RUSSIA TRUST FUND FOR FINANCIAL LITERACY AND

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					       RUSSIA TRUST FUND FOR FINANCIAL LITERACY AND EDUCATION

                                   CALL FOR PROPOSALS

                Impact Evaluation of Financial Education Programs
                      In Low and Middle-income Countries
The Russia Trust Fund for Financial Literacy and Education invites World Bank Group staff to submit
proposals for impact evaluation of programs to enhance financial capability that target low-income
groups in low and middle-income countries. The objective of the Call for Proposals is to fund evaluation
work on innovative evaluations that contribute to the knowledge base and support the development of
an impact evaluation toolkit for financial capability enhancement programs.

Proposals will be accepted between March 1st and March 31st, 2011. The Trust Fund’s review committee
will select proposals based on the innovative nature of the program to be evaluated, alignment with
priority areas, and capacity to address gaps in research as outlined below. Selected projects will receive
a grant from the Trust Fund to finance the program evaluation work which may either be undertaken by
Bank staff or through the engagement of consultants. The grant may also cover Bank staff time for
supervision if the evaluation is conducted by consultants. The grant may not be used to finance the
program implementation. Programs to be evaluated may be either Bank financed or supported or
programs completely independent of the Bank’s operations.

There are two options for submission of proposals. They may either:

     a) Identify interesting program(s) to undergo evaluation, in which case the evaluation design for
        the program will be developed by the Trust Fund’s technical experts (in collaboration with the
        grant recipient), and
     b) Identify a program and propose an evaluation design, in which case the proposal will be
        evaluated on the strength of both program and evaluation design.

1.      Background
The Russia Trust Fund for Financial Literacy and Education was established by the Ministry of Finance of
the Russian Federation to support the advancement of financial literacy and capability programs in low
and middle income countries. The increased role and complexity of financial markets and products has
reinforced the need to improve the capacity of consumers to manage risks and effectively engage with
the requirements of market economies, new financial products, emerging forms of social insurance
programs and the associated need for individual life cycle planning, especially in low and middle income
countries where financial inclusion is poor and educational attainments are low. To enable consumers in
these countries to understand, access, and make better financial decisions requires interventions to
improve knowledge, skills, attitude and behavior.

Although there is some evidence that financial education can enhance financial knowledge, there is
limited empirical evidence that financial knowledge has an impact on behavior and outcomes, and on
the ultimate goal of improving financial well-being, and little evidence exists of the impact of

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interventions intended to enhance financial capability. This Trust Fund is supporting the development
of an operational toolkit on methods for evaluating financial capability programs, and the development
of an evidence base to support the design of financial capability programs in low- and middle-income
countries. Development of the toolkit has been separately contracted to the Rand Corporation.

The knowledge derived from these efforts will be used to inform policy makers and others about the
impact of financial capability on behavior and overall financial well-being of individuals, the
effectiveness of financial education programs and other financial capability-enhancing interventions in
improving levels of financial capability, and most importantly, improving the capacity of countries to
develop effective financial education strategies over the longer term.

2.      Invitation for Proposals
This Call for Proposals invites World Bank Group staff to submit proposals for impact evaluation of
financial education programs and other financial capability-enhancing interventions in low and middle
income countries. Funding recipients will be expected to share information openly with the Trust Fund
team and the RAND Corporation that has been engaged by the Trust Fund to develop a methodological
toolkit for the evaluation of financial capability enhancement programs. As part of this effort, The RAND
Corporation, together with the Trust Fund’s expert advisors have conducted a review of the existing and
on-going evaluations related to the topic of financial capability to identify the gaps in knowledge in
order to inform funding priorities as described in Section 3 below. While all programs related to
financial education are eligible to apply and will be considered, priority will be given to proposals that
address these priorities.

There are two options for submission of a proposal:

(A): The Proposal identifies a financial capability enhancement program to be evaluated, but not the
impact evaluation design. If selected for potential funding, the Task Team Leader (TTL) of a proposal
submitted through Option (A) will be paired with the Trust Fund’s technical experts to design the
evaluation for the program. The TTL may participate in development of the evaluation methods or
engage an evaluation specialist from his/her team to work together with the Trust Fund’s experts. In
addition to designing the evaluation methods, the Trust Fund’s technical experts will be available to
provide technical assistance to the TTL during implementation. Proposals will only be considered for
funding under this approach if they include individuals on the team with the requisite experience and
expertise to undertake the evaluation once it is designed or have a clearly articulated strategy to engage
the necessary expertise.

The maximum funding that will be provided for an individual grant under this option is US$ 250.000. This
grant will cover the staff time for the TTL and his team as well as the costs related to implementation of
the evaluation. The costs of the design of the evaluation and of the Trust Fund’s technical experts
involved will be separately covered by the Trust Fund. The grant may not be used for costs related to
the development and/or implementation of the actual financial education program or intervention. The
grant is intended exclusively for evaluation.

