This report analyses the challenges of implementing a “protection in the region” agenda in Lebanon, a country that hosts the highest number of refugees per capita in the world, and which has been the recipient of one of the largest per capita aid and support packages since 2016. Our main finding is that EU diplomatic efforts and financial commitments to date have made very limited progress in ensuring protection for Syrian refugees in the country or improving their dismal socio-economic position. On the contrary, the main socio-economic indicators for Syrian refugees have remained very poor for the past three years, and the refugees’ continued presence in the country is increasingly questioned by parts of Lebanon’s political establishment. This report traces the reasons why donor efforts have had such limited success: restrictions created by Lebanese and European political narratives of displacement; the limitations imposed by Lebanon’s clientilistic economy; and the challenges of combining protection in the region with an economic reform agenda. Many donors have opted for predominantly technical approaches, based on cooperation with line ministries and state institutions. In our view, these approaches pay insufficient heed to the complex web of sectarian and personal interests that fuel Lebanese policy-making, with the result that limited progress is achieved for refugees.