This report looks at the relevance, efficiency, effectiveness, and sustainability of a water trust fund (WTF) established by Oxfam Great Britain to support the Tajikistan Water Supply and Sanitation Project (TajWSS). The WTF was established in two pilot districts (Rudaki and Muminabad) and is co-funded by the Swiss Development Cooperation and a 25% government contribution (15% from the Central Budget, and 10% from the District Budget).This represents a departure from the typical financing mechanisms of the RWS in Tajikistan in the past. Although at the time of the evaluation the fund had only been functioning for 15 months, there were indications of positive outcomes in the areas of accountability and promoting local ownership. Despite these improvements the WTF had not demonstrated any impact on attracting increased levels of funding to the rural water sector. The WTF program has achieved progress in developing frameworks for indentifying gaps and priorities for funding in the RWS and developing a process to evaluate and implement new projects under a single Executive Board at the District level. Representatives from both districts felt that the most important outcome of the WTF has been increased accountability and ownership for rural water supply by the government where previously services delivery has been led by other stakeholders, particularly NGOs.