Annual Report 2023

In 2023, the volatile global economic and geo-political circumstances were aggravated by more extreme weather conditions, food crises, the collapse of several major banks, the ongoing war in Ukraine, the war in Gaza, and Sahel coups. Read more about Letter from the Management Board .

Red Rocket Holding, Cash Plus, Walo Storage S.A.S.U., and others. Read more about A selection of our investments .

The world around us is constantly changing. Read more about External environment .

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. Read more about Our strategy .

A key challenge in growing our impactful business is the shortage of investable and bankable assets in our target markets. Read more about Public funding .

We scale our impact by mobilizing private capital from commercial investors. Commercial funding, which is especially lacking in countries and markets that are considered high risk, is essential for achieving the SDGs. Read more about Commercial mobilization .

Our value creation model is based on the Integrated Reporting Framework. Read more about Our value creation model .

Before and during the investment period, we research the financing opportunity. We evaluate its financial risk and assess its potential impact on the environment, employees and workers, communities and other stakeholders. Read more about Our investment process .

At FMO, we believe in a world in which, by 2050, more than 9 billion people live well and within planetary boundaries. Read more about Performance against our strategy .

FMO conducts evaluations, reviews and other studies to learn from past investments, help us achieve our impact goals and ensure accountability to our stakeholders. Read more about Lessons learned .

We continue to set ambitious targets for the future to meet our 2030 strategic ambitions. Considering the current and future expected market conditions, this will not be an easy feat. However, for every challenge, FMO sees an opportunity. Read more about 2024 Outlook .

FMO has internal risk management and control systems that enable us to take risks and control them and that are based on international best practices. Read more about In control statement .