A number of fisheries development projects are undertaken every year in recognition of the important role fisheries play in many coastal communities. The objectives and emphasis varies, but typically goes beyond a limited focus on fisheries management and the ecosystem to include essential economic and social impacts. This makes it difficult to evaluate the impact of a project in any environment, and it is particularly challenging in the data poor circumstances in many developing countries. In this paper we will use the recently developed Fisheries Performance Indicators (FPI) to investigate the impact of a World Bank development project in Liberia, as the FPIs are designed to capture most dimensions of a fisheries system and are applicable in data poor environments. It was relatively straightforward to collect the FPI indicators when the project was started and completed. The results show improvements in most dimensions emphasized in the project, and also in many hard to measure social dimensions. Hence, one can conclude that the project was highly successful. However, there were also important indicators, particularly in relation to general governance, with a negative development.