Deeper relationships

FMO attaches strategic importance to deepening relationships with our stakeholders, because by pooling resources and partnering with others we can invest more in our customers and through their activities increase impact. FMO mobilizes and blends funds, builds partnerships, manages programs on behalf of public institutions, including the Dutch government, and empowers its customers and employees.

Customer satisfaction

Our customers are central to achieving FMO's impact ambitions. We provide the financial and non-financial means to support their business activities, aimed at creating positive economic, social and environmental outcomes within the countries and communities in which they operate. In addition to financial products, FMO provides capacity development and ESG advisory services and organizes events to support learning, knowledge sharing and capability building.

Each year, we carry out a customer satisfaction survey to gauge how we can better support them in carrying out these activities. We measure customer satisfaction in terms of the Net Promoter Score (NPS) or the extent to which customers would recommend FMO to others.

Customer NPS

This year, 102 customers participated in the 2021 customer satisfaction survey, representing a response rate of 46%. This resulted in an NPS of 65.5, below our target of 70. This constitutes a decrease for the second consecutive year, down from 70.2 in 2020 and 75.5 in 2019.

Customer satisfaction with FMO’s service level has remained constant. Customers appreciate the good relationship with FMO's deal team, and FMO’s responsiveness in particular. The drop in NPS seems primarily driven by product satisfaction and lower use or appreciation of value added services. With regards to financial products, fewer customers indicated this year that they felt FMO's product features fit their specific needs. Regarding value added services, the number of customers that indicated the use of capacity development and/or that benefited from knowledge sharing decreased. Furthermore, customers also rated the impact FMO has had on them slightly lower, particularly in the area of corporate governance.

Capacity development

FMO provides development contributions including technical assistance (TA) to strengthen the organizational capabilities of our customers, investees, and prospects. Through the Capacity Development program (CD), we make a financial contribution to the cost for external consultants, trainers, and experts to facilitate knowledge transfer and the provision of technical expertise.

In addition, FMO contributes to shaping markets and building impactful partnerships. The Development Contributions are financed by FMO, the Dutch state, the European Commission and, since 2021, the UK government through the Mobilising Finance for Forests fund.

In 2021, we provided €8 million in CD support (2020: €9.5 million). Demand for CD remains high and focuses on value add and additionality, supporting the business case for bankable and investible projects, creating innovative partnerships and building an ecosystem through sector initiatives. 

Customer events

Local entrepreneurs need knowledge and support in best practices, as much as they do funding. In April, FMO and our partners IFC and FinnFund hosted the 2nd Digital African Cheetahs Roundtable, bringing together chief executives of Africa’s most promising, fast-growing agribusiness companies, or “cheetahs”. This two-day roundtable provided an opportunity for entrepreneurs to share challenges, experiences, and expertise in the areas of route-to-market and supply chain digitization. 

In 2021, we continued with the Agribusiness sustainability webinar series for Eastern Europe and Central Asia that were launched in 2020, focusing on such themes such as AgriTech or the EU Taxonomy. The webinars attracted an increasing number of participants and provides a run-up to the first ECA Agribusiness Sustainability Forum.

Mobilized funds

Private sector investments are among the most important sources of financing for the realization of the SDGs and growth in low and middle-income countries. Increasing private mobilized capital is, therefore, important to FMO. Mobilization efforts resulting from our direct and active involvement are measured in terms of total committed portfolio and new investments. In addition, FMO contributes to shaping markets and building impactful partnerships. The development contributions are financed by FMO, the Dutch state, the European Commission and, since 2021, the UK government through the Mobilising Finance for Forests program.

Over the years, we built up a direct mobilized committed portfolio of €2.8 billion (2020: €2.7 billion), a 4% increase compared to last year. More than half (€1.6 billion) has been mobilized through the private debt funds that FMO Investment Management (FMO IM) advises and through syndications and unfunded risk participations with other commercial parties. We achieved our portfolio target of €2.6 billion as a result of a relatively higher volume of new investments - €521 million (2020: €483 million) – and the appreciation of the US dollar. In 2021, FMO arranged several large, syndicated loans for existing customers and increased the volume of investments made through FMO IM funds and the Unfunded Risk Participation (URP) mobilizing vehicle with Munich Re that was launched in 2020. Below we provide some highlights.

