Carnegie Consult carried out the evaluation of FMO. FMO is the Dutch development bank investing in private sector development in emerging and frontier markets. Carnegie Consult conducted the evaluation of the institutional and organizational set-up of FMO to assess the development relevance of the activities, the internal monitoring and evaluation system and its monitoring and evaluation methodology. As part of the evaluation, FMO’s result measurement system was benchmarked against those of two other development finance institutions (IFC and DEG). The evaluation was conducted together with ODI. The report can be found here.