(B): The Proposal identifies a financial capability intervention and also includes an evaluation design.
Proposals submitted in this form will be considered first in regard to the program to be evaluated in
relation to the same criteria and priorities and then undergo a separate assessment by the review

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committee for the quality of the evaluation design. The committee may determine that the program to
be evaluated meets the criteria but not accept the evaluation design. In the case of such a conditional
acceptance, the TTL will be offered the option of being paired with the Trust Fund’s expert advisers to
modify the evaluation design as in Option A. A final acceptance of the revised evaluation design is
required for final approval of the proposal.

The maximum funding that will be provided for an individual grant under this option is US$ 300.000. This
grant will cover staff time for the TTL and his/her team as well as the costs related to the development
and implementation of the evaluation. However, this amount is only granted to the proposals that are
accepted in original form (to cover costs of both the development of the evaluation design and its
implementation). For the proposals submitted under this option that will require revision of the
evaluation by the Trust Fund’s technical experts, the grant will be reduced to US$ 250.000 (equivalent to
Option A). The grant may not be used to cover costs related to the development and/or
implementation of the actual financial education program or intervention. The grant is intended
exclusively for evaluation.

Programs considered for evaluation need not be World Bank-sponsored or financed. However, due to
the limited budget for supervision, the Trust Fund will not consider proposals for Recipient-executed
projects under this Call for Proposals.

    3. Selection Criteria
Country Eligibility and Target Group

   Target groups should be low-income individuals or households.
   Grants will only be considered for programs in IDA and IBRD countries. However proposals directed
    to low income groups in high income countries will also be considered (for instance, programs
    targeting migrants from low-income countries in a high-income country).

Recent studies of financial capability programs are concentrated in Latin America, South Asia and Africa
regions, with less representation from Eastern Europe, MENA, East and Southeast Asia. The Trust Fund
encourages proposals for the evaluation of financial education programs from these less-represented
regions.

Areas of Focus

Although all programs that are related to potentially useful and innovative financial capability
enhancement programs will be considered, priority will be given to those that address one of the
priority topics outlined below and that have the explicit objective of changing behavior in addition to
imparting knowledge:

   Personal and household day-to-day financial management.
   Planning and making provision for known short and long-term needs (budgeting, savings,
    investments, credit, loans and debt, retirement planning, education planning).
   Planning and making provision for unexpected financial needs or changes in financial circumstances
    (for a major unexpected expense or loss of income [example, through job loss, sickness, disability or
    seasonal variations in income/crop failure, etc]).

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    Choosing and monitoring the use of financial products and services, including staying informed and
     exercising rights, etc.

Program Delivery Methods

Proposals will be accepted for programs utilizing any delivery mechanism. However, priority will be
afforded to several types of program delivery methods for which evaluation methods were found to be
less developed. These are:

        Social Marketing
        Entertainment Education
        Programs linked to enrolment in conditional cash transfer programs
        Other government-to-people (G2P) interactions

All proposals should clearly describe specific details of the delivery mechanism, such as curriculum,
pedagogy, intensity and duration of exposure, etc.

Modalities

To maximize the general learning from the evaluations preference will also be given to proposals that
propose:

    Comparative examination of the impact of alternative delivery mechanisms;
    Comparative examination of the impact of a particular delivery mechanism in different contexts or
     to different target groups;
    Testing comparative delivery methods under the aegis of a single program or alternative versions of
     the same delivery method against one another; or
    Testing one delivery method in different contexts (target groups or topics), particularly if they
     involve methods other than workshops (for which evidence is comparatively well-established);

In addition to these priorities, the donor has expressed specific interest in work related to financial
capability programs among migrants in the ECA region.

4.       Eligibility Criteria
Eligible Task Managers

The proposal must come from a Trust Fund-accredited World Bank Group staff member who would be
serving as the TTL for the project.

Eligible Expenditures

The funds are intended for evaluation activities, not for program implementation. The Trust Fund is
permitted to cover the costs of Bank staff. Project preparation work will not be funded, nor components
which could be funded as part of ongoing operations. Eligible expenditures for Bank executed activities
under the Trust Fund Administrative Agreement include short term consultant fees, contractual services,


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extended term consultants, temporary staff costs, staff costs (including salaries, benefits and indirects),
travel expenses, and media and workshop costs.

Implementation Period

Projects are expected to commence between June and August 2011 and must produce final evaluation
reports by Dec 31 2012.

Participation in meetings and workshops

Grant recipients will be required to participate in all meetings and workshops organized by the Trust
Fund related to the evaluation work. These are intended to monitor progress during implementation
and share information among programs and practitioners. The first workshop of this nature is expected
for October 2011 in Cape Town, in collaboration with OECD. The cost of travel and expenses for
participation in these activities will be financed separately through the Trust Fund. The TTLs of the
selected projects (and at least one technical expert from the country team) is expected to attend this
workshop. TTLs are also required to provide multiple rounds of feedback from fieldwork.

