Ratings for the Micro, Small, and Medium Enterprise (MSME) Access to Finance Project for Belarus were as follows: outcome was moderately satisfactory, Bank performance was satisfactory, and monitoring and evaluation (M and E) was substantial. Some lessons learned included: robust analytical underpinnings are needed to ensure a relevant and robust technical design. Bank engagement through lending operations greatly enhances its leverage. While line of credit (LoCs) has been demonstrating good results in increasing MSMEs access to finance, greater impact can be achieved if they are carried out in tandem with the broader structural reforms in the country. It is important not to underestimate the hands-on learning that goes together with the implementation of a complex operation. A fluid relationship with domestic participating financial institution (PFIs) is a necessary condition for the successful implementation of LoCs. Stakeholder engagement that helps provide feedback from beneficiaries can support implementation. It is critical to ensure the flexibility in the design of LoCs. Impact evaluations can help measure an operation’s economic impact.