MASSIF is a revolving financial inclusion fund for private sector development (MSMEs), through financial intermediaries, managed by FMO. The evaluation was commissioned by the Dutch Ministry of Foreign Affairs and conducted to assess the effectiveness, additionality and efficiency of the MASSIF fund. The main purpose was to understand whether MASSIF in its present form has made a relevant contribution to private sector development, sustainable economic growth and thus to poverty reduction and achievement of the Millennium Development Goals. The evaluation provided insight into the quality of investments, loans and guarantees, the contribution of these products to the development of MSMEs and the quality of the management and implementation of MASSIF by FMO. The evaluation report can be found here.