Fiscal year 2025 marked another year of sustained progress toward GFDRR’s mission and objectives. Demand for its expertise and support remains high, reflecting the capacity gaps that many low- and middle-income countries face in identifying, designing, and implementing investments. In a resource-constrained environment, GFDRR’s catalytic role has been particularly valuable, demonstrating how small, strategic grants can shape large-scale, risk-informed development programs. This Annual Report captures those achievements and the measurable impacts GFDRR has achieved across countries and sectors.