annual and interim reports

FMO is the Dutch entrepreneurial development bank

FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs.

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2022 Performance

Letter of the Management Board

2022 was a year of upheaval. The Ukraine war – first and foremost a humanitarian disaster – led to political and economic crises across the region and beyond.

Read more ›Letter of the Management Board

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 2022 and was published on 17 March 2023 on FMO’s website.

External environment

The year 2022 was shaped by several major events. Although the COVID-19 pandemic became more manageable, Russia invaded Ukraine, inflation soared, access to energy and food was more restricted and economic growth slowed down.

Stakeholder dialogue

We see stakeholder engagement as a two-way dialogue. We engage with stakeholders to create partnerships, invest together, harmonize our approaches, and seek insights to inform our policies.

Our value creation model

Our value creation model is based on the International Integrated Reporting Framework.

Operating context

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

Our business model

Value creation starts with the resources or ‘inputs' that are key to running our business:

Value creation

We distinguish between short term outputs, resulting directly from our activities, and the outcomes that we believe to result from those outputs. The long-term impact refers to the indirect results we believe our work will contribute to over time.