When the water policy of the Asian Development Bank (ADB) was approved in 2001, water was widely viewed as one of the greatest global challenges. The challenge was accentuated by, among others, population growth, urbanization, and changes in climatic patterns. Significant improvements were needed in water management policies and practices to sustain lives and food production, support larger urban populations, and improve environmental sustainability in the Asia Pacific region and in the world. The water policy covers seven main elements: promoting a national focus on water sector reform, fostering the integrated management of water resources, improving and expanding the delivery of water services, fostering water conservation and increasing system efficiencies, promoting regional cooperation, facilitating the exchange of water sector information, and improving governance. This special evaluation study (SES) is the first evaluation of the ADB water policy and operations carried out by the Independent Evaluation Department (IED).