In line with the Bank-aided Sierra water resource management modernization project and the Formalization of Water Rights and Extension to the National Water Registry (PROFODUA), an Impact Evaluation study was proposed by the World Bank and its Peruvian counterparts in order to develop a rigorous evaluation of the impact of the program of formalization of water rights for irrigation use in Peru. The main goal of the impact evaluation study was to properly measure the causality of this intervention (i.e., the formalization of water rights) on a set of development outcomes. Given the scale of PROFODUA - it will operate in 21 valleys and finance the formalization of about 200,000 Agricultural Water Rights (Licencias con Fines Agrarios) and their integration in the existing National Water Rights Registry when completed - it was deemed crucial to understand how exactly this component of the broader modernization will impact stakeholders for the better. The purpose of developing a formal impact evaluation of PROFODUA is three-fold: Measuring and documenting the impacts of the program; helping to improve the design and efficiency of the program in future implementations; and adding to the scarce empirical literature on evaluation of Water Rights Reforms. The study will also contribute to the capacity development of the PROFODUA in-country team by strengthening their capacity to conduct and use impact evaluation for results-based management, and promoting country ownership of the information generated through this process.