5.      Application and Selection Process
Applications should be submitted between March 1st and March 31st, 2011 to Florentina Mulaj
(fmulaj@worldbank.org) by the proposed TTL for the project. Decisions of the Review Committee will be
communicated no later than April 29th, 2011.

To apply, the interested parties must submit the completed application form attached (Annex 1) and
provide a proposal that describes the financial education program to be evaluated, background and
policy relevance of the project, planned activities, timeframe, the proposed budget,
institutions/organizations involved in financing or implementing the project, and identify the team, or a
planned approach to engaging a team to conduct the evaluation. For Option (b) the proposal should in
addition include an evaluation plan with a results framework and identify evaluation experts as part of
the team to undertake the work. A template is included in Annex 2 that includes specific questions for
which information must be provided by each applicant (section 3 of the template applies only to
proposals submitted through option (b). For option (a), proposals should not exceed 3 pages. For option
(b), proposals should not exceed 6 pages.

The Trust Fund’s review committee will select the programs on the basis of adherence to the criteria
outlined in section 3 in consideration of the value of the project to inform the development of the
toolkit, the innovative nature of the financial education program, and the likelihood of timely
information and results to be obtained from the effort.


For information on this Call for Proposals please contact:

Florentina Mulaj (HDNSP), fmulaj@worldbank.org or +1 (202) 458-8043




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                                                                                         ANNEX 1

                                  Application Form
General Information
Country:
Task Team Leader:                                          World Bank Unit:
Task Team Leader contact information:
Application options: please choose one

Option A        Proposal identifies an intervention to be evaluated. Evaluation design will be
developed by the Trust Fund’s technical experts.

Option B          Proposal identifies an intervention to be evaluated and includes an evaluation
design.

In addition to managing implementation of the evaluation, does the TTL intend to participate in
the development of the evaluation design?

Yes          No

If not, include the name, affiliation, and contact information of the evaluation specialist as part
of the TTL’s team that will be collaborating with the Trust Fund’s experts for the development
of the evaluation design and providing quality control during implementation:


Proposal Name:
Is the project related to existing World Bank lending operations?             Yes       No
      If Yes, which ones?
Is the project related to existing World Bank non-lending operations?         Yes       No
      If Yes, which ones?
Budget Information
Proposed grant amount (USD):
Share of total cost of the evaluation to be financed by the Trust Fund:
Co-financing institutions (if applicable):
Implementing agencies/firms/organizations:
Timeframe
Proposed implementation start and completion date:



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                                                                                            ANNEX 2

                                Proposal Template
Please provide in a format of your choice a project proposal addressing the following key questions:

                             SECTION 1: Background and Objectives

 1. Description of your proposal including the background and rationale, key objectives, and of the
    program (intervention) to be evaluation.
 2. Description of planned key activities to achieve objectives or expected outcome.
 3. Description of the outputs or deliverables of this proposal.
 4. How does it fit with the identified priority areas (from section 3 of the Call for Proposals)?

                                 SECTION 2: Program Description

 1. Identify the areas of focus (a. financial literacy topic; b. delivery mechanism; c. target group).
 2. Describe the specific objectives that the program aims to achieve.
 3. How will the program be implemented? How will participants be recruited? Will there be an
    incentive program to recruit participants? If so, explain what kind of incentives. What is the
    timeframe?

                               SECTION 3: Evaluation Methodology
                             (for proposals submitted through option B)

 1. Provide a summary of the evaluation approach and methodology.
 2. Does the project aim to assess the impact of financial literacy on: a) behavioral change and/or
    b) overall financial well-being of individuals? Please describe the specific objectives that the
    project aims to achieve.
 3. Include a results framework. How does your intervention lead to the intended outcomes?
 4. For the monitoring and process evaluation piece (vs the impact piece, if applicable), explain how
    will you measure and report on the success of your project? How will you assess whether the
    proposal objectives have been met? What are the measurable indicators that describe these
    outcomes? Does the proposal include a plan to monitor results and track progress towards
    achieving project objectives?
 5. What is the plan for data collection and data analysis?
 6. Does your proposed evaluation method include an explicit control group? If not, explain in
    detail how you propose to identify causality and attribution?
 7. Describe the sample frame, sample size, expected effect size, and expected power.

                                   SECTION 4: Implementation

     Describe the implementation and execution structure for both the program and evaluation.
     Who will be undertaking the evaluation work? If an external consultant is proposed explain how
     the consultant will be engaged and how the work will be supervised.


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                                         SECTION 5: Timeline

       Describe the timeline for both program implementation and evaluation activities.

                                          SECTION 6: Budget

                              Total amount of funding request: $_________


Category                                                                          Amount ($)
Total project budget
Co-financing amount (if applicable)
How much of the grant will be dedicated to supervision and oversight by
Bank staff?
How much of the grant will be dedicated to evaluation activities?

Trust Fund Grant Expenditures                                                     Amount ($)
Staff Salary & Benefit Cost
Consultant fees
Travel/subsistence
Workshops, publication and dissemination
Other expenses (explain below)
Total

Explanation of other expenses:




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