Munich Re

The URP Program between Munich Re and FMO continued to show strong growth. During its second investment year Munich Re’s participation grew from €101 million in 2020 to €248 million in 2021. By year-end 2021, the URP program with Munich Re had combined commitments of 33 loans to financial institutions, renewable energy projects and agribusinesses.

NN FMO Emerging Markets Loans Fund[1]

The fund continued to attract investors in 2021, opening a second compartment in July at US$150 million. The investors are mainly institutional investors based in Europe and Asia. In September Environmental Finance announced the fund won the ‘Fund of the year – private debt’ IMPACT Award 2021.

The fund invested over US$400 million since 2018 from its first compartment, and the second compartment has already invested over US$60 million. By year-end 2021, the fund had combined commitments to 62 loans to financial institutions, renewable energy projects and agribusinesses.

FMO Privium Impact Fund[2]

The fund’s net asset value increased to US$155 million (2020: US$143 million) which is similar to its pre-COVID-19 value. Investors are mainly family offices and private banking customers including those with managed portfolios. Investors are mostly based in the Netherlands, UK, Spain and France.

Since the launch in 2016, the fund has participated in over 100 loans. The fund ended the year with a total committed portfolio of US$137 million (2020: US$129 million), which includes investments in 63 customers mostly in FMO’s three focus sectors.

Actiam-FMO SME Finance Fund[2]

With a net asset value by year-end of €108 million (2020: €133 million), the fund participates in FMO loans to financial institutions to improve access to finance for SMEs in emerging markets. The investors are mostly institutional investors based in the Netherlands. As the fund’s end of life is drawing closer (2025), the fund has been making cash distributions since 2020. By the end of 2021, the fund had a total committed portfolio of €90 million (2020: €125 million) across 41 financial institutions.

ASN Green Projects Fund[2]

FMO IM has been an investment advisor to the ASN Green Projects Fund since 2017. The investors are Dutch private individuals. In 2021 the fund began to make investments in green credit lines to financial institutions. Earlier, the fund solely participated in renewable energy transactions. By the end of 2021, the fund had participated in a total of nine loans sourced by FMO, bringing the total committed portfolio in FMO loans to US$32 million (2020: US$25 million).

Public programs

Public investment partners allow us to make investments with a higher risk profile and development impact. Our public investment partners include the Dutch state, the UK government, the European Commission and the Green Climate Fund (GCF). On behalf of the Dutch state, we manage the following programs: Building Prospects, the Access to Energy Fund (AEF), the Dutch Fund for Climate and Development (DFCD) and MASSIF. We set up the NASIRA and FMO Ventures program with guarantees from the European Commission and in early 2021 began managing the Mobilising Finance for Forests (MFF) program on behalf of the UK government. 

We also manage the CD program that offers grants to strengthen the organizational capabilities of our customers. Finally, as an accredited entity, we receive funds from the EC and the GCF that are ultimately managed by EDFI Management Company (for ElectriFi, AgriFi) and by Climate Fund Managers for Climate Investor One.

We measure our progress in total committed portfolio and annual new investments. Through our public programs we have built up a total committed portfolio of nearly €1.4 billion (2020: €1.1 billion). This is above of our target of €1.3 billion and is explained by higher valuations in our equity portfolio, which makes up more than half of the portfolio, the appreciation of the US dollar as well as relatively higher new investments compared to last year. In 2021, we invested €233 million through our public funds (2020: €145 million). Below we provide highlights for each of these programs.

Access to Energy Fund (AEF)

The Dutch government and FMO set up AEF in 2007. AEF supports private sector projects aimed at providing access to energy services. New investments made through AEF amounted to €43 million in 2021 (2020: €17 million).

