Purpose: This article aims to review the application of the funds awarded by the European Social Fund (ESF) to Portugal, since 1986, from a human resource development (HRD) perspective. Design/methodology/approach: Several variables are analyzed: investment, absorption, people, impact of investment, evolution of skills, main programs, supply and demand for training and the role of the state. Findings: The main conclusion of the paper is that, even if the ESF was extremely important in quantitative terms in Portugal, its qualitative implications were modest. Research limitations/implications: The Portuguese ESF case should be compared with other national cases in the European Union and elsewhere. The ESF patterns should be compared with other cases of international support made by multinationals, non-governmental organizations or bodies like the World Bank or the United Nations. Practical implications: European monetary stability and integration has to be based on social stability and integration. The ESF consequences in the "national" HRD markets may be far-reaching, effectively defining the main elements of the HRD market. Great attention should be paid to positive impacts while defining the priorities of the ESF intervention. Social implications: The ESF was responsible for the funding of a very considerable part of the Portuguese training market. Precisely because of that huge importance, quality is a very important issue. Originality/value: The article is an attempt to analyze and evaluate 20 years of intervention in the HRD field with an international dimension in a relatively poor and struggling country in European terms. (Contains 4 tables.)