The Annual Evaluation Review (AER) provides the Asian Development Bank (ADB) Board of Directors, Management, operations staff, and other stakeholders with an independent perspective on ADB’s development effectiveness based on findings and evidence from the work of the Independent Evaluation Department (IED). This year’s AER has three chapters. This year, the theme is ADB’s engagement in fragile and conflict-affected situations (FCAS) and small island developing states (SIDS).