FMO

What FMO does

FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), established in 1970 and headquartered in The Hague, is the Dutch Entrepreneurial Development Bank. Owned by the Dutch Ministry of Foreign Affairs, FMO finances private-sector projects in over 85 countries across Africa, Asia, Latin America, and Europe through direct debt, equity, guarantees, and fund investments. Its core offerings include the Ventures Program (early-stage tech in Africa and South-East Asia), MASSIF (financial inclusion), the NASIRA guarantee program (risk-sharing with local banks for underserved entrepreneurs), the Dutch Fund for Climate and Development (DFCD), Mobilising Finance for Forests (MFF), Building Prospects, and the Access to Energy Fund.

FMO's operational model relies on blended finance structures that combine Dutch government and EU concessional capital, first-loss guarantees, and commercial co-investors (IFC, EBRD, Proparco, DEG, BII) to mobilize private capital into markets commercial banks will not enter. Proprietary mechanisms include the NASIRA risk-sharing facility (tiered loss absorption with local banks absorbing the first 5%, EU/Dutch capital 15%, and FMO 80%) and co-management of Climate Fund Managers as a joint venture. Distribution is direct and bilateral via investment teams and regional offices in Johannesburg, Nairobi, and San José, with a new Abidjan office announced in June 2026.

FMO generates revenue through interest income on loans, dividends on equity investments, and guarantee fees, with deal-by-deal negotiated pricing tied to project risk, tenor, and developmental impact. The institution is active across energy (solar PV, storage, grid modernization), financial institutions (banks, fintech, microfinance), agribusiness, and climate adaptation. Recent 2025-2026 transaction activity includes a EUR 3 billion Global Green Bond Initiative Fund, a USD 420 million debt package for ATOME's Paraguay fertilizer plant, a EUR 165 million Twinco Capital financing package, and equity investments across Indian renewables, African fintech, and Latin American climate ventures.

Name

FMO

Legal name

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.

Website

https://fmo.nl

Company type

Private

Founded year

1970

Operating status

Operating

Headcount range

501–1,000 employees

Short description

FMO is the Dutch Entrepreneurial Development Bank, established in 1970 and owned by the Ministry of Foreign Affairs. It provides debt, equity, and guarantees to private-sector projects across 85+ countries in Africa, Asia, Latin America, and Europe.

Ownership category

akta.pro rank

Product category

Development Finance

NAICS

Public Finance Activities (92113)

SIC

International Affairs (9721), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

akta.pro secondary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

Keywords

• Development finance
• Impact investing
• Blended finance
• Emerging market lending
• Sustainable project financing

Headquarters

HQ city

The Hague

HQ country

Netherlands

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Development Finance Investments: FMO provides debt financing (loans, bonds), equity investments, and guarantees to private sector projects and financial institutions in developing countries. Revenue is generated through interest income on loans, dividends on equity investments, and guarantee fees. The institution focuses on impact-driven investments in sectors including energy, financial institutions, and agribusiness.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

FMO is the Dutch Entrepreneurial Development Bank that invests in private sector projects in developing countries and emerging markets across 85+ countries. It provides debt financing (loans and bonds), equity investments, guarantees, and fund-of-funds vehicles to companies, financial institutions, and project developers in the energy, financial institutions, and agribusiness sectors. Through blended finance structures and government-backed programs, FMO mobilizes additional private capital toward sustainable development outcomes.

Product overview

FMO is the Dutch Entrepreneurial Development Bank offering a portfolio of investment products and public funds rather than a unified software product. The core offerings include the Ventures Program (early-stage tech investments in Africa/SE Asia), MASSIF (financial inclusion fund for underserved entrepreneurs), NASIRA (EU-backed guarantee program enabling bank lending to underserved groups), the Dutch Fund for Climate and Development (climate adaptation investments), and Mobilising Finance for Forests (deforestation prevention and restoration). These products serve different investment mandates and target segments across 85+ countries.

