Since 2008, a forum of senior staff from both multilateral and bilateral development institutions have met to help foster collaboration among IFIs to enhance development impact through common development indicators. The Harmonized Indicators for Private Sector Operations are the first tangible result of this partnership.
In 2013, 25 International Finance Institutions (IFIs) signed a memorandum to ease the reporting burden on shared private sector clients and facilitate learning from each other. Together, the organizations created a harmonized set of 27 core indicators for 12 different sectors.
Among the 27 core indicators, 15 are aligned with IRIS. As a consequence of, IRIS users now benefit from a streamlined reporting process. The governance and evolution of these 27 indicators remains with the IFI Working Group.