The Independent Evaluation Office recently undertook a third study of the International Waters focal area, with the previous ones completed in 2002 and 2005. The purpose of this study is to provide insights and lessons for GEF-7 based on evidence from an analysis of the IW portfolio, terminal evaluations of completed projects, interviews with stakeholders, and remote sensing analysis. The main objectives of the study are to assess the current relevance of the focal area and its effectiveness in creating an enabling environment for transboundary cooperation and stress reduction.