IOB Evaluation | no. 324 IOB Evaluation | no. The economic and social infrastructure of many least developed countries is severely inadequate or even non-existent. One reason for this is the difficulty in obtaining long-term capital for IOB Evaluation investment in infrastructure. That is why the Dutch Minister for Development Cooperation established the Least Developed Countries (LDC) Infrastructure Fund in 2002. The Fund, which is managed by the Netherlands Development Finance Company (FMO), aims to stimulate private investment in infrastructure in LDCs. This report presents the results of an evaluation of the Fund’s first five years. Investing in infrastructure Policy and Operations Evaluation Department | IOB Evaluations | no. 324 | July 2009 | Policy and Operations Evaluation Department | IOB Evaluations | no. 324 | July 2009 Policy and Operations Evaluation Department | IOB Evaluations | no. 324 | July 2009 | Policy and Operations Evaluation Department | IOB Evaluations | no. 324 | July 2009 | EvaluationEvidence of the fromLDC Infrastructure developing Fund countries Investing in infrastructure Published by: Ministry of Foreign Affairs of the Netherlands P.O.Box 20061 | 2500 eb The Hague | The Netherlands www.minbuza.nl © Ministry of Foreign Affairs of the Netherlands | July 2009 | OSDR/6642/E AbuDhabiAbujaAccraAddisAbebaAlgiersAlmatyAmmanAnkaraAntwerpenAsmaraAstanaAtheneBagdadBamakoBangkokBarcelonaBeiroetBelgradoBerlijnBernBoedapestBoekarestBogotáBrasiliaBratislavaBrusselBuenosAiresBujumburaCairoCanberraCaracasChicagoColomboCotonouDakarDamascusDarEsSalaamDenHaagDhakaDohaDublinDüsseldorfFrankfurt/MainGenèveGuangzhouGuatemalaHamburgHanoiHarareHavanna HelsinkiHoChiMinhStadHongkongIslamabadIstanboelJakartaJubaKaapstadKaboelKampalaKhartoemKievKigaliKinshasaKoeweitKopenhagenKualaLumpurLaPazLimaLissabonLjubljanaLondenLosAngelesLuandaLusakaLuxemburgMadridManaguaManillaMaputoMexicoMiamiMilaanMontevideoMontrealMoskouMumbaiMünchenMuscatNairobiNewDelhiNewYorkNicosiaOsaka/KobeOsloOawaOuagadougouParamariboParijsP ekingPortofSpainPraagPretoriaPristinaQuitoRabatRamallahRigaRioDeJaneiroRiyadRomeRomeSanJoséSana’aSantiagoSantoDomingoSaoPauloSarajevoSeoulShanghaiSingaporeSkopjeSoaSt.PetersburgStockholmStraatsburgSydneyTallinnTbilisiTeheranTelAvivTiranaTokioTorontoTripoliTunisValleaVancouverVaticaanstadVilniusWarschauWashingtonWellingtonWenenYaoundéZagrebAbuDhabiAbujaAccraAddisAbebaAlgiersAlma tyAmmanAnkaraAntwerpenAsmaraAstanaAtheneBagdadBamakoBangkokBarcelonaBeiroetBelgradoBerlijnBernBoedapestBoekarestBogotáBrasiliaBratislavaBrusselBuenosAiresBujumburaCairoCanberraCaracasChicagoColomboCotonouDakarDamascusDarEsSalaamDenHaagDhakaDohaDublinDüsseldorfFrankfurt/MainGenèveGuangzhouGuatemalaHamburgHanoiHarareHavannaHelsinkiHoChiMinhStadHongkongIslamabadI stanboelJakartaJubaKaapstadKaboelKampalaKhartoemKievKigaliKinshasaKoeweitKopenhagenKualaLumpurLaPazLimaLissabonLjubljanaLondenLosAngelesLuandaLusakaLuxemburgMadridManaguaManillaMaputoMexicoMiamiMilaanMontevideoMontrealMoskouMumbaiMünchenMuscatNairobiNewDelhiNewYorkNicosiaOsaka/KobeOsloOawaOuagadougouParamariboParijsPekingPortofSpainPraagPretoriaPristinaQuitoR