Corporate information

FMO was incorporated in 1970 as a public limited company with 51 percent of shares held by the Dutch Government and 49 percent held by commercial banks, state unions, and other members of the private sector. The company is located at Anna van Saksenlaan 71, 2593 HW The Hague, The Netherlands and is registered under ID 27078545 in the Chamber of Commerce.

The 2025 financial statements of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (hereafter referred to as ‘FMO’ or ‘the company’) were prepared by the members of the Management Board and signed by all members of the Management Board and the Supervisory Board on March 23, 2026 and will be submitted for adoption by the General Meeting of Shareholders on April 22, 2026.

Financing and investing activities

FMO is the Dutch entrepreneurial development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in entrepreneurs. FMO specializes in sectors where our contribution can have the highest long-term impact: Financial Institutions; Energy; and Agribusiness, Food & Forestry (Formerly Agribusiness, Food & Water).

FMO’s main activity consists of providing loans, guarantees, and equity capital to the private sector in emerging markets and developing economies. Furthermore, FMO offers institutional investors access to its expertise in responsible emerging markets investing through its subsidiary FMO Investment Management B.V.

FMO arranges syndicated loans to mobilize funds, by bringing together investors – commercial banks and other development finance institutions (DFIs) – with FMO for structuring these transactions. This enables FMO to provide our clients with increased access to finance and more diversified lending, while giving our financial partners efficient opportunities to enter new markets.

Commercial fund management

FMO's subsidiary, FMO Investment Management B.V. (FMO IM), provides facility/investment management services for third-party investment funds, which are invested in FMO’s transactions in emerging and developing markets. Through these funds, FMO IM offers investors access to our expertise in responsible emerging market investing.

Services in relation to government and public funding

Apart from financing activities from its own resources, FMO provides loans, guarantees, and equity capital from government and public funding, within the conditions and objectives stipulated in the agreements. These programs are made up of publicly funded programs, sub-delegation agreements, and guarantee programs supported by the European Commission. The details of the programs along with their accounting treatment are described below.

Public funding programs

Programs supported by the Dutch Government consist of subsidies provided under the General Administrative Law Act regarding MASSIF, Access to Energy Fund (AEF), Building Prospects (BP), Mobilizing Finance for Forests (MFF), and Dutch Fund for Climate and Development (DFCD). In addition, funding is provided by the UK Government for the Mobilizing Finance for Forests (MFF) program. These programs represent economic silos whereby the assets and liabilities of the programs are ring-fenced for the benefit of the funding party. The documentation in this subsection provides the background information in respect of these programs managed by FMO on behalf of the Dutch and UK Governments, including a tabular summary that reflects the nature of the relationship with FMO and whether the financial information of the related key structured entities is consolidated in FMO's financial statements.

FMO manages the MASSIF program on behalf of the Dutch Government. MASSIF enhances financial inclusion for micro-entrepreneurs as well as small- and medium-sized enterprises (MSMEs) in the poorest social-economic segments, which are underserved by the local financial sector. The program supports financial intermediaries that reach out to MSMEs in fragile and low-income countries, in rural areas and agriculture, for female and young entrepreneurs, and in innovative sectors. FMO incurs a risk in MASSIF as it has an equity share of €7.8 million or 2.04 percent (2024: 2.16 percent). In addition, the subsidy agreements for certain public fund programs contain provisions for FMO to return the subsidy amounts on the end dates of the respective programs. With respect to the remaining interest in MASSIF, and the full risk in the other government programs, FMO has a contractual right and obligation to settle the results arising from the programs’ activities with the Dutch Government. The economic risks related to these funds are predominantly taken by the Dutch Government, and FMO has limited control over policy issues regarding these funds. FMO receives a remuneration fee for managing these funds which is based on total commitments. MASSIF is not consolidated in FMO's financial statements.

The Building Prospects (BP) program commenced in 2001 and through this program, FMO focuses on the development of the social and economic infrastructure in least developed countries on behalf of the Dutch Government. The objective is to stimulate private investors to invest in private or public-private infrastructure projects in these countries. FMO has no investment participation in the program and only receives a fee for facilitating these funds, and as such, BP is not consolidated in FMO's financial statements.

Access to Energy (AEF) is the Dutch Government fund set up to actively support the creation of access to sustainable energy in developing countries. The Access to Energy Fund I was set up by the Dutch Government and FMO in 2007 to support private sector projects aimed at providing long-term access to energy services in Sub-Saharan Africa. AEF provides financing through equity, local currency loans, subordinated debt and grants to facilitate projects that generate, transmit, or distribute sustainable energy. In 2012, the Access to Energy Fund II committed US$55.6 million to Climate Investor One, an investment vehicle with three interlinked funds that invest in projects during their whole lifetime. The fund has continued supporting both new and existing customers throughout 2025. Through AEF, FMO has been appointed by the Dutch Government to invest up to €210.9 million across a mix of direct funds in countries on the OESO-DAC list. The Fund capital as of December 31, 2025 is €172 million (2024: €160 million). Its portfolio includes 43 clients in 17 individual countries and five regions. It has made six new investments and supported three clients through Capacity Development in 2025. FMO has no investment participation in the Funds and only receives a fee for facilitating these funds, and as such, AEF is not consolidated in FMO's financial statements.

