This evaluation assesses the World BankGroup’s contributions towards capital market development inclient countries. It examines the activities the Bank Grouphas in all segments of capital market development, both inthe public and private sectors, including interventionsacross 64 countries. It draws conclusions on the BankGroup’s strategic approach to capital markets, on thecoordination across program areas, on the sequencing andclustering of reforms and on adapting advice to country andglobal needs. The report does not attempt to holisticallycover all potential sources of long term developmentfinance, and has limited itself to capital markets financeonly. These areas are still to be evaluated.