Evaluation synthesis. Overall, IFAD’s engagement in the water sector has improved also as a result of better performance in related sectors such as financial services, value addition and market development. Despite not having a specific policy on water, as the other multilateral development banks, IFAD compares well in regard to agricultural water management, in which it has a distinct comparative advantage. The scenario emerging on the water front presents a set of challenges and opportunities such as: water is both a constraint to development and an opportunity for innovation; water productivity is critical to enhancing development effectiveness; and rainfed farming is now key to increasing food production and agricultural productivity. This is where IFAD, in partnership with local governments and other development agencies, can take the lead in developing a strategy that can bring about a “brown revolution” in rainfed agriculture akin to the “green revolution” of irrigated agriculture.