FMO 2020

Annual Report

FMO in 2020: Standing by our customers

Letter of the management board

"In July 2020, we celebrated FMO’s 50th birthday, in the midst of a pandemic and in a year that proved to be extraordinarily challenging. Many countries and businesses were affected in one way or another, and so was FMO. Our main priorities became the wellbeing of our colleagues and the wellbeing of our customers and investees.” 


Decent Work & Economic Growth

We invested €1.9 billion in developing and emerging markets on FMO’s own books and through public and mobilized funds. Our outstanding portfolio resulted in an estimated 427,000 jobs supported.

Reduced Inequalities

We invested €745 million in reducing inequalities: €280 million in companies and projects in least developed countries and €508 million in inclusive businesses, focusing mostly on microfinance, women-owned SMEs and smallholder finance.

Climate Action

We invested €466 million in Green projects such as renewable energy projects, sustainable agriculture, forestry and Green credit lines. FMO’s current portfolio resulted in a yearly estimated 1,578,000 tCO2e avoided GHG emissions.

How we invest

Adjusting to a new reality

During the COVID-19 pandemic, FMO has increased the financial and non-financial support to its existing customers to help them withstand the economic impact of the pandemic. Our ability to onboard new customers has temporarily been hampered by the travel restrictions that are currently in place. FMO has implemented several changes to adjust to the new situation. 


We believe in a world in which, in 2050, more than 9 billion people live well and within the means of the planet’s resources.



We empower entrepreneurs to build a better world.


Your preferred partner to invest in local prosperity.


  • Higher
    Impact Portfolio

  • Deeper

  • Higher


  • Agribusiness, Food & Water

  • Energy

  • Financial Institutions

  • Dutch Business


Making the difference

We are courageous and entrepreneurial

We create value for all our stakeholders

We accelerate sustainable development


We respect differences and listen

We embrace dilemmas

We include multiple perspectives


We communicate expectations and share feedback

We learn, professionalize and innovate together

We are accountable and support clear decisions


We are responsible and compliant

We are transparent and build trust

We are true to our vision and mission

Where we invest

Total committed portfolio €9.3 billion

Note: committed portfolio consists of €8.2 billion for FMO and €1.1 billion for public funds

Stakeholder interviews

Stakeholder interviews

Wind in the sails of FMO

“In the harmonization process, everyone needs to make compromises”, says Sabine Dankbaar, Director of Steward Redqueen

Read more about: Wind in the sails of FMO

Stakeholder interviews

Hats off to our investees 

“We had customers requiring urgent funds, so critical action was needed,” says Nikolay Zubtsov, Investment Officer at FMO

Read more about: Hats off to our investees 

Stakeholder interviews

Ameriabank's green journey  

“One of the biggest challenges was the alignment of our existing green business with the Green Bond principles,” says Gevorg Tarumyan, Deputy CEO, and Chief Financial Officer at Ameriabank

Read more about: Ameriabank's green journey  

The Challenge of a Decade, the Achievement of the Century

On 8 July 2020, it was exactly fifty years ago that the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden, now better known as FMO, was established. Despite being housebound, we could not let this milestone go by unnoticed. We adjusted our plans, explored new ways to connect and shifted our celebrations to the online world.