This document presents an evaluation by the Office of Evaluation and Oversight (OVE) of the Country Program of the Inter-American Development Bank (IDB, or the Bank) with Brazil over the period 2011-2014. This Country Program Evaluation (CPE) is the fourth independent evaluation of the Bank's program with Brazil. The CPE reviews the Bank's program in light of the country context and the applicable strategic documents, and it looks in-depth at the results of a sample of all operations approved between January 2011 and December 2014 and approved previously but disbursed (at least 70%) in this period.