Systems of monitoring and evaluation of the financial development institution’s projects: an analytical review

In modern conditions, one of the most important issues in cooperation’ development with International financial institutions is an increasing the effectiveness of joint projects and programs. An urgent problem is the development and improvement of national norms and rules and their harmonization with European and world approaches (taking into account the chosen development vector) to prevent or reduce risks in the process of preparing, implementing, monitoring, managing and evaluating the effectiveness of such projects and programs.The paper explores approaches to monitoring and evaluating the effectiveness of financial development institutions’ projects, which actively contribute to the advance of society, including the achievement of Sustainable Development Goals, which were approved at the 2015 UN Summit. A critical analysis of the existing methodological and theoretical approaches proved the absence of a unified methodology for multi-criteria evaluation of the effectiveness of projects, implemented with the participation of financial development institutions.In particular, the authors focused attention and examined the following international methodologies, used in monitoring and evaluating the effectiveness of financial development institutions’ projects, namely: the Corporate-Policy Project Rating (CPR); DevelopmentEffectiveness Rating (DERa); the Dutch Impact Model Methodology (IMM), Success Criteria Model, Development Impact Model (DIM), the International Finance Corporation's valuation systems: Development Outcome Tracking System (DOTS) and The Anticipated Impact Measurement and Monitoring System (AIMM).It is noted, that approaches to monitoring and evaluating the financial development institutions’ participation in projects, devoted to improve the effectiveness of the countries’ economies, in which investments are directed, should take into account the implementation of the following four components: 1) governance, 2) development impact, 3) effectiveness and4) financial additionality.It was emphasized that regarding further cooperation of Ukraine with financial development institutions on the issues of development and improvement of its efficiency, there should be found or developed an approach, which would take into consideration the accumulated experience and various aspects, related to the project effectiveness: both from the financial side and the achievement of certain social, quantitative, qualitative and other parameters and indicators, reflecting the degree of achievement of particular Sustainable Development Goals.