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2024 Outlook

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 .

A selection of our investments

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

About this report

This integrated annual report covers activities that took place in or had an effect on the reporting year. The report covers the period from 1 January 2023 to 31 December 2023 and was published on 22 March 2024 on FMO’s website. Read more about About this report .


The activities of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (hereafter referred to as FMO) consist of financing activities in developing countries to stimulate private-sector development. Read more about Activities .

Additional information

The provision and the appropriation of the net profit is based upon the Articles of Association and the Agreement State-FMO of November 16, 1998. Read more about Additional information .

Aligned remuneration policies

The remuneration policies attach equal importance to investment and risk functions, by ensuring similar salary scale levels for both functions and avoiding bonus structures that incentivize excessive risk taking. Read more about Aligned remuneration policies .

Analysis of financial assets and liabilities by measurement basis

The significant accounting policies summary describes how the classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognized. Read more about Analysis of financial assets and liabilities by measurement basis .