Annual and interim reports

Letter of the Management Board

In July 2020, we celebrated FMO’s 50th birthday. Hundreds of colleagues joined the online celebration in which we commemorated half a century of empowering entrepreneurs to build a better world.

Read more ›Letter of the Management Board

About this report

FMO’s integrated annual report was prepared following the principles of the Integrated Reporting framework of the International Integrated Reporting Council (IIRC) and in accordance with the 'core option' of the Global Reporting Initiative (GRI)

Material topics

Every year, we confirm our material topics with our stakeholders through a survey and regular stakeholder dialogue.

Connectivity table

The material topics resulting from the 2020 materiality assessment are included in the following connectivity table.

External environment

Our markets have faced record-breaking capital outflows1 and recessions as a result of COVID-19, which has reversed some of the progress made in the past two decades towards reducing poverty and inequality.

Our value creation model

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

Our business model

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

Value creation process

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

Potential risks and opportunities

FMO has identified several potential risks and opportunities linked to its value creation model, in the context of external developments, as follows: 

Read more ›Potential risks and opportunities

Our investment process

Before we invest and during the investment period, we carefully research the financing opportunity and assess its impact on the environment, employees and workers, communities and other stakeholders.