The Fund is for high impact, high quality programmes that provide value for money for the UK taxpayer. Monitoring, reporting, evaluation and learning (MREL) will support feedback on the progress that the programmes are making.
The OECD Development Assistance Committee (DAC) Principles for Evaluation of Development Assistance show the importance of good quality monitoring and evaluation for aid development programmes globally. They state that “aid evaluation plays an essential role in the efforts to enhance the quality of development co-operation”.
The MREL framework is 5% of the overall Fund allocation, as set by HM Treasury.
To measure that impact, the Prosperity Fund has put in place a dedicated MREL strategy. It will provide support to programmes as they evaluate and monitor their activities. It will also measure how the Fund impacts on its primary objective of economic development in partner countries and the secondary objective to create opportunities for international business including UK companies. A key feature of this framework is a dedicated strand of work on cross-Fund learning, to ensure that programme and portfolio managers are supported in assessing what is working.
To provide the right level of support and services needed at portfolio and programme level, the Prosperity Fund awarded 2 contracts. One covers monitoring and reporting and the other provides an independent evaluation and learning process.