The 2024 Annual Report on the Independent Evaluation of IFAD (ARIE) is the twenty-second to be published by the Independent Office of Evaluation of IFAD (IOE). The report presents an overview of the performance of IFAD-supported operations, drawing from the evidence contained in IOE’s independent evaluations.

Project performance is derived from the ratings analysis of 297 projects completed and evaluated during the period 2013–2022. The analysis of non-lending activities in country programmes is derived from the 42 country strategy and programme evaluations conducted during the period 2014–2023.

The 2024 ARIE focuses on two themes: (1) the relationship between cofinancing and project performance; and (2) rural finance interventions.

For the first theme, the report finds that increased international cofinancing generally does not significantly change ratings, except for effectiveness and IFAD performance. Increasing domestic cofinancing beyond 60 per cent of total project financing reduced the ratings of all evaluation criteria except sustainability and environment and natural resource management, and climate change adaptation.

For the second theme, the report’s synthesis of recent IOE evaluations of rural finance interventions highlights that successful inclusive rural finance interventions require comprehensive yet realistic designs that align with government goals and integrate existing systems for better local ownership.