Poverty reduction has featured as a development priority of the Caribbean Development Bank (CDB) for several cycles, in particular in the context of the Special Development Fund (SDF). Successive reviews of SDF focused on what has been done in terms of poverty reduction in the context of the SDF facility, but not on how CDB as an organisation has operationalised its poverty reduction efforts beyond the SDF framework. This report assesses the effectiveness of the implementation of Poverty Reduction Strategy (PRS) over the period 2004-2009, within the context of the standard evaluation criteria - Relevance, Efficiency and Efficacy.