This inaugural annual report marks the first full year of operations for the SADC-DFRC since its establishment in July 2003. It details the institution’s foundational mandate to support the SADC DFI Network through capacity building, policy research, and advisory services. The report covers our initial progress in mobilising donor funds (including a significant grant from DANIDA), forging key partnerships with institutions like the AfDB and DBSA, and launching our first programmes in corporate governance, risk management, and SME development to strengthen the region’s development finance landscape.