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

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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.

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

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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.

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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.

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Our value creation model

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

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Operating context

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

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Our business model

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

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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.

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