ECGs GPS for Evaluation of Private Sector Investment Operations (GPS) were originally formulated in response to the call for harmonization of evaluation methodologies by the Development Committee Task Force in 1996. The first edition of the GPS was issued in 2001, and was subsequently followed by second and third editions in 2003 and 2006 respectively.
Each subsequent edition was informed by the findings and recommendations of a benchmarking exercise, which assessed members' practices against the GPS.
Although the premise of the Task Force's 1996 decree was to enable comparability of results, the guidance stressed other objectives including identifying and disseminating best practices in evaluation, sharing lessons from evaluations, and describing results in a common language. The decree also acknowledged that harmonization efforts should take into account the differing circumstances of each institution. The GPS 4th Edition is responsive to these wider objectives.