This document contains theories of change (TOCs) and indicators to enable gender-inclusive development in four key sectors of infrastructure investment by the Asian Development Bank (ADB). It was designed to function as a point of reference for the development of infrastructure investment projects and programs with enhanced gender equality outcomes. The purpose of the four TOCs is to identify activities, components, and critical features of infrastructure projects that can enhance gender equality and women’s empowerment outcomes and to articulate what needs to be measured to monitor and evaluate these results. These TOCs are a starting point to enable ADB teams developing projects in ADB developing member countries to adapt gender-related features relevant to their key objectives, outputs, and outcomes of specific projects. This document—including the TOCs and examples of project features—focuses on creating a positive impact rather than the environmental and social risk management of projects. ADB staff should consider suggestions in this document alongside gender considerations in risk management approaches. This report developed the theories of change from (i) desk reviews of literature, published research, and case studies to identify how activities and project outputs lead to outcomes in gender equality and women’s empowerment; (ii) desk reviews of ADB policies and guidance on gender equality and results monitoring including Operational Priority 2: Accelerating Progress in Gender Equality and the ADB Design and Monitoring Framework (DMF); and (iii) a co-creation workshop and collaboration with the ADB Gender and Urban teams. This study intends to inform a measurement framework to capture outputs and outcomes that ADB staff can use to select suitable indicators and monitoring tools for evaluating outcomes on gender equality at project completion. The broader intention is to facilitate and promote more gender equity theme-categorized projects in the ADB portfolio. The measurement framework will build on indicators and measurement activities undertaken by ADB and highlight where additional data collection is needed. The TOCs are intended to be used as a starting point for ADB to review and adapt on an ongoing basis, while also providing a shared understanding of how ADB investments can lead to gender equality and women’s empowerment-related outcomes. They are not intended to be fully comprehensive but rather to provide key indicative avenues or “pathways” for change so that they can inform project- by-project gender entry points, analysis, and identification of suitable gender inclusion measures, ultimately enhancing the gender impacts of ADB infrastructure investments. This paper outlines the case for why investing in gender equality and women’s empowerment as part of infrastructure projects makes sense, particularly the business case (section 2). Some examples presented are gender relations, social norms, and attitudes that systematically disadvantage women and girls and how these link to infrastructure. These serve to contextualize the problem statements and selected outcomes utilized in the TOCs. Opportunities are highlighted in a business case to provide context for engagement with stakeholders and for raising awareness of addressing gender equality and women’s empowerment as critical factors in the achievement of sustainable and impactful financial investments. The paper then presents a series of key considerations and entry points in infrastructure programs (section 3) for gender inclusion and addressing gender equality and women’s empowerment. These key considerations and entry points are designed to sit alongside the theory of change diagrams and illustrate the kind of gender-responsive features that could be incorporated into activities. This section aims to inform project design and outline what might be involved to achieve desired outcomes in gender equality, including crosscutting good practices in mainstreaming gender equality in infrastructure projects. Section 4 presents four sector theory of change diagrams for (i) urban development, (ii) transport, (iii) water, sanitation, and hygiene (WASH), and (iv) energy. These TOCs are designed to provide examples of how infrastructure projects can lead to positive outcomes in gender equality and women’s empowerment. Risks and assumptions are outlined alongside the diagrams. Section 5 presents a set of key recommendations, with a focus on summarizing how information presented in this paper can be used.