This report is based on the Education, Audiovisual and Culture Executive Agency's evaluation of the first final project reports of the first generation of CBHE projects selected for funding in 2015. Altogether 138 projects were funded in 2015 and 88 finalised projects submitted their final reports in 2019, of which 18 were implemented in Latin America. The report's results are therefore based on a relatively small sample of finalised CBHE projects and are to be considered as preliminary and to be reviewed at a later stage. The analysis also takes into account the institutional monitoring visits and cluster meetings that were organised by the Agency as part of its monitoring strategy. The report analyses the role of the CBHE action as regards the impact and sustainability of the funded projects together with their inclusiveness (participants with disadvantaged backgrounds and fewer opportunities compared to their peers). More specifically, the report will look into the institutional development of Higher Education Institutions (HEIs), the modernisation of their study programmes and teaching and learning methodologies, structural reforms and the strengthening of HEIs' technical capacities. It will examine opportunities created for individuals (students, academic and administrative staff) and third parties such as enterprises, chambers of commerce, etc. The report will also examine how the EU projects have influenced national policy developments in the education sector, mainly but not exclusively through 'Structural Projects'. Special attention is given to the strengthening of regional cooperation through CBHE projects that include two or more countries from the same Region. Finally, the analysis will be used to identify challenges and provide a set of recommendations for future reference.