This study aims to analyze the applicability of econometric analysis to project evaluation of two projects that are ongoing now in Uzbekistan in the water supply and sewage services: the project “Water Supply, Sanitation and Health” ongoing from1997 in the Republic Karakalpakstan and Khorezm Oblast, in two regions most severely affected by the Aral Sea crisis and the project “Bukhara and Samarkand Water Supply” ongoing from 2002 in two ancient cities of Uzbekistan. The main theoretical concern for econometric analysis is to choose the outcome variable and to test whether the causing variable is exogenous and if it is not the case to find appropriate instruments to fix endogeneity from causal relationship. From practical point of view the main concern is to collect the most detailed pre-treatment and post-treatment data on municipalities’ level that would be sufficient to apply matching methods for program evaluation.