As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50-year proven track record of enabling people to employ their skills and improve their quality of life. Every month we provide an overview of our new investments, which can be seen below.
Şekerbank T.A.Ş.
Rural- and agri-oriented bank in Türkiye
FMO arranged a USD 160 mln syndicated facility of up to USD 160 mln for Sekerbank in Türkiye. A rural- and agri-oriented financial institution, Sekerbank is a long-term partner of FMO that is important player in the Turkish agricultural supply chain, with a strong emphasis on inclusive finance for women, energy efficiency and sustainable finance. This 100% Reducing Inequalities facility will improve access to finance for MSMEs and contribute to economic development in more rural parts of Türkiye, reducing disparities between rural and urban regions in the country.
Banco Interamericano de Finanzas
Leading bank in Peru
FMO provided a USD 100 mln loan facility to Banco Interamericano de Finanzas (Banbif). Banbif is the 5th largest bank in Peru, and distinguishes itself as a leading performer within the Peruvian banking sector, evidencing superior portfolio quality and operational efficiency. Banbif maintains a robust focus on corporate and SME lending while offering a comprehensive suite of banking services. Our investment will serve to bolster Banbif's ongoing efforts in facilitating green initiatives (50% earmarked for financing green projects), aiding agricultural SMEs (30%), and supporting SMEs in general (the remaining 20% of the facility). This strategic allocation aligns with the overarching goals of mitigating climate change impacts and fostering socio-economic equality, by addressing key areas of need within the Peruvian economy.
Unibank
Commercial bank in Paraguay
We signed a USD 40 mln loan (USD 30mln committed) with Unibank in Panama which will target on-lending for green loans, as well as underserved communities (75% Green and 10% RI). Unibank primarily focuses on providing loans to local enterprises (SMEs and small corporates), with 85.3% of its portfolio corresponding to commercial clients in various sectors and the remaining 14.7% to retail clients. As most of the loan is Green-earmarked, our financing will mainly help improve the renewable energy and energy efficiency in Panama.
PT Esta Dana
Microfinance institution in Indonesia
FMO signed a ~USD 5.3 mln equity investment to PT Esta Dana (EDV) is– an Indonesian MFI offering microfinance loans for productive use to mainly female borrowers who would otherwise struggle to access finance. EDV serves around 350k customers across Indonesia, of which ~90% are unsecured female group loan clients. Our investment will support the continued growth of EDV’s portfolio, enhancing financial inclusion by reaching the un(der)banked across Indonesia.
Africa REN Development
Renewable energy developer in West Africa
FMO provided a EUR 500k development loan to Africa REN Development to finance the development of a 38MW expansion of Kodeni Solar, a operating 38MW solar power plant in Burkina Faso owned wholly by related party Africa REN Energy S.A. (our direct equity investee). The extension will enable the project to double in capacity reaching 76MW. Africa REN Development is a developer of clean and sustainable infrastructures in West Africa. Burkina Faso is one of the least electrified countries in the world, therefore making this project highly impactful. This development loan is supported by TA financing of up to 100k which will be used for technical design studies and ESIA.
New Energy Africa Kolda S.A
Photovoltaic plant in Senegal
Acting as co-lead arranger alongside DEG, FMO announced a EUR 84 mln syndicated investment in two photovoltaic solar plants with battery storage systems operated by AXIAN Energy in the southern Senegalese region of Kolda, with FMO providing USD 30.5 mln. This commitment will provide clean energy to around 235,000 people in the region, and is scheduled to be finished in 2026. In addition to the 60MW PV system, there'll be a 72MWh battery storage system to safeguard the power supply for up to 3 hours at peak times, and increase overall stability--putting Senegal well on its way to achieving its 2030 goal of 40%.
Energia Turistica Enertur S.A.
Power developer in Latin America and the Caribbean
FMO provided a USD 18.81 mln B-loan investment to Energía Turística S.A. (Enertur), a subsidiary of InterEnergy Group in the Dominican Republic. InterEnergy is a leading developer, owner, and operator of power generation, transmission, and distribution assets in Latin America and Caribbean. It has 2.2 GW of installed, available and in development capacity of thermal, wind and solar plants across several countries. The financing will be used for a 64MWac solar PV project plus a 30MW / 30MWh Battery Energy Storage System (BESS), contributing to the development of new 100% green energy projects, key for the country to reach its renewables target and to the development DR’s tourism sector, key for its economic growth
Isik Tarim
Organic agricultural company in Türkiye
FMO signed a new USD 18mn term loan agreement with Isik Tarim, a Turkish company engaged in an integrated value chain for organic fruit-based food. Isik Tarