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FMO 2022

Annual Report

We believe that in these critical times we need to make ambitious choices to create more impact by better serving our customers.

letter of the management board

OUR IMPACT

Decent Work & Economic Growth

We invested €2.4 billion in developing and emerging markets on FMO’s own books and through public and mobilized funds. Our outstanding portfolio resulted in an estimated 750 thousand jobs supported.

Reduced Inequalities

We invested €810 million in reducing inequalities: €237 million in companies and projects in least developed countries and €617 million in inclusive businesses, focusing mostly on microfinance and micro-financial services, women-owned or women-led SMEs and youth-owned or youth-led SMEs.

Climate Action

We invested €1 billion in Green projects such as renewable energy projects, agriculture and green credit lines. FMOs current portfolio resulted in a yearly estimated 1,439 ktCO2e total financed avoided GHG emissions.

Improving access to electricity in remote regions

AEE Power Ventures, Energy company active in Sub-Saharan Africa

SDG 7 | 8 | 10 | 13
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Providing clean and affordable power in Mali, Burkina Faso and Senegal

SolarX, Solar business active across West Africa

SDG 7 | 8 | 13
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First private green bond harnessing Egypt’s renewable energy potential

Scatec, Renewable energy platform active in Egypt

SDG 13
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Strengthening the country’s capital market through green bonds

Georgia Renewable Power Operations, Renewable energy platform active in Georgia

SDG 13
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Boosting businesses in agriculture and rural areas

JSC Credo Bank, MSME-focused bank in Georgia

SDG 8 | 10
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Supporting food security in Moldova and contributing to sustainable growth

Trans-Oil Group, Agribusiness logistic provider active in Eastern Europe

SDG 2 | 8
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First fund raised since the Russia-Ukraine war empowering Ukrainian SMEs in critical times

Horizon Capital Growth Fund IV, Ukrainian and Moldovan technology and export-oriented impact fund

SDG 8
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First farmer-led company to support smallholder Indian farmers

Sahyadri Farms, farmer-owned Farmer Producing Organization in India

SDG 2 | 8 | 10 | 13
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Increasing production of clean and renewable energy

Alcazar Energy Partners II Fund, Renewable energy-focused impact fund in the MENA and ECA region

SDG 13
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Investing in green projects and women-owned SMEs

Banco Pichincha, Universal bank in Ecuador

SDG 5 | 8 | 10 | 13
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Increasing access to finance for female, young and migrant entrepreneurs

I&M Bank, Tier 2 Bank in Kenya

SDG 10
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Our strategy

In the past few years, global developments and changing stakeholder expectations and regulations have affected FMO’s impact agenda such that we felt the need to review our ambitions and strategic priorities towards 2030. Our Strategy towards 2030: Pioneer - Develop - Scale, derives its name from our progression model. It shows our long-term commitment to companies, supporting them from an initial high-risk phase to the point where commercial investors can (partially) take over from FMO.

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Strategy towards 2030

Strategy towards 2030

Pioneer

Through market creation, we will develop unbankable opportunities into bankable projects. We move projects to public funds, developing new products & segments and making higher risk investments.

Strategy towards 2030

develop

Through our own balance sheet, we provide financial support, scale investments, and strengthen our role as a change agent on ESG topics.

Strategy towards 2030

scale

By mobilizing commercial partners, we aim to further scale our impact.

Where we invest

Committed portfolio €10.3 billion

Note: committed portfolio consists of €8.9 billion for FMO and €1.4 billion for public funds