The Lebanon Financing Facility (LFF) is a 5-year multi-donor trust fund that was established in December 2020 in the aftermath of the August 4 Port of Beirut explosion disaster and following the launch of the Reform, Recovery and Reconstruction Framework (3RF). The LFF seeks to support the immediate socio-economic recovery of vulnerable people and businesses following the explosion in Beirut, and to build the foundation for medium-term recovery and the sustainable reconstruction of the Port of Beirut and affected neighborhoods. This annual report, the first for the LFF will focus on the Fund’s operationalization and initial results. The first section describes the sectoral context for recovery, reconstruction and reform in Lebanon. The second section provides an overview of the development of the LFF portfolio during the first year of implementation, while the third section provides further details on the projects designed and/or approved in 2021 as well as initial results. The fourth section highlights achievements made in establishing the LFF’s operational foundations. The fifth section summarizes the fund’s financial flows. The final section conveys the fund’s ambitions for 2022.