Cost–Benefit Analysis and Incentives in Evaluation
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Cost–Benefit Analysis and Incentives in Evaluation

The Structural Funds of the European Union

Edited by Massimo Florio

This book provides an authoritative contribution to applied cost–benefit analysis (CBA) and other evaluation methods in the context of the regional policy of the European Union. Through the use of Structural Funds and other financial and regulatory mechanisms, the EU will help to promote thousands of infrastructure projects in the next decade. CBA will be a key ingredient in the investment decision process and the authors provide important insights from their international experiences in project appraisal and evaluation and point to some valuable lessons to be learnt for the future.
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Chapter 3: Assessing Projects and Programmes for Cohesion Policy at the EIB

Gianni Carbonaro


Gianni Carbonaro1 INTRODUCTION My aim in this chapter is to provide a bird’s eye view of themes and practices in investment assessment at the European Investment Bank (EIB). There will be a significant and inevitable degree of personal and institutional bias in this presentation. Therefore, in addition to reflecting my personal views after several years’ experience in practical project analysis, my observations will be influenced by how investment assessment practices at the EIB have been affected by the development of the Bank’s operational environment. In my contribution, I will briefly discuss how the assessment of programmes and projects is approached within the Bank, how some of the tools of cost–benefit analysis are employed in its day-to-day operation, and how this approach may further evolve during the forthcoming programming period of the Structural Instruments. It may be useful to remind readers that the EIB is often referred to as the ‘house bank’ of the European Union (EU). Its shareholders are the member countries of the EU, the Bank has been in operation since 1958 as a non-profit financial institution and its lending volume in 2005 has exceeded €45 billion. The EIB operates not only in the member countries, but also in a number of countries linked to the EU by co-operation or development agreements. Given its dual nature of European institution and financial organization, the Bank’s operations must be financially viable and conform to the policy priorities of the EU – support to the...

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