The report presents the findings of an evaluation of the EIB financing through global loans (GLs) in the Mediterranean Partner Countries. This type of financing amounted to EUR 2.02 bn for the region up to end 2003. Most of the lending has gone to Turkey (47%), Tunisia (18%), Israel (11%) and Morocco (11%). A sample of ten GLs from the operations signed in the period 1994-2003 has been evaluated in-depth. The main focus of the evaluation is the GL as a financial instrument, not the investments financed by the GL. The evaluation considers both the performance of the financial intermediaries (FIs) and of the EIB GLs against the standard evaluation criteria. In addition, the performance of the EIB itself has also been evaluated. This includes the financial value added provided by the EIB and the contribution of the EIB to development of the FIs, as well as the EIB management of the project cycle.