Mobilising Finance for Forests (MFF) was established by the UK Government in 2021 as a blended finance investment program to combat deforestation and other environmentally unsustainable land use practices contributing to global climate change. MFF supports the restoration and protection of forests through loans, equity investment, development contributions, and technical assistance. Through MFF, FMO has been appointed by the UK Government to invest up to £200 million across a mix of investment funds and direct investments in tropical forest regions in Africa, Asia and Latin America. In 2024, the Dutch Government participated in the program by providing a US$33.5 million commitment to MFF. The economic risks related to these funds are predominantly taken by the UK and the Dutch Government, and FMO has limited control over policy issues regarding these funds, therefore, MFF is not consolidated in FMO's financial statements. FMO receives a remuneration fee for managing these funds.

In 2019, the Minister (through the Ministry of Foreign Affairs (MoFA)), awarded a tender to manage the €160 million Dutch Fund for Climate and Development (DFCD) to the consortium of FMO, Stichting SNV Nederlandse Ontwikkelingsorganisatie (SNV), Stichting Het Wereld Natuur Fonds-Nederland (WWF), and a commercial fund manager Coöperatief Climate Fund Managers U.A. (CFM, through Climate Investor Two). The DFCD fund has since been increased by the Dutch Government by €40 million as of the third quarter of 2024. The DFCD Program is expected to expire in 2037 (unless extended). To achieve the DFCD mandate, the Consortium was structured into three separate, but strategically linked Facilities, each with a unique role across the project lifecycle and a unique thematic sub-sector focus. The Origination Facility, managed by WWF-NL, and SNV collectively, is positioned exclusively for project identification and (pre-)feasibility development activities with a cross DFCD thematic sub-sector focus. The Water Facility, managed by CFM, targets investments related to water, sanitation, and environmental protection. The Land Use Facility, managed by FMO, targets investments relating to agroforestry, sustainable land use and climate resilient food production. FMO receives compensation for the services provided.

Under the 2021 EFSD+ Program of the European Commission (EC), a proposal ("DFCD Aya", or "Aya") was approved by the EC Operational Board to top up the Program with a loan/contribution from FMO ("FMO-A", total up to €240 million) on a commitment basis, of which €105 million is to be guaranteed under the EFSD+ program of the EC. The facility is provided from FMO-A to the existing DFCD Land Use Facility Program ("LUF"). In the last quarter of 2024, FMO in conjunction with the EC and the Dutch Government established the DFCD Aya program which expanded on the existing DFCD program. This initiative resulted in FMO providing the agreed loan commitment of €240 million to the program, of which €105 million is covered by financial guarantee from the EC. The FMO-A loan under the DFCD Aya Program has a tenor up to September 30, 2037. It should be disbursed over the first five years and will be senior to the existing LUF Capital provided by the Dutch Government (equity buffer via existing assets). As a result of FMO's financial interest and taking into account the control FMO exercises over part of the program, FMO consolidates the Land Use Facility (LUF) part of DFCD. See the "Group accounting and consolidation" section for further details.

The FMO Ventures Program was launched in 2020 as a €200 million investment facility supported by contributions from the Ministry of Foreign Affairs of the Netherlands (through participation from AEF, BP, and MASSIF) and a guarantee from the European Union with a four-year investment period. The aim of the program is to invest through fund and direct investments in Africa, the European Neighborhood, and Asia (excluding China). In addition to equity investments, the program will also have a dedicated technical assistance program, for which the EC is providing €6.5 million, to support investees of the FMO Ventures Program and promote the development of local venture capital ecosystems. In Aug 2024, FMO launched the second facility as a US$200 million investment facility to continue the mandate to invest in early-stage companies in Africa and South-East Asia. The FMO Ventures Program focuses on early-stage, tech-enabled direct investments alongside a lead investor and indirect investments with a more generalist focus in funds. As a result of FMO's financial interest and taking into account the control FMO exercises over part of the program, FMO consolidates the Program. See the "Group accounting and consolidation" section for further details.

