IFAD is the only international financial institution that measures the impact of its investments by systematically conducting impact assessments (IAs) on a sample of at least 15 per cent of projects closing during each replenishment period. Impact estimates on key indicators are aggregated and projected to the corporate level. For the Eleventh Replenishment of IFAD’s Resources (IFAD11), 24 out of 96 projects that closed between 2019 and 2021 were assessed, equivalent to 25 per cent. The sample covers US$3.1 billion in IFAD investments and represents an overall investment of US$7.1 billion (including cofinancing). The sample was selected following a protocol and a set of inclusion and exclusion criteria defined in the Development Effectiveness Framework, to ensure feasibility and rigour.

Estimates show that IFAD has exceeded all the targets set in the IFAD11 Results Management Framework, except for the nutrition target. These investments collectively improved the incomes (IFAD goal) of 77.4 million beneficiaries by at least 10 per cent, against the target of 44 million. In pursuance of strategic objective (SO) 1, the productive capacities of 62 million beneficiaries were improved against the target of 47 million, and the market access (SO2) of 64.4 million beneficiaries increased against a target of 46 million – in both cases, by at least 20 per cent. Around 38 million beneficiaries have seen their resilience (SO3) improve by at least 20 per cent. The target of 12 million people with improved nutrition (10 per cent or more) was not met. This is likely explained by the fact that projects assessed were designed before nutrition was mainstreamed.

In addition to measuring corporate level impacts, the IAs also provide a wealth of information that feed into future project designs and strategies. Four overall lessons from the IFAD11 IAs are summarized as follows. First, it is essential to invest in value chains and particularly in middle segments of agrifood systems (including processing, transformation and distribution) to maximize benefits. Benefits from increased production and productivity translate into better income and livelihoods when well-functioning value chains connect beneficiaries to markets. Second, to strengthen resilience more effectively it is key to distinguish between chronic and acute shocks and elaborate differentiated strategies. Availability of social capital and access to institutions, including credit, help achieve this objective. Third, food security does not translate automatically into improved nutrition unless the project has a specific comprehensive nutrition strategy. Fourth, women’s decision-making power increased due to IFAD interventions, but more focused interventions are needed for gender transformation. Mainstreaming nutrition and gender with a solid theory of change and ensuring that adequate resources are included at project design are key to achieving future progress.