UNCDF is funded entirely by voluntary contributions from public and private sources. A core resource base that is right-sized and t for purpose is the essential fuel UNCDF needs to maintain its recognized positioning to ensure a strategic country presence in the maximum number of LDCs. Combined with contributions earmarked for a particular region, project, or area of development, UNCDF is able to achieve demonstration e ects across di erent country and local settings, and in uence policy and regulatory environments. With a fully capitalized LDC Investment Fund, UNCDF will also have the additional resources needed to build investible pipelines and reduce the risks of investment opportunities in order to leverage signi cant follow-on domestic and international nance.

We are deeply grateful to our funding and implementing partners. I thank our LDC partner governments; those who proudly champion our core by contributing to UNCDF’s regular resources; and those who fund thematic and country initiatives and who are committed to learning and evolving with us. Thanks to our partners’ generous contributions, in 2016 we helped 14 million people to access financial services and supported over 850 local governments to build the essential infrastructure and services that citizens need to improve their lives and livelihoods.