abatRamallahRigaRioDeJaneiroRiyadRomeRomeSanJoséSana’aSantiagoSantoDomingoSaoPauloSarajevoSeoulShanghaiSingaporeSkopjeSoaSt.PetersburgStockholmStraatsburgSydneyTallinnTbilisiTeheranTelAvivTiranaTokioTorontoTripoliTunisValleaVancouverVaticaanstadVilniusWarschauWashingtonWellingtonWenenYaoundéZagrebAbuDhabiAbujaAccraAddisAbebaAlgiersAlmatyAmmanAnkaraAntwerpenAsmaraAstanaAth eneBagdadBamakoBangkokBarcelonaBeiroetBelgradoBerlijnBernBoedapestBoekarestBogotáBrasiliaBratislavaBrusselBuenosAiresBujumburaCairoCanberraCaracasChicagoColomboCotonouDakarDamascusDarEsSalaamDenHaagDhakaDohaDublinDüsseldorfFrankfurt/MainGenèveGuangzhouGuatemalaHamburgHanoiHarareHavannaHelsinkiHoChiMinhStadHongkongIslamabadIstanboelJakartaJubaKaapstadKaboelKampala KhartoemKievKigaliKinshasaKoeweitKopenhagenKualaLumpurLaPazLimaLissabonLjubljanaLondenLosAngelesLuandaLusakaLuxemburgMadridManaguaManillaMaputoMexicoMiamiMilaanMontevideoMontrealMoskouMumbaiMünchenMuscatNairobiNewDelhiNewYorkNicosiaOsaka/KobeOsloOawaOuagadougouParamariboParijsPekingPortofSpainPraagPretoriaPristinaQuitoRabatRamallahRigaRioDeJaneiroRiyadRomeR omeSanJoséSana’aSantiagoSantoDomingoSaoPauloSarajevoSeoulShanghaiSingaporeSkopjeSoaSt.PetersburgStockholmStraatsburgSydneyTallinnTbilisiTeheranTelAvivTiranaTokioTorontoTripoliTunisValleaVancouverVaticaanstadVilniusWarschauWashingtonWellingtonWenenYaoundéZagrebAbuDhabiAbujaAccraAddisAbebaAlgiersAlmatyAmmanAnkaraAntwerpenAsmaraAstanaAtheneBagdadBamakoBangkokBarcelonaBeiroe tBelgradoBerlijnBernBoedapestBoekarestBogotáBrasiliaBratislavaBrusselBuenosAiresBujumburaCairoCanberraCaracasChicagoColomboCotonouDakarDamascusDarEsSalaamDenHaagDhakaDohaDublinDüsseldorfFrankfurt/MainGenèveGuangzhouGuatemalaHamburgHanoiHarareHavannaHelsinkiHoChiMinhStadHongkongIslamabadIstanboelJakartaJubaKaapstadKaboelKampalaKhartoemKievKigaliKinshasaKoeweitKopenh agenKualaLumpurLaPazLimaLissabonLjubljanaLondenLosAngelesLuandaLusakaLuxemburgMadridManaguaManillaMaputoMexicoMiamiMilaanMontevideoMontrealMoskouMumbaiMünchenMuscatNairobiNewDelhiNewYorkNicosiaOsaka/KobeOsloOawaOuagadougouParamariboParijsPekingPortofSpainPraagPretoriaPristinaQuitoRabatRamallahRigaRioDeJaneiroRiyadRomeRomeSanJoséSana’aSantiagoSantoDomingoSa oPauloSarajevoSeoulShanghaiSingaporeSkopjeSoaSt.PetersburgStockholmStraatsburgSydneyTallinnTbilisiTeheranTelAvivTiranaTokioTorontoTripoliTunisValleaVancouverVaticaanstadVilniusWarschauWashingtonWellingtonWenenYaoundéZagrebAbuDhabiAbujaAccraAddisAbebaAlgiersAlmatyAmmanAnkaraAntwerpenAsmaraAstanaAtheneBagdadBamakoBangkokBarcelonaBeiroetBelgradoBerlijnBernBoedapestBoekarestBogo táBrasiliaBratislavaBrusselBuenosAiresBujumburaCairoCanberraCaracasChicagoColomboCotonouDakarDamascusDarEsSalaamDenHaagDhakaDohaDublinDüsseldorfFrankfurt/MainGenèveGuangzhouGuatemalaHamburgHanoiHarareHavannaHelsinkiHoChiMinhStadHongkongIslamabadIstanboelJakartaJubaKaapstadKaboelKampalaKhartoemKievKigaliKinshasaKoeweitKopenhagenKualaLumpurLaPazLimaLissabonLjubljan aLondenLosAngelesLuandaLusakaLuxemburgMadridManaguaManillaMaputoMexicoMiamiMilaanMontevideoMontrealMoskouMumbaiMünchenMuscatNairobiNewDelhiNewYorkNicosiaOsaka/KobeOsloOawaOuagadougouParamariboParijsPekingPortofSpainPraagPretoriaPristinaQuitoRabatRamallahRigaRioDeJaneiroRiyadRomeRomeSanJoséSana’aSantiagoSantoDomingoSaoPauloSarajevoSeoulShanghaiSingaporeSkopj