To assess the effects of activities - the Impact Assessment – is an important topic for EIF and a focus area of EIF’s Research & Market Analysis. Analyses in the field of SME guarantees have already been published (see EIF Working Paper 2015/029), and corresponding work is underway in the area of Venture Capital. The present Working Paper - providing a detailed literature review and setting the framework for an approach for impact assessment in the field of microfinance - results from a project on the Impact of European Microfinance, initiated by EIF and funded by the EIB Institute.