For instance, AEF provided a US$ 5 million loan to Energy Access Relief Fund (EARF), a new debt fund that provides COVID-19 relief funding to Access to Energy companies such as off-grid solar home systems, clean cooking and mini-grid companies. This fund aims to support access to affordable, reliable and sustainable energy for all and local clean energy jobs.

Building Prospects

Building Prospects was established in 2002 by the Dutch government and FMO to strengthen the agribusiness value chain by increasing access to energy, water, logistics and transport and improving climate resilience and gender equality. New investments made through Building Prospects amounted to €40 million in 2021 (2020: €52 million).

For instance, Building Prospects provided a US$ 5 million loan to Mekong Timber Plantations Limited (MTP), which is one of Laos’ largest forestry plantation companies with more than 24,000 ha land. The total plantation area consists of 9,519 ha of high-quality eucalyptus and acacia, all FSC certified. MTP is an investee company of the New Forests Tropical Asia Forest Fund (TAFF), a fund focused on certified plantation forestry with an emphasis on technological, silvicultural, and ESG improvements. With FMO’s financing, MTP aims to further expand its plantation area and to establish an integrated saw log, veneer and chipping mill.


MASSIF finances local financial intermediaries and institutions that can contribute to the development of small businesses and micro-entrepreneurs, women and youth entrepreneurs, as well as support innovation in inclusive business. New investments through MASSIF amounted to €57 million in 2021 (2020: €55 million).

For instance, MASSIF and the U.S. government's Development Finance Corporation (DFC) launched a US$75 million co-financing facility to boost the COVID-19 response in developing countries. This facility aims to meet the liquidity needs of financial intermediaries who support MSMEs impacted by the COVID-19 crisis, focused particularly on low-income and fragile countries as well as underserved groups like women, youth, and entrepreneurs active in agricultural or rural areas. DFC will contribute up to US$50 million while MASSIF will allocate the remaining US$25 million.

Dutch Fund for Climate and Development (DFCD)

The DFCD was set up in 2019 by FMO, SNV Netherlands Development Organization, Worldwide Fund for Nature (WWF) and Climate Fund Managers. The DFCD connects the project development expertise of SNV and WWF to the mobilizing and investment power of FMO and Climate Fund Managers. New investments for DFCD amounted to €7.7 million in 2021 (2020: €11 million).

In 2021, the DFCD Land Use Facility provided a US$ 6 million loan to Semrar Sartawi, a microfinance institution in Bolivia that services rural farmers, meant to improve climate resiliency.

Mobilising Finance for Forests (MFF)

MFF was established in 2021 by the UK government and FMO as a blended finance investment program. The program focuses on combating deforestation and other unsustainable land practices in the tropical rainforest regions of Africa, Asia and Latin America.

In 2021, MFF concluded its first investment in &Green Fund. This €29 million commitment will enable &Green to invest in agricultural value chains to protect and restore tropical forests and peatlands and make them more inclusive by involving local communities, producers, financiers, supply chain companies, local and national government and civil society.

NASIRA with EC guarantee

NASIRA is an innovative financial program that supports young, female, and migrant entrepreneurs in Sub-Saharan Africa and the European Neighborhood. In 2020, the scope was expanded to small COVID-19-affected entrepreneurs in the same regions. New investments made through the NASIRA program in 2021 amounted to €82 million, of which €70 million was covered by FMO, €11 million by the EC and €1 million by MASSIF.

In 2021, we made five investments in Jordan, Kenya, Nigeria and Armenia. The Armenian AraratBank, for instance, now benefits from a US$ 10 million NASIRA loan portfolio guarantee. This risk-sharing facility enables AraratBank to support COVID-19 affected MSMEs and an MSME business loan portfolio of youth, women and migrant entrepreneurs from Lebanon, Syrian, Ukraine and Iraq currently living in Armenia.

