Letter from the Management Board
The year 2025 began in a climate of global uncertainty, a defining feature that persisted throughout the year. Conflicts intensified, geopolitical tensions rose, and global alliances continued to shift. Read more about Letter from the Management Board .
External environment
A series of global and regional trends continued to shape our markets and strategic decision-making in 2025. Read more about External environment .
Our strategy
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 .
Our progression model
Our progression model is at the heart of our ‘pioneer-develop-scale’ strategy, through which we support customers throughout their development journey with the most appropriate financing solutions. Read more about Our progression model .
Performance against our strategy
We invest with the goal of contributing to positive economic, social and climate impact in the markets we serve. Read more about Performance against our strategy .
Corporate governance
Good corporate governance at FMO is crucial for two reasons. The first relates to our mission to enable entrepreneurs to increase inclusive and sustainable prosperity. Read more about Corporate governance .
2026 Outlook
For 2026, the World Bank projects that the global economic growth will ease slightly to 2.6 percent (from approximately 2.7 percent in 2025), as the temporary boost from an early spike in global trade and strong AI-related investment fades. Read more about 2026 Outlook .
In control statement
FMO has internal risk management and control systems in place to support the attainment of objectives in the following categories: Read more about In control statement .