Notes to the annual accounts
1. Current accounts
Current account with FMO
Balance at December 31
Current account with FMO can be freely disposed of.
2. Accrued liabilities
Balance at December 31
Accrued liabilities primarily relate to unpaid development capital expenses.
3. Net interest income
Interest on banks
Total interest income
4. Operating expenses
Development capital expenses
Travel and subsistence allowances
Other operating expenses
Total operating expenses
Remuneration costs relate to personnel costs charged by FMO in return for the allocation of FMO personnel to the Fund.
Development capital expenses relate contributions paid to beneficiaries in terms of the Fund's objectives. Annex 1 contains the current list of projects entered into by the Fund.
5. Off-Balance Sheet information
Off balance sheet commitments relate to development capital contracts which have potential future disbursements.
Contractual commitments for disbursements of:
6. Related party information
The Dutch Ministry of Foreign Affairs, Directoraat-generaal internationale Samenwerking sets up and administers the investments funds (“State Funds”), including Development Accelerator, according to the Dutch Government’s development agenda. Directoraat-generaal internationale Samenwerking is the main contributor to Development Accelerator, providing funding upon FMO’s request (2019: € 1,500; 2018; € 5,360).
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”)
The Dutch development bank FMO supports sustainable private sector growth in developing and emerging markets by leveraging its expertise in agribusiness, food & water, energy, financial institutions, Dutch business focus areas to invest in impactful businesses. FMO is a public-private partnership, with 51% of FMO’s shares held by the Dutch State and 49% held by commercial banks, trade unions and other members of the private sector. FMO has a triple A rating from both Fitch and Standard & Poor’s.
FMO has been entrusted by the Dutch Government to execute the mandates of the State Funds: Currently MASSIF, Building Prospects, Access to Energy – I, FOM, FOM-OS, Development Accelerator, Partnership Development Facility, Dutch Fund for Climate and Development Land Use Facility are under FMO’s direct management; the execution of Access to Energy – II and the other facilities of the Dutch Fund for Climate and Development are performed by third parties under FMO’s supervision.
FMO charges a management fee to the Dutch Ministry of Foreign Affairs and it is reimbursed accordingly from Development Accelerator’s subsidy amount (2019: € 1,834; 2018: € 0).
7. Subsequent events
There has been no significant subsequent event between the balance sheet date and the date of approval of these accounts which should be reported by the Fund.
The current COVID-19 outbreak most likely impacts the global economy and the Fund's performance. Given the uncertainties, ongoing developments and measures taken by governments around the globe, the Fund cannot estimate the quantitative impact in an accurate and reliable way at this point in time.