Ratings for the Third Export Development Project for Tunisia were as follows: outcome and Bank performance was moderately unsatisfactory and monitoring and evaluation (M and E) quality was modest. Some lessons learned included: performance-based finance can help leverage beneficiaries’ commitment for multi-stakeholder and complex projects. Lack of ownership makes reforms vulnerable. Ownership of innovative approaches requires extensive consultations upstream as well as support from external expertise on the transition phase. Grievance redress mechanism (GRM) is important to address potential issues with beneficiaries. Capacities and human resources of the Unité de Coordination et de Suivi du Projet (UCSP) should be strengthened. Sustainability of the export development support mechanism requires alignment with national export strategies and anchoring it in government institutions. An overambitious results framework (RF), lack of selectivity, and underestimation of political economy and institutional challenges can affect project outcomes significantly. In a context of political and institutional change, reduce the number of activities and stakeholders or substantially increase implementation capacity. Implementation support for and monitoring of such complex projects require dedicated staff.