Cordaid Investment Management has been at the forefront of impact investing for over a quarter of a century, creating positive social change in the most vulnerable communities worldwide. As pioneers in this once-exotic field, we have played a significant role in shaping the landscape of impact investing, particularly in fragile markets where others hesitated to venture. Despite our focus on challenging markets and fragile countries, our investment portfolio has consistently demonstrated its effectiveness in delivering positive, sustainable outcomes. Our investment program has successfully fulfilled its purpose of catalyzing economic growth and empowerment in these underserved regions. We are proud to have paved the way for other investors to recognize the immense potential and opportunities in impact investing.