The roundtable was attended by 20 external participants from civil society, business, academia and the media.
This revision of the VA, now called the 3 Pillar Assessment, is based on the following principles and objectives:
- An increased focus on sustainable growth and employment
- Assuring the contribution to EU/EIB objectives thus ensuring relevance at European level
- Assuring EIB participation is meaningful through the contribution it directly brings to the operations financed
- Monitoring of results to measure the wider effects and outcomes of EIB financing.
These overall objectives translate into three distinct pillars against which a project can be assessed:
- Pillar One - “Quality and Contribution of the project to Sustainable Growth and Employment”
- Pillar Two - “Contribution of the project to EU/EIB policy”
- Pillar Three - “Contribution of the EIB to the project”
An additional new element of the proposed revision is to improve the monitoring of results of projects. The 3 Pillar Assessment is complemented by core result indicators for all projects and sector specific monitoring indicators showing the expected outputs and outcomes for each project.