This report is a mid-term evaluation of a UN Environment project which began in January 2014 and has an intended completion date of December 2021. The Project’s overarching intention is that “Developing countries are more able to pursue low carbon resource efficient development as more early
stage climate investment is available on a commercial basis leveraging additional commercial capital for climate sector.” To that end, it provides funds to Development Companies and Private Equity Funds (Cooperating Partners) that these spend on building up a pipeline of finance-ready projects in “frontier” countries in Africa or Asia. The evaluation has two primary purposes: (i) to provide evidence of results to meet accountability requirements, and (ii) to promote learning, feedback, and knowledge sharing that could be applied as the project moves towards its completion.