Market Creation Platform (MCP) was introduced as part of FMO’s Strategy 2030, adding a proactive approach to our portfolio of activities aimed at transforming unbankable opportunities into bankable projects and enterprises. FMO has received funding from the Dutch Government, the EC and the UK Government’s Foreign, Commonwealth & Development Office (FCDO) to support market creation projects focused on financial inclusion in least developed countries and undeserved segments, such as young and female entrepreneurs. At the same time, we began building a strategic and organizational structure –the Market Creation Platform– to organize our partnerships and market creation activities. This platform facilitates collaboration, governance, and fundraising across stakeholders, and ensures the consistent application of the Market Creation approach – from strategic objectives to barrier analysis and targeted interventions aiming to unlock bankable opportunities. The MCP is managed at the risk the funding partners and FMO has only delegated authority regarding the related funds. Cash balances recognized by FMO for facilitating MCP amount to €17 million on 31 December 2025 (2024: €1 million). FMO receives a remuneration fee for its services and MCP is not consolidated in FMO's financial statements.

The table provides a summary of the programs managed by FMO on behalf of the Dutch Government, UK Government, and the EC. It provides an overview of the contributions made by the originating parties to date and the nature of FMO's involvement. The note on "Related party information" also provides further information on the programs managed on behalf of the Dutch Government as indicated in the table below and documentation above.

FMO earned management fees of €26 million (2024: €24 million) for its role in administering the programs. The fees are recorded in the line item "Remuneration for services rendered".

Sub-delegation Arrangements

The sub-delegation agreements represent arrangements whereby FMO facilitates the transfer of a funding party’s participation in underlying programs managed by the sub-delegee. The program assets are not recorded on the FMO statement of financial position as the programs represent economic silos whereby the risks and rewards associated with the program assets are with the funding party. In accordance with the IFRS9 derecognition criteria, the investment made by FMO in the program is considered a pass-through arrangement and therefore not recognized on the FMO statement of financial position. Any funding received by FMO that is in the process of being transferred to the sub-delegee is recognized as an asset by FMO in the line item "Cash balances with Banks", along with a corresponding liability in the "Accrued and other liabilities" line item, up to the point the funding is transferred to the sub-delegee. On December 31, 2025, the cash balance related to sub-delegation agreements amounts to € 69 million (2024: € 24 million).

Agri-FI and Electri-FI Facilities

The European Development Financial Institutions Management Company (EDFI MC), based in Brussels, was established to manage European Commission (EC) funding for several programs, including the Electri-FI global facility, the Electri-FI country facility, and the Agri-FI investment facility. FMO is one of the shareholders of EDFI MC, alongside other European Development Finance Institutions (EDFIs). As an accredited entity for the EC, FMO acts as the EC's contractual counterpart for these programs and has sub-delegated all operational activities to EDFI MC. Through this arrangement, FMO facilitates the EC’s commitment to the Agri-FI and Electri-FI facilities. For its role, FMO earned a fee of € 0.1 million in 2025. As of December 31, 2025, the amount distributed to the programs totaled €309 million.

Climate Investor One and Climate Investor Two 

FMO was accredited by Green Climate Fund (GCF) and capitalizes on FMO's experience in mobilizing and enabling the private sector in developing countries towards low-emission and climate-resilient investments. In this context, FMO has received funds from the GCF, EC, and USAID with the purpose to invest directly in Climate Investor One (CIO), a facility raised by FMO and managed by Climate Fund Managers (CFM). CIO and Climate Investor Two (CI2) are blended finance, capital-recycling facilities mandated with delivering renewable energy infrastructure projects in emerging markets that contribute to each phase of a project's lifecycle. FMO receives a fee for facilitating these activities. In 2025, fees of € 0.9 million were earned by FMO for facilitating these participations by GCF, the EC, and USAID. By December 31, 2025, participations worth € 323 million were received from GCF, the EC and USAID. 

European Commission Guarantee Programs

The EC and FMO have an agreement for the risk sharing facility NASIRA for an amount of €100 million. FMO issues guarantees to financial institutions allowing them to on-lend to underserved entrepreneurs within the European neighborhood and Sub-Saharan Africa. The guarantees are split into a loss-sharing hierarchy that is allocated between the issuing financial institution, the EC, and FMO. The goal of these guarantees is to allow local financial institutions to provide loans to groups they perceive as too risky to finance without guarantees. The guarantees are accounted for as issued financial guarantee contracts in accordance with IFRS 9. No financial assets are recognized in accounting for these transactions. FMO receives guarantee fees from the guarantee holders. These fees are presented in the Fee and Commission Income line item. Refer to the "Guarantees" section in the "Accounting Policy" chapter for further information. In 2025, the NASIRA+ facility was agreed with the EC but no guarantee agreements have been entered into during the current reporting period under this facility. 

The EC has provided €40 million in guarantees to the FMO Ventures Program, in addition to the technical assistance funding mentioned in the preceding section on "Public Funding Programs". FMO administers the program and initiates the program's investments. FMO and the other participants share in the risks and rewards of the investments via a predefined waterfall structure. The investments are recognized as financial assets by FMO and are measured at fair value in the FMO statement of financial position. In addition, any relevant liabilities, including amounts attributable to co-participants, are recognized in the FMO statement of financial position. Refer to the "Fair value of financial assets and liabilities" section for further information.