To assist the Economic Development Board of Madagascar (EDBM) in setting-up such a monitoring and evaluation (M&E) system, this report defines the goals and impacts and objectives and outcomes of the EDBM interventions, proposes a list of key outcome and impact indicators to monitor the investment climate and its resultant impacts, presents a (draft) comprehensive logical framework (logframe) with the above-mentioned indicators and their potential sources of verifications, presents some of the tools to monitor and evaluate EDBM's success in contributing to PSD and IC reforms through policy advocacy, and discusses some of the key next steps in setting-up EDBM's M&E system. The report is organized as follows. Section 2 discusses the M&E framework for EDBM. Section 3 presents a reform tracking matrix to track the reforms facilitated by EDBM and their intended results. Section 4 concludes the report by highlighting some of the key next steps. A draft logframe is presented in Annex 1. Annex 2 provides the terms of reference (ToR) for EDBM's M&E system design. Annex 3 provides the list of stakeholders consulted for this report.