Differentiator

Problem solved

Functional benefit

Brands

• MASSIF: Dutch government fund managed by FMO focusing on small businesses, micro-entrepreneurs, women and youth entrepreneurs, and innovations in inclusive business.
• Mobilising Finance for Forests (MFF)
• Dutch Fund for Climate and Development (DFCD)
• NASIRA
• Ventures Program
• Building Prospects
• Access to Energy Fund

Products and services

• Ventures Program An early-stage investment program targeting tech-enabled startups in Africa and South-East Asia. Provides both direct investments alongside lead investors and indirect fund investments, with a focus on innovative business models applying disruptive technology to enable or improve affordable access to goods and services to underserved communities in Fintech, CleanTech, and AgriTech sectors.
• MASSIF A Dutch government fund managed by FMO focusing on financial inclusion for small businesses, micro-entrepreneurs, women and youth entrepreneurs, and innovations in inclusive business. Provides various financing instruments including seed capital, local currency debt, mezzanine structures, direct equity, and investment funds in low-income countries.
• NASIRA An innovative risk-sharing guarantee program supported by the EU and Dutch Government that enables local banks to on-lend to underserved entrepreneurs including young, female, migrant and COVID-19-affected entrepreneurs in Sub-Saharan Africa and countries neighbouring Europe. Uses a tiered structure where local banks take the first 5% loss, followed by 15% on the NASIRA fund, and the remaining 80% on FMO's account. Has facilitated over USD 470 million across 20+ transactions.
• Dutch Fund for Climate and Development (DFCD) A fund managed by FMO in partnership with SNV, WWF-NL, and Climate Fund Managers that enables investments in climate adaptation and prevention projects in developing countries. Focuses on climate-resilient water systems, forestry, climate-smart agriculture, and ecosystem restoration. Targets vulnerable groups, critical ecosystems, and extreme weather resilience.
• Mobilising Finance for Forests (MFF) A blended finance program funded by the UK government and the government of the Kingdom of the Netherlands that unlocks private sector investment in projects protecting and restoring tropical forests across Africa, Asia and Latin America. Supports projects that increase the value of standing forests and sustainable land-use.
• Access to Energy Fund A Dutch government fund managed by FMO providing financing for private sector projects delivering long-term access to energy services in developing countries. Supports the transition to low-carbon systems and safeguards energy security.
• Building Prospects A Dutch government fund managed by FMO for private investments across the agribusiness value chain, infrastructure, and climate. Enhances food security, supports sustainability, and promotes inclusive development in developing countries.

Quantifiable outcome

• Invests in over 85 countries supporting jobs and income generation
• +3 more outcomes

Named customers12 records

Segments8 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

18 partnerships are on record, tiered core and minor.

• Impact Investing GhanacoreStrategic or Co-development Partner · 25 June 2026Launched framework to unlock domestic institutional capital for African SMEs alongside Savannah Impact Advisory, with Ci Gaba fund-of-funds targeting USD 75 million.
• Savannah Impact AdvisorycoreStrategic or Co-development Partner · 25 June 2026Manager of Ci Gaba fund-of-funds backed by FMO's USD 1.25 million catalytic support, targeting USD 91 million for West Africa SME investments.
• Wageningen University & ResearchcoreStrategic or Co-development Partner · 20 May 2026Knowledge institution conducting research on reducing food loss in India's horticultural sector alongside Dutch development banks.
• SolidaridadcoreStrategic or Co-development Partner · 20 May 2026Civil society organization facilitating stakeholder platforms for India-Netherlands cooperation on reducing food loss.
• Village CapitalcoreStrategic or Co-development Partner · 6 May 2026Manager of Africa Ecosystem Catalysts Facility, a USD 4 million pilot investment facility funded by FMO and RVO, making first investments in Ghana-based startups Rivia Clinics and VDL Fulfillment.
• Yara InternationalcoreOthers · 28 April 202610-year binding offtake agreement for all production from ATOME's Villeta plant.
• AmundicoreOthers · 27 April 2026Appointed to manage the Global Green Bond Initiative (GGBI) Fund, a EUR 3 billion green bond fund where FMO is an equity investor alongside EIB, EBRD, Cassa dei Depositi Prestiti, and Green Climate Fund.
• Beanstalk AgTechcoreStrategic or Co-development Partner · 7 April 2026Report co-author on Southeast and South Asia agritech opportunity alongside Briter Bridges.
• Briter BridgescoreStrategic or Co-development Partner · 7 April 2026Report co-author on agritech investment landscape in Southeast and South Asia.
• Persistent Energy CapitalcoreStrategic or Co-development Partner · 5 March 2026FMO committed EUR 2.5 million development contribution to support the Persistent Africa Climate Venture Builder Fund, targeting 25-30 early-stage climate tech startups in Sub-Saharan Africa.
• GreenCo Power ServicesminorOthers · 16 January 2026Zambian regional aggregator purchasing power from Ilute Solar project for trading through Southern African Power Pool.
• Kwama EnergycoreStrategic or Co-development Partner · 16 January 2026Zambian partner in Ilute Solar project alongside Serengeti Energy, providing equity contribution and local expertise.
• China Power Engineering Consulting GroupminorOthers · 16 January 2026Providing EPC services for Ilute Solar project in Zambia.
• SolarplazacoreStrategic or Co-development Partner · 29 December 2025Partnered with Solarplaza to host Future of Energy Summit uniting project developers, financial institutions, investors, and asset owners for renewable energy transition.
• Endeavor South AfricacoreStrategic or Co-development Partner · 12 May 2025Continued partnership for the third African Agri-Tech Scale-Up Program, empowering early-stage African agri-tech ventures with access to Endeavor's network, mentoring, commercial introductions, and investor networking opportunities for 12 months.
• SNV Netherlands Development OrganisationcoreStrategic or Co-development Partner · 23 May 2019FMO consortium partner for the Dutch Fund for Climate and Development (EUR 160 million). SNV brings long-standing project development expertise in climate-resilient water systems, forestry, climate-smart agriculture, and ecosystem restoration.
• WWF-NL (World Wide Fund for Nature)coreStrategic or Co-development Partner · 23 May 2019FMO consortium partner for the Dutch Fund for Climate and Development. WWF provides conservation expertise and works on protecting critical ecosystems including river basins, rainforests, marshland, and mangroves.
• Climate Fund Managers (CFM)coreStrategic or Co-development Partner · 23 May 2019FMO joint venture partner managing climate-focused blended finance funds. CFM brings investment power and expertise in structuring climate finance solutions for emerging markets.