eSoaSt.PetersburgStockholmStraatsburgSydneyTallinnTbilisiTeheranTelAvivTiranaTokioTorontoTripoliTunisValleaVancouverVaticaanstadVilniusWarschauWashingtonWellingtonWenenYaoundéZagrebAbuDhabiAbujaAccraAddisAbebaAlgiersAlmatyAmmanAnkaraAntwerpenAsmaraAstanaAtheneBagdadBamakoBangkokBarcelonaBeiroetBelgradoBerlijnBernBoedapestBoekarestBogotáBrasiliaBratislavaBrusselBuenosAiresBujum buraCairoCanberraCaracasChicagoColomboCotonouDakarDamascusDarEsSalaamDenHaagDhakaDohaDublinDüsseldorfFrankfurt/MainGenèveGuangzhouGuatemalaHamburgHanoiHarareHavannaHelsinkiHoChiMinhStadHongkongIslamabadIstanboelJakartaJubaKaapstadKaboelKampalaKhartoemKievKigaliKinshasaKoeweitKopenhagenKualaLumpurLaPazLimaLissabonLjubljanaLondenLosAngelesLuandaLusakaLuxembur gMadridManaguaManillaMaputoMexicoMiamiMilaanMontevideoMontrealMoskouMumbaiMünchenMuscatNairobiNewDelhiNewYorkNicosiaOsaka/KobeOsloOawaOuagadougouParamariboParijsPekingPortofSpainPraagPretoriaPristinaQuitoRabatRamallahRigaRioDeJaneiroRiyadRomeRomeSanJoséSana’aSantiagoSantoDomingoSaoPauloSarajevoSeoulShanghaiSingaporeSkopjeSoaSt.PetersburgStockholmStraatsburgSyd neyTallinnTbilisiTeheranTelAvivTiranaTokioTorontoTripoliTunisValleaVancouverVaticaanstadVilniusWarschauWashingtonWellingtonWenenYaoundéZagrebAbuDhabiAbujaAccraAddisAbebaAlgiersAlmatyAmmanAnkaraAntwerpenAsmaraAstanaAtheneBagdadBamakoBangkokBarcelonaBeiroetBelgradoBerlijnBernBoedapestBoekarestBogotáBrasiliaBratislavaBrusselBuenosAiresBujumburaCairoCanberraCaracasChicagoColombo CotonouDakarDamascusDarEsSalaamDenHaagDhakaDohaDublinDüsseldorfFrankfurt/MainGenèveGuangzhouGuatemalaHamburgHanoiHarareHavannaHelsinkiHoChiMinhStadHongkongIslamabadIstanboelJakartaJubaKaapstadKaboelKampalaKhartoemKievKigaliKinshasaKoeweitKopenhagenKualaLumpurLaPazLimaLissabonLjubljanaLondenLosAngelesLuandaLusakaLuxemburgMadridManaguaManillaMaputoMexicoMia miMilaanMontevideoMontrealMoskouMumbaiMünchenMuscatNairobiNewDelhiNewYorkNicosiaOsaka/KobeOsloOawaOuagadougouParamariboParijsPekingPortofSpainPraagPretoriaPristinaQuitoRabatRamallahRigaRioDeJaneiroRiyadRomeRomeSanJoséSana’aSantiagoSantoDomingoSaoPauloSarajevoSeoulShanghaiSingaporeSkopjeSoaSt.PetersburgStockholmStraatsburgSydneyTallinnTbilisiTeheranTelAvivTiranaTokioTo rontoTripoliTunisValleaVancouverVaticaanstadVilniusWarschauWashingtonWellingtonWenenYaoundéZagrebAbuDhabiAbujaAccraAddisAbebaAlgiersAlmatyAmmanAnkaraAntwerpenAsmaraAstanaAtheneBagdadBamakoBangkokBarcelonaBeiroetBelgradoBerlijnBernBoedapestBoekarestBogotáBrasiliaBratislavaBrusselBuenosAiresBujumburaCairoCanberraCaracasChicagoColomboCotonouDakarDamascusDarEsSalaamDenHa agDhakaDohaDublinDüsseldorfFrankfurt/MainGenèveGuangzhouGuatemalaHamburgHanoiHarareHavannaHelsinkiHoChiMinhStadHongkongIslamabadIstanboelJakartaJubaKaapstadKaboelKampalaKhartoemKievKigaliKinshasaKoeweitKopenhagenKualaLumpurLaPazLimaLissabonLjubljanaLondenLosAngelesLuandaLusakaLuxemburgMadridManaguaManillaMaputoMexicoMiamiMilaanMontevideoMontrealMoskouMumb aiMünchenMuscatNairobiNewDelhiNewYorkNicosiaOsaka/KobeOsloOawaOuagadougouParamariboParijsPekingPortofSpainPraagPretoriaPristinaQuitoRabatRamallahRigaRioDeJaneiroRiyadRomeRomeSanJoséSana’aSantiagoSantoDomingoSaoPauloSarajevoSeoulShanghaiSingaporeSkopjeSoaSt.PetersburgStockholmStraatsburgSydneyTallinnTbilisiTeheranTelAvivTiranaTokioTorontoTripoliTunisValleaVancouverVaticaanst