I. BACKGROUND IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries; using our capital; expertise; and influence to create markets and opportunities in developing countries. In fiscal year 2024; IFC committed a record $56 billion to private companies and financial institutions in developing countries; leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information; visit www.ifc.org. IFC’s Climate Business Department (CBD) works across the organization and beyond to implement the Climate Change Action Plan and deliver on Paris Alignment. Among other things; CBD is responsible for supporting IFC investment and advisory teams to identify and account for climate investments; track committed climate finance; partner across the institution on IFC’s Labeled Bond Program (Green; Blue; Transition); develop analytical tools; lead climate risk management; and develop thought leadership via publications and external partnerships. This is all to help scale IFC climate impact and guard against greenwashing. To deliver on its priorities; CBD’s Climate Capacity Building & Inclusion Accelerator (CBDCI) team engages with staff and clients to build capacity around select thematics including Sustainable Finance (Green Bonds; Sustainability Bonds; Sustainability-linked finance; Transition Finance; etc.); Circular Economy (a transformative model to avoid resource depletion and promote the regeneration of natural ecosystems; through strategies and approaches to minimize the use of natural resources; maintain the value of products and materials; and prevent or reduce waste); and Nature Based Solutions among others. IFC and the Circular Economy The circular economy represents a transformative economic model that minimizes the use of natural resources; maintains the value of materials and products; and eliminates waste. It contributes significantly to climate mitigation and adaptation; biodiversity and nature finance; and blue economy outcomes. It also improves macroeconomic resilience by reducing dependency on scarce or volatile raw materials and global supply chain vulnerabilities. Circular economy investments are essential to accelerating the global transition to sustainable; regenerative; and low-carbon economies. However; the current market lacks consistent; transparent; and reliable data on financial flows into CE activities; particularly in emerging markets. To drive greater alignment in what defines circular economy finance; IFC and a coalition of global partners developed the Harmonized Circular Economy Finance Guidelines; which will be launched externally in May 2025. These Guidelines provide globally applicable definitions; classifications; and metrics to help financial institutions; corporates; and investors evaluate; disclose; and direct capital to eligible circular economy activities. Following the publication of the Harmonized Circular Economy Finance Guidelines; IFC is seeking to develop a comprehensive global dataset on private sector investments aligned with the Harmonized Circular Economy Finance Guidelines; to map private sector investment flows and guide IFC and the broader investment community. II. PROJECT DESCRIPTION The main objective of this assignment is to develop a global dataset of private sector investments in circular economy initiatives from 2018 to 2024—or based on availability of data—and across three sectors (electronics and appliances; packaging; and textiles); produce a methodology document aligned with the final Harmonized Circular Economy Finance Guidelines; and draft an analytical report; including insights from the Africa region. The deliverables of this engagement will be used by IFC for internal and external initiatives including the development of an external Circular Economy Investment Tracker (CEIT); which will inform stakeholders on global investment trends and gaps and enable better policy and investment decisions.