The Evaluation Report is comprehensive in its coverage, providing a good description of the evaluation methodology and the extent of initiatives by the Caribbean Development Bank (CDB). The document also includes a list of 25 findings from all lines of inquiry. The objectives of the study are clearly set out, and these objectives are appropriate in their coverage. The analytical framework – the Theory-Based Evaluation − is appropriate and is clearly described. The theory of change (TOC) of the Policy-based Loan (PBL) instrument in CDB is well-specified, as is the underlying theory of social change (theory of planned behavior) that underpins the CDB approach and the theory of action (case management) that is used to activate TOC.
The findings provide very useful perspectives on the utilisation of the PBL instrument over the review period. However, there are some cases where the experience of CDB staff does not match that described in the document. Additionally, in some instances, reference is made to older procedures documentation that has been superseded by more recent documents.