The Adaptation Fund was established by UNFCCC to finance concrete adaptation projects and programmes in developing countries. Since 2010; the Adaptation Fund (AF) has committed over USD 1 billion for climate change adaptation (CCA) and resilience projects and programmes; including 150 concrete; localized projects in the most vulnerable communities of developing countries around the world with over 38 million total beneficiaries. The Fund is financed largely by government and private contributors; and also from a 2% (two percent) share of proceeds of Certified Emission Reductions (CERs) issued under the UNFCCC Kyoto Protocol’s Clean Development Mechanism projects. The Technical Evaluation Reference Group of the Adaption Fund (AF-TERG) was established in 2018; as an independent evaluation advisory group accountable to the Adaptation Fund Board (the ‘AF Board’ or the ‘Board’); to ensure the independent implementation of the Fund’s evaluation framework; which was replaced by the new Evaluation Policy[1] in October 2023. Through Decision B.37/38 (March 2022); the Board requested the AFB Secretariat to develop a second medium term strategy for the period 2023 to 2027 (MTS2). To this end; the AF Board established a task force to guide the work of the AFB Secretariat; composed of three members from Annex 1 countries and three members non-Annex I countries elected intersessionally. The AF Board considered the final draft strategy and through Decision B.39/61 (October 2022); the AF Board decided to adopt the MTS2. In the same decision; the AF Board also requested the AFB Secretariat to prepare; under the guidance of the MTS 2023-2027 task force; a draft Implementation Plan for the MTS2. Through decision B.40/72 (March 2023); the Board requested the Adaptation Fund (AF or the Fund) Technical Evaluation Reference Group (AF-TERG) to prepare a mid-term review (MTR) of the Fund’s Medium-term Strategy 2023-2027 (MTS2) and its Implementation Plan. The main objective of this MTR is to assess progress of the Adaptation Fund towards the MTS2 and its Implementation Plan in a dynamic climate change context. The MTR also has a secondary objective of identifying lessons from the implementation of the MTS2 that can inform the remainder of its implementation.The Board; through decision B.39/57 (October 2022); also requested the AF-TERG to also prepare a Comprehensive Evaluation of the Fund to be delivered by August 2026 (60 days prior to the forty seventh meeting of the Board). The phased approach of the second Comprehensive Evaluation also implies a “building block” approach where many pieces of evaluative evidence and knowledge are brought into the Comprehensive Evaluation such as those covered in the first and second AF-TERG work programmes (FY21-FY23[2] and FY25-FY27[3]; respectively) and the AFB Secretariat knowledge products. This MTR of MTS2 will provide critical inputs to the Comprehensive Evaluation.[4]Therefore; the Adaptation Fund would like to seek the support of a qualified vendor to conduct this evaluation in line with the Evaluation Policy and the existing guidance notes.[1] https://www.adaptation-fund.org/wp-content/uploads/2022/07/New-Design-Evaluation-Policy.pdf <https://www.adaptation-fund.org/wp-content/uploads/2022/07/New-Design-Evaluation-Policy.pdf> [2] AF-TERG-Strategy-and-Work-Programme-final.pdf (adaptation-fund.org). [3] AFB-EFC.33-6-AF-TERG-Second-multiyear-work-programme.pdf (adaptation-fund.org). [4] While the MTR of MTS2 is a critical input to the Comprehensive Evaluation; it is worth noting that other studies and knowledge products commissioned by the AF-TERG and the AFB Secretariat will also inform the Comprehensive Evaluation.