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The overall objective of this Country Assistance Program Evaluation (CAPE) study is to assess the performance of the country operational strategy (COS) and country assistance programs (CAPs) of the Asian Development Bank (ADB) for Bhutan during 1983–2003, and to derive lessons learned and recommendations for more effective future operations by the ADB and improved coordination among donors. The study assesses the performance of country assistance programs, as well as individual projects and technical assistances (TAs) after completion. It uses six evaluation criteria. The first three are used to assess project outcomes in the CAPs and refer to (i) relevance, (ii) efficacy and (iii) efficiency. The other three assess project impact in terms of (i) socio-economic impact, (ii) institutional development impact, and (iii) sustainability. From these results, the study derives the key strengths and opportunities, as well as lessons learned from the ADB’s operations in the last 20 years, with a view to drawing implications for the future strategy and programs, including the CSP scheduled for 2005.