CAREC is a multifaceted and diverse initiative that has grown from a six-project, $247 million program in 2001, to 168 projects across three sectors, with investment loans and grants worth almost $28.3 billion in 2015. To understand how a program of this size and scope works—and where its achievements and challenges lie—a practical performance monitoring mechanism is essential.
In 2009, a two-step process was introduced to track the performance and progress of the overall program, comprise the CAREC Results Framework and the CAREC Development Effectiveness Review process. The 2009 results framework sets the baseline for onward monitoring of the CAREC Program.
The CAREC results framework is a strategic document that presents an overall picture of progress made by the program over the past calendar year. Bringing together three sets of specific performance indicators in one monitoring instrument, it helps the CAREC partners gauge how the overall program is performing, as well as identify emerging issues and challenges.
The three set of performance indicators encompass:
- Level 1, tracking broad development outcomes of the 10 partner countries toward poverty reduction; and gross domestic product, trade, and business environment.
- Level 2, presenting an overview of CAREC’s project-based operations and activities, assessing how they contribute to (i) the goals of the CAREC program, and (ii) the broader desired development outcomes of the CAREC region.
- Level 3, where indicators monitor the effectiveness of CAREC’s operations and programmatic organization through indicators relating to the number and value of projects; the ability of partners to facilitate and mobilize financing for CAREC projects; and the production and dissemination of knowledge in CAREC’s priority areas.
Data from the results framework feeds into an annual CAREC Development Effectiveness Review (CAREC DEfR)—an action-oriented document that seeks to flesh out the raw quantitative data of the results framework, analyze identified trends, and propose specific actions to address current or emerging issues.
The CAREC DEfR is presented to the annual spring CAREC Senior Officials’ Meeting for approval, and to the annual fall CAREC Ministerial Conference for endorsement.