The main objective of this evaluation synthesis was to capture how IFAD has responded to the emerging issues of rural water security and governance, whether IFAD’s investments in water have met their intended objectives and are sustainable, and if it is possible to further enhance the effectiveness and sustainability of IFAD’s investments in this sector. The synthesis reviewed not only the technical, environmental and financial aspects of investments made by IFAD, but also the social and institutional aspects where IFAD introduced the most interesting innovations. IFAD’s policy work at national, regional and global levels on water-related issues was also reviewed.