The International Finance Corporation is the private sector arm of the World Bank Group. Since October 2006, Marvin Taylor-Dormond has worked as Director of the Independent Evaluation Group (IEG) within the organization.
The IFC was founded on the principle that “sound economic growth is the key to poverty reduction; it is grounded in the development of entrepreneurship and successful private investment; and that a conducive business environment is needed for the latter to thrive and contribute to improving people’s lives”. The IEG’s role is to independently evaluate the IFC’s investment and technical assistance operations and report its conclusions to the Board of Directors and management of the IFC. “IEG-IFC has an extremely important role to play in advancing IFC’s development goals. First, it helps strengthen IFC’s accountability via its independent reporting. Second, it promotes learning and the adoption of best practices from IFC’s past operations. Third, IEG-IFC is in a unique position to stimulate better understanding of development as a discipline in IFC – the policies, concepts, strategies, and the effectiveness of its activities to reduce poverty and improve lives. Finally, through improved knowledge IEG-IFC promotes better allocation and more efficient use of resources by IFC,” Marvin explained.
Marvin joined the IFC after a career with the Central American Bank of Economic Integration (CABEI), where his various posts included Controller of Independent Oversight and Evaluation Authority, Executive Vice President and, most recently, Chief Economist and Chief Evaluation. It was an experience that Marvin believes has prepared him for his current post. “My most recent position at CABEI has enriched me with a broad experience on the intricacies of multilateral development organizations from various perspectives – Assembly of Governors, Board of Directors, and management – thus equipping me with skills to facilitate financial assistance to both public and private sectors,” he said.
A native of Costa Rica, Marvin has served as Vice-Minister of Finance for the Republic of Costa Rica and as Senior Research Fellow at the Institute of Economic Research of the University of Costa Rica. He gained a PhD in Economics from the Carleton University and Ottawa University in Canada, an MA in International Affairs from the Norman Paterson School of International Affairs at Carleton University, and a BA in Economics from the University of Costa Rica.
Marvin sees the future as challenging yet promising. “IEG-IFC’s work should be closely tied to IFC’s strategy, which in turn must be closely tied to the development needs of its clients. This means that our future work program will respond to a great extent to this strategy. Therefore, we will put special emphasis on frontier countries and on the sectors and regions where IFC has the highest investment volume or where it intends to invest,” he said.