A selection of our investments
SA Impact Forestry Fund LP (SAIFF)
Sustainable forestry private equity fund in Paraguay
US$20 million equity | FMO | SDG 8, 13
Paraguay has one of the highest rates of deforestation globally and is the second-most deforested South American country. SAIFF is a private equity fund dedicated to sustainable forestry in Paraguay with a core investment strategy to acquire, develop and manage new and existing forestry assets at scale. SAIFF acquires low-productivity degraded pastureland with limited alternative uses and converts it into FSC-certified commercial timberland that produces wood fiber for global markets and generates high-integrity carbon credits. Furthermore, at least 25 percent of the area managed will be reserved for conservation and restoration activities. FMO provided a US$20 million-equity investment so SAIFF can further scale their integrated forestry investment model, thereby increasing carbon sequestration, production of sustainable wood and conservation of natural habitats.
Access Bank Plc
Full-service commercial bank in Nigeria
US$295 million debt | FMO, direct mobilized funds | SDG 8, 10
Access Bank is Nigeria’s leading bank, committed to providing support to SMEs through funding, capacity building and networking opportunities. The nearly 40 million micro, small and medium enterprises (MSMEs) in Nigeria account for 86 percent of employment and 50 percent of GDP yet face numerous challenges in accessing finance. Together with Invest International, of which FMO is a shareholder, they have set up a Dutch Desk, which provides Dutch entrepreneurs with streamlined access to trade opportunities in Africa’s largest economy. To support the Nigerian MSME sector, FMO acted as Mandated Lead Arranger and mobilized eight other syndication partners to provide a US$295 million Tier-II loan to Access Bank, with FMO contributing US$90 million. FMO also has provided technical assistance through a training program that will support building the capacity of 52,000 Nigerian young people in entrepreneurship and digital skills stimulating business growth, creating much needed jobs and bolstering financial inclusion across Nigeria.
Hydrobox Infrastructures SEZ Limited
Mini-grid and hydropower plant developer in Kenya
US$7 million debt | AEF | SDG 7, 8, 10, 13
Hydrobox is a Kenya-based developer that builds, owns and operates small run-of-the-river hydropower plants that form mini-grids in underserved regions. The mini-grids provide commercial and industrial (C&I) clients, small businesses and households with access to reliable and renewable energy through an independent grid for an affordable price. Hydrobox’s innovative approach translates to minimized construction costs and construction time, and makes it easier to install their plants in more remote, off-grid locations. FMO provided a US$7 million facility, through AEF, to fund a portfolio of eight hydro projects forming five mini-grids. This will provide around 10,000 Kenyan people and businesses with sustainable, locally-sourced access to energy that reduces fossil fuel dependency and carbon emissions.
Fido Solutions Limited
Digital lender in Ghana and Uganda
US$10 million equity | MASSIF | SDG 8, 10
Digital lending platforms in the Middle East and Africa are projected to be valued at US$2 billion by 2029, a four-fold growth since 2021. As many individuals and MSMEs are excluded from traditional finance institutions, digital lending has stepped in to fill the gap. Ghanaian Fintech provider Fido offers short-term credits, small tickets and other financial products, all of which come with embedded insurance. Fido utilizes artificial intelligence and alternative data to underwrite its 650,000+ customers (a large portion of whom are young, informal business owners) and provide almost instantaneous access to credit, despite the borrowers not having a formal credit history. To improve access to finance at the bottom of the pyramid, FMO invested US$10 million, through MASSIF, in direct equity in Fido’s Series B capital raise. The funding will support Fido’s loan book growth in Ghana and Uganda, while a Technical Assistance project supported Fido’s assessment of its systems and practices on social performance and client protection practices, as well as helped define an action plan to address potential gaps.
Helios CLEAR Fund
Pan-African climate-focused fund
US$20 million equity | LUF, BP | SDG 8, 13
The renewable energy market in sub-Saharan Africa has a potential investment opportunity of US$193 million, but Africa currently only attracts three percent of global energy investment.4 The Helios Climate, Energy, Adaptation and Resilience Fund (CLEAR) is a Paris-aligned, climate fund dedicated to securing a low-carbon future for Africa. It takes a unique approach with its climate-first lens, targeting both climate mitigation and adaptation by investing in mid-size companies across five key themes: green energy solutions, climate-smart agribusiness, green transport and logistics, resource efficiency and climate enablers. To help bridge the climate financing gap and improve ESG standards, FMO provided a US$20 million equity investment in CLEAR’s first close, through LUF and BP, which will also support job creation and economic development across the continent.
Fedecredito (Federacion de Cajas de Credito y de Bancos de los Trabajadores)
Cooperative in El Salvador
US$20 million debt | FMO, direct mobilized funds | SDG 8, 10
MSMEs play a core role in the El Salvadoran economy, as they employ around a third of the country’s workforce. However, they face significant challenges in accessing financial services. Fedecredito supports its 54 member cooperatives by providing funding, technical assistance and advisory services. The member cooperatives then support the financial and non-financial needs of the MSMEs and lower- to mid-income individuals that belong to these cooperatives (comprised of around 1.4 million individuals). To reduce inequalities across El Salvador, FMO provided a US$20 million loan to Fedecredito, of which US$7.9 million mobilized—with an additional uncommitted US$10 million facility—which will be on-lent to their member cooperatives to provide loans to microenterprises and underserved MSMEs across El Salvador. By partnering with an experienced player like Fedecredito, the funding will directly support the SMEs and be re-invested to ensure local prosperity.
Kernel Group (Inerco Trade S.A.)
Largest edible-oil and grain exporter in Ukraine
US$25 million debt | FMO | SDG 8, 13
Ukraine’s agricultural sector makes up approximately 10 percent of Ukraine's GDP and employs one in six Ukrainian workers. Kernel is a global leader in sunflower oil production and exports, and is the largest edible oil and grain exporter of Ukraine. Following the onset of the full-scale war between Ukraine and Russia, ensuring the continued operations of this key sector has proven challenging. FMO provided its first direct investment in Ukraine since Russia’s full-scale invasion of Ukraine by joining Kernel’s Pre-Export Facility, led by Rabobank and ING Bank, with a US$25 million participation. Through this investment, FMO reaffirms its support to Ukraine during these challenging times. The funds will be used to procure sunflower, rapeseed and soybean seeds from local farmers to process and export the oils and meals globally, including to least developed countries.