This Annual Report outlines the activities and progress of the National Society Investment Alliance (NSIA) in 2023. The NSIA promotes the sustainable development of Red Cross and Red Crescent National Societies in fragile contexts. The report highlights several emerging impacts towards positive transformation of National Societies and on the local humanitarian situation. The NSIA is a joint investment fund of the International Federation of Red Cross and Red Crescent Societies (IFRC) and the International Committee of the Red Cross (ICRC).