This report describes the results of the evaluation of the Village Enterprise poverty graduation program, conducted in Kenya and Uganda between November 2017 and December 2020. The objective of this evaluation was to measure the causal impact of the program on household consumption and assets. The Village Enterprise program was randomized across 241 treatment villages and 241 control villages in western Kenya and eastern Uganda and rolled out to cohorts of treatment households from January 2018 to December 2020. We surveyed 9,888 households from all study villages from May to August 2021, which was 6 months to 2.5 years after treatment households had completed the one-year program. All analyses were pre-specified and registered on the American Economic Association’s registry for randomized controlled trials1. The findings from this evaluation determine the final payments of the Village Enterprise Development Impact Bond (DIB) from the Trustee of the Outcome Payers, Global Development Incubator, to the Service