The ratings for the Water Quality and Pollution Control Project to the States of Sao Paulo and Parana were as follows: outcome was satisfactory; sustainability was likely; institutional development impact was substantial; Bank performance was satisfactory; and Borrower performance was satisfactory. The ratings for the Espirito Santo Water Coastal Pollution Management Project were as follows: outcome was moderately satisfactory; sustainability was likely; institutional development impact was negligible; Bank performance was satisfactory; and Borrower performance was unsatisfactory. Some of the lessons learned included: (i) the importance of treating the institutional and environmental objectives as long term program areas, rather than projects, and this requires persistence, patience, and follow up by the Bank; (ii) that integrated approaches work well, for the most part, with low income settlements; (iii) that the hybrid approach represents a useful model for Brazil and elsewhere; and (iv) that metropolitan planning in Brazil requires urgent attention. One of the richest lessons from this assessment, finally, concerns the perceptions and judgments of high level professionals who managed the course of project implementation. Institutional actors were given the scope to form and agree on core values.