The midterm review (MTR) of the PFIP is part of a broader UNCDF initiative: the Special Projects Implementation Review Exercise (SPIRE). SPIRE aims at combining two levels of analysis: (i) reviewing programmes on the basis of their specific design and (ii) connecting them to the UNCDF corporate strategy as a basis for cross-country comparison.

The approach to the MTR— consistent with the SPIRE methodology –is to test the development theory underlying a programme against evidence of its implementation performance.

Overall, the review has focused on seven core evaluation questions based on the SPIRE inclusive finance (IF) evaluation matrix, including relevant sub-questions and indicators. It has been adjusted to reflect the specificity of the programme and incorporate the issues included in the original ToR for the review (the full Evaluation Matrix Annex 4).

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