The Biennial Report on OperationsEvaluation (BROE) in International Finance Corporation (IFC)assesses the adequacy, coverage, and quality of monitoringand evaluation (M&E) in IFC and makes recommendationsfor improvements going forward. It covers IFCmanagement's M&E of its performance and alsoIEG's independent evaluation activities. In the lastthree years, IFC has made advances in monitoring andevaluating its performance: (i) new M&E tools have beenintroduced to cover all active investments and advisoryservices operations; and (ii) the use of M&E results ininforming IFC strategy and in linking incentives to projectresults has grown. The report recommends that IFC managementand Independent Evaluation Group (IEG) develop more robustand consistent metrics for monitoring and assessingIFC's additionality and development impact at thesector and country levels, as IFC transitions to a moreprogrammatic approach in its interventions.