Letter from the MB of the Fund Manager
Without a doubt, 2020 has been one of the most challenging years for FMO and its customers. Amid the economic and social fall-out of the pandemic, the state funds under management by FMO played an important role in ensuring that our customers could stay afloat. We look back at a turbulent year with delays in project development but also projects gaining traction as they proofed to be essential for the development of the infrastructure in the countries, we are active in.
In 2021, substantial challenges and uncertainties remain. The pandemic aggravates existing challenges related to climate change, the deepening inequality-crisis and macro-economic precariousness. The public funds and facilities under management by FMO will continue to play their countercyclical role, generate impact on the ground and contribute to the creation of markets in which private finance can flow to those areas where it is most needed.
The Development Accelerator provides finance for the development of bankable projects in emerging markets with a demonstrable impact on the SDGs. As it remains difficult to find early- stage development contribution, the fund aims to catalyse the development of impact projects and business activities together with the Dutch business community in the agri-food, water, energy, enabling infrastructure and health sectors.
In 2020, the Development Accelerator co- financed 15 projects in the agri-food, water, energy and health sector. The second edition of Finture Solutions was held in June and five innovative start-up winners were selected to scale their solutions in emerging markets across the world.
In response to the pandemic and the need for innovative technological solutions and approaches, an amount of EUR 1.2 million within the Development Accelerator was approved specifically for COVID-19 related projects in close cooperation with the Dutch business and NGO community.
We thank all our stakeholders for their continuous support, including our clients and investors, the Dutch Ministries of Finance and Foreign Affairs, the NGOs that help us to improve and our colleagues for giving their best every day.
The Hague, 15 April 2021
On behalf of the Management Board
Linda Broekhuizen, Chief Executive Officer, a.i.
Fatoumata Bouaré, Chief Risk and Finance Officer
Huib-Jan de Ruijter, Chief Investment Officer, a.i.