FMO Ventures Program with EC guarantee

The FMO Ventures Program was set up in 2020, combining €40 million in guarantees provided by the European Commission, €60 million in financing from the Access to Energy, Building Prospects and MASSIF funds and €140 million in financing from FMO’s own balance sheet. The funds will be used to invest in early-stage, technology-enabled businesses, technical assistance and the development of venture capital ecosystems in emerging markets. The EC’s guarantees will allow FMO to take an equity stake in risky but growing companies, so they can become bankable and scalable in two to three years. New investments made through the program in 2021 amounted to €21 million (2020: €19.4 million), of which €11 million was covered by FMO, €2 million by AEF, €3 million by Building Prospects, €3 million by MASSIF and €2 million by the EC. In 2021, we made seven investments through this program. 

Invest International

Following approval from the Senate of the Dutch Parliament in July, Invest International was officially incorporated by the Dutch State (51% of shares A and owner of shares B) and FMO (49% of shares A). FMO’s NL Business team and activities have been transferred to this new entity from 1 October 2021.

Invest International supports Dutch companies and non-Dutch companies with a material link to the Dutch economy. It offers finance for international activities aimed at offering innovative solutions that contribute to the realization of the Sustainable Development Goals and the future earning capacity of the Dutch economy.

In addition to financing from its own share capital, Invest International can also offer financing from public programs. These focus on the international financing of Dutch start-ups and SMEs, but also on infrastructure projects of governments in which the Dutch business community can play a role. With an annual budget for project development, the fund can help companies to make international investments financially viable.

Employee engagement

At the end of 2021, we had 605 internal employees (2020: 627 employees), all are covered by a collective labor agreement. FMO invests in the well-being and development of its employees which in turn helps us realize our strategic objectives.

Employee engagement survey

The 2021 Employee Engagement Survey returned an average score of 7.2 (2020: 7.1)[3], below our ambition of 8.0. On average, employees indicated that they are passionate about FMO’s mission and vision and are experiencing pride and joy doing meaningful work. Employees experience a high level of collaboration and support within their team and consider their immediate manager as one of the key contributors towards a positive employee experience. Areas to improve included increasing the level of efficiency in the way we work, achieving a more balanced workload and improving the level of cross team collaboration. Other points that require attention are creating a more inclusive, safe and trustworthy working environment and offering sufficient learning and development opportunities.

COVID-19 and the future of hybrid working

During the second and third lockdown, we continued to look for different ways to collaborate and share experiences online, but also longed for the return of energizing in-person conversations. In 2021, we continued the Open Dialogues and the Culture Conversations to ensure that opinions could be heard, experiences could be addressed, and follow-up could be given in order to further improve workplace behavior, feedback, unconscious bias, diversity and inclusion.

We expect, as many other organizations do, that we will continue to work in a more hybrid way, which will entail working from our home offices at least part of the time. When the restrictive measures have been lifted, we will need to find a new balance between well-being, efficiency and working from different work locations.    

Learning and development

We continued to encourage employees to develop themselves. Our FMO Academy offers various trainings and courses, from personal development to banking knowledge. In 2021, 170 courses and trainings (2020: 283 courses) were followed by 630 employees (2020: 492 employees). In addition, 639 employees have been invited to follow various compliance and Know Your Customer (KYC) topics and 589 have started one or more trainings or modules. Part of these trainings were directly related to the role of the employee and were compulsory. On our virtual learning platform, Udemy, 686 participants made use of 910 courses. The Learning & Development team performed a curriculum review together with HR and the FMO Management teams, further aligning the 2022 curriculum with the learning needs within the organization.

In 2021, we also introduced themed weeks connected to FMO’s values. In line with the value of Making the Difference, we organized an impact school focused on climate action, which was attended by 104 participants. In addition, 158 participants joined the first edition of the Learning Week with the aim to strive for the value of Quality by learning, professionalizing, and innovating together.

Diversity and inclusion

FMO aspires to be a diverse and inclusive employer because we believe it leads to better decisions, more creativity and innovation, better solutions for our customers and more impact on the world. In 2020 we published a diversity and inclusion statement in which we express our commitment to a society in which everyone feels valued, respected and included. At FMO, we strive for diversity at all levels of our organization. We do our utmost to create an inclusive working culture for our employees and our stakeholders. We promote diversity of gender, gender identity and sexual orientation, culture (topics around ethnicity and race), age and generations and people with occupational disabilities. 

