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.


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.

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


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


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


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