Channel Research, an independent development consulting and evaluation firm. The evaluation provides an independent assessment of the CERF over the period from 2006 until 2010. It highlights the CERF’s strengths and weaknesses and provides recommendations at the policy and operational levels to improve its effectiveness. The evaluation was carried out by a team of twelve consultants over an eight-month period. Data was collected through 16 case studies, based on visits to six countries where the CERF is used and a desk-based review of CERF operations in ten other countries.