The geography of poverty is changing. Extreme poverty is increasingly concentrated in places characterized by fragility and violent conflict: by 2030, 85 percent of the extreme poor—some 342 million people—will live in fragile and conflict-affected states.1 Yet just one in five fragile states are on track to achieve the Sustainable Development Goals (SDGs).2 Meaningful progress on the goal of reducing global extreme poverty requires meeting the development needs of vulnerable populations in fragile contexts; but assistance in these contexts has traditionally been limited to short-term humanitarian aid, ill-equipped to address underlying development challenges. World Bank leadership, staff, and shareholders recognize that protracted crises and associated mass displacement and chronic extreme hunger, as well as threats from sudden-onset emergencies such as climate disasters and pandemics, threaten development progress. Driving progress in these complex environments is the only way that the World Bank will meet its twin goals of reducing global poverty and improving shared prosperity, and address the underlying drivers of some of the world’s most protracted crises.