FMO is the Dutch entrepreneurial development bank

Since 1970, we have been a driving force behind investments empowering local entrepreneurs in emerging markets. 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.

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2021 Performance

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Letter of the Management Board

There are eight years left for the world to achieve the Sustainable Development Goals (SDGs) and we still have a long way to go. The widely different way in which countries have recovered from the pandemic has caused inequality to increase.

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About this report

This integrated annual report covers activities that took place or had an effect on the reporting year. The report covers the period from 1 January to 31 December 2021 and was published on 16 March 2022, on FMO’s website.

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External environment

The world around us is constantly changing and is becoming increasingly complex. In 2021, FMO continued to adapt to the realities of a global pandemic and the uncertainties that came with it.

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Stakeholder dialogue

We see stakeholder engagement as a two-way dialogue. On the one hand we reach out to stakeholders to create partnerships, invest together, harmonize our approaches, and seek insights to inform our policies.

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Our value creation model

Our value creation model is based on the International Integrated Reporting Council's reporting framework.

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Operating context

Since 1970, FMO has made a positive difference in developing countries by empowering entrepreneurs to build a better world.

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Our business model

Our value creation starts with human, intellectual, financial, social and relationship capital, known as ‘inputs’:

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Potential risks and opportunities

Considering current internal and external developments, we present an overview of several strategic challenges and the risks and opportunities these present to FMO's ability to create value in the short to medium term.

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