The Guide has been prepared in 2008 by the EC Directorate Generale Regional Policy. The objective of the Guide reflects a specific requirement for the EC to offer guidance on project appraisals, as embodied in the regulations of the Structural Funds (SF), the Cohesion Fund (CF), and Instrument for Pre-Accession Assistance (IPA)1. This Guide, however, should be seen primarily as a contribution to a shared European-wide evaluation culture in the field of project appraisal.