We want to be transparent about how we perform on key performance indicators (KPIs), starting with Gender Equality (SDG 5). Since 2019, we are committed to reporting on our performance on seven gender diversity KPIs.

7 Gender diversity & inclusion metrics





% female

1. Gender balance

Total number of employees per December 31, 2021 (headcount)






Employees in senior and middle management per December 31, 2021






2. Recruitment

New joiners January - December 2021 (headcount)






Net growth percentage1





3. Turnover

Number of leavers January - December 2021 (headcount)






Turnover percentage (based on total headcount at beginning of reporting year)





4. Reward

Gender pay gap: FMO conducts periodically (at least once per year) quantitative research to compare men and women’s salaries, while correcting for part-time work, salary scale, age and tenure to have a fair comparison.

The outcome of the (multiple linear regression) analysis with reference date 1 April 2021, showed that men and women at FMO are not awarded the same for equal work. The analysis showed on average a significant difference of a 2.3% lower salary for women (April 2020: 1.3% and April 2019: 1.4%).

Although the average difference found is relatively small compared to what is seen in the Netherlands in general, the statistical analysis showed a significant difference at a 5% significance level. This difference refers mainly to employees in the lower salary scales, in client-facing roles or in the age category 35-44.


5. Bonuses

Share of bonus amount paid in 20212





6. Promotions

Promotion ratio January - December 2021





7. Engagement

Engagement score based on latest survey (Nov. 2021)3




  • 1 The negative growth is partly due to the transfer of the NL Business team to Invest International as per 1 October 2021. In total 19 employees were transferred to Invest International.
  • 2 The total bonus amount granted in 2021 was lower compared to previous years and only related to staff recognition for achievements in the KYC-project.
  • 3 The 2021 result is based on an updated methodology. The 2020 comparative figure is based on the previous methodology and, therefore, not entirely comparable.

In 2021, the gender pay gap analysis was performed for the third year in a row. Compared to last year a gender pay gap of 2.3% remains relatively low, but did increase by 1% and showed on average a statistically significant difference. Although it is the first time - since we measure on this - that the pay gap has increased, it could be an indication of a potential downward trend. Therefore, we will monitor this closely and take corrective action to close pay gaps, as required.

Furthermore, FMO has international staff, representing 57 nationalities. Over thirty percent of employees has a nationality other than Dutch and more than one-third of our employees were born outside of The Netherlands.

In 2021, 74 new colleagues joined the Diversity & Inclusion training at our FMO Academy (2020: 63 employees). These trainings were rated with a 7.8 (out of 10) average score and help to create a climate where people from different backgrounds feel comfortable expressing their opinions. In the spring and autumn of 2021 culture conversations at department level were organized to increase attention to the value Diversity and Inclusion. Understanding and accepting diverse cultures starts by being aware of one’s own.

Other FMO employee statistics

Dec 31, 2021

Dec 31, 2020

Number of internal employees (headcount)



Number of internal FTEs



Percentage non-Dutch employees



Number of nationalities






Number of external employees (headcount)



Total number of internal and external employees (headcount)



  • 1 The NN FMO Emerging Markets Loans Fund, due to its legal structure as an Unregulated Securitisation Vehicle, does not fall under the SFDR.
  • 2 The FMO Privium Impact Fund, ACTIAM – FMO SME Finance Fund and ASN Green Project Fund are subject to the EU Sustainable Finance Disclosure Regulation (SFDR) and have been declared Article 9. While FMO itself is not in scope of the SFDR, it has the obligation to deliver information to the best of its ability. Initial disclosures have been made by the fund managers in 2021. Some future requirements may be challenging to fulfill as many of the companies invested in are outside of the EU and thus not subject to EU disclosure directives.  
  • 3 The 2021 result is based on an updated methodology. The 2020 comparative figure is based on the previous methodology and, therefore, not entirely comparable.