Equitable provision of physical infrastructure must be seen as a prerequisite for achieving the sustainability of human settlements. Infrastructure provision needs to consider both the product (physical services) and the context in which the services will be provided and maintained in order to be sustainable. This article presents a holistic methodology for evaluating sustainability and poverty reduction impact of infrastructure projects in developing countries through societal, economics, institutional and environmental dimensions. ASPIRE toolkit uses qualitative evidence which feeds into 96 indicators producing visual outputs which can encourage users to consider contextual issues and develop valuable trade-offs between the four dimensions.The methodology and toolkit is applied to the evaluation of an infrastructure upgrading project in Korail, Bangladesh. The Urban Partnership for Poverty Reduction Project (UPPRP) in Korail, supports a twin-pronged approach of provision of infrastructure (water, sanitation, roads and drainage) improvement through the Slum Improvement Fund and improvement of socio-economic conditions through the Socio-Economic Funds. The ASPIRE assessment allowed the authors to interrogate strengths and weaknesses of the UPPR project thereby demonstrating the value added by ASPIRE. Overall, the project was deemed successful in Korail. Socially, it allowed access to all types of services to the slum's residents with strong community engagement. Land security however was noted to be a challenge, which needs to be addressed by institutions in Dhaka.