Portugal’s current business model for delivering development co-operation is under pressure. Portugal’s new development agency, Camões I.P., faces challenges in fulfilling its mandate of co-ordinating and supervising Portugal’s multiple development actors. While steps have been taken since the last peer review to strengthen Camões I.P.’s coordinating powers, it does not have input into or oversight over half of Portugal’s bilateral ODA budget. This was also the case for Portugal’s former development agency. One factor hindering its success is constrained human and financial resources, but a more fundamental issue is whether the institute has a realistic mandate.