Impact Assessment of NRW.BANK Social Bonds

  • Project no.452316
  • Duration 09/2020 - 08/2023

NRW.BANK has commissioned the Wuppertal Institute to evaluate its social bonds. These relate to a three-year portfolio and are evaluated and described in accordance with the Social Bond Principles of the International Capital Market Association (ICMA).

The Wuppertal Institute determines the social impacts of NRW.BANK's loan programmes in the following areas

  • Affordable Home Ownership,
  • SME Financing,
  • Access to Essential Services (Quality Education) and
  • Access to Public Goods and Services.

The researchers are developing their own methodology for this. Suitable measures (indicators) are identified, qualified and, where possible, quantified.

The focus of the research is on the development of a robust Theory of Change (ToC) as well as a best-practice for impact assessments. This theory of change maps the cause-effect chain of investments and activities on the one hand versus the impact on money recipients and regions on the other. The associated measures (indicators) are assigned along a five-level hierarchy as described in the associated methods paper:

  • A: Measurement of long-term outcomes
  • B: Measurement of short-term outcomes
  • C: Measurement of outputs for target groups
  • D: Measurement of activities generated
  • E: Measurement of investments (inputs)

During the three years of the project, the methodology will be regularly adapted and further developed.

Project team




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