Scale indicators10 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Proparco: French DFI affiliated with Agence Française de Développement, financing private-sector projects in Africa, Asia and Latin America. Proparco is a repeat co-investor with FMO across DFCD, Horizon Capital Catalyst Fund, ALIVE Ventures and Accion Venture Lab.
• Norfund: Norwegian development finance institution investing in clean energy, financial inclusion and agribusiness in developing countries. Norfund co-invests with FMO in Horizon Capital Catalyst Fund and other African/emerging-market transactions.
• DEG (Deutsche Investitions- und Entwicklungsgesellschaft): German bilateral development finance institution offering long-term financing to private enterprises in developing and emerging markets. DEG co-invests with FMO on projects like AMEA Power's Ivory Coast solar and Axian Energy's Senegal solar-plus-storage, with overlapping sector and ticket-size focus.
• International Finance Corporation (IFC): World Bank Group's private-sector development finance arm, providing debt, equity and guarantees in emerging markets. IFC is FMO's most frequent co-investor (e.g., HDBank green bond, Accion Venture Lab, Twinco Capital) and the closest analog to FMO's blended finance mandate.
• British International Investment (BII): UK's development finance institution investing in emerging markets across Africa and South Asia. BII co-invests with FMO in Ecofy and HDBank green bond, sharing a focus on climate, financial inclusion and growth equity.
• European Bank for Reconstruction and Development (EBRD): Multilateral DFI investing in private-sector projects across Eastern Europe, Central Asia and the Southern/Eastern Mediterranean. EBRD is a co-investor with FMO on Horizon Capital Catalyst Fund, GGBI and DFCD, sharing a similar project-finance and concessionary capital model.
• Finnfund: Finnish development finance company investing in SMEs and projects in developing countries. Finnfund co-invests with FMO in Ecofy and is exploring co-investments in Ukraine reconstruction, with comparable ticket sizes and sector coverage.
• Swedfund: Swedish development finance institution focused on sustainable development in emerging markets. Swedfund is a co-investor with FMO on Horizon Capital Catalyst Fund and SolarSaver Southern Africa expansion.

Broad incumbents

• African Development Bank (AfDB): Multilateral development bank financing private and public sector projects across Africa, including through its Sustainable Energy Fund for Africa (SEFA) which co-invested in Ilute Solar alongside FMO.
• IDB Invest: Private-sector arm of the Inter-American Development Bank Group focused on Latin America and the Caribbean. IDB Invest coordinated the USD 420M ATOME debt package in which FMO participated, operating with a similar blended finance mandate.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/FMO_development
• YouTubeyoutube.com/user/FMOdevelopmentbank
• LinkedInlinkedin.com/company/fmo
• Facebookfacebook.com/FMOdevelopmentbank

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments207 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FMO