USAID/Madagascar recently launched the Conservation and Communities Program (CCP), a fiveyear project that will contribute to Madagascar’s sustainable development goals. To more effectively administer the CCP project, USAID/Madagascar requested the Integra LEAP III team to conduct a CBA to demonstrate which CCP investments in targeted interventions generate the highest development returns and environmental benefits. The CBA determined how to make investments and operational costs more effective to support natural resource governance and community livelihoods at the landscape level. This analysis focused on the Mikajy program, one of two principal activities of the CCP, and will be carried out in two terrestrial micro-landscapes in Mamabaie and Menabe that have been identified by Mikajy and Madagascar National Parks. The project evaluation included: cost-benefit analyses of designated value chains and ecosystem services to measure the expected long-term economic, social, and environmental impact of key economic activities, a cost-effectiveness analysis of various community-based resource management systems to determine the effectiveness of these approaches in preserving ecosystems and improving community livelihoods, an assessment of the financial inflows and outflows from various stakeholders to determine the self-sustainability of value chain and ecosystem service investments, including the sustainability of community-based conservation approaches, and a risk and sensitivity analysis to measure natural and market risks, and to identify mitigating factors associated with natural disasters, weather events, and other external factors.