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Conditional Cash Transfer (CCT) programmes have become the anti-poverty programme of choice in many developing countries. Numerous evaluations leave little doubt that such programs can increase enrollment and grades attained in the short term. However, evidence is notably lacking on whether these short-term gains translate into longer-term educational benefits needed to fully justify these programs. This IDB Working Paper uses the randomized phase-in of the Red de Protección Social (RPS) CCT programme in Nicaragua to estimate the long-term effects on educational attainment and learning for boys, measured 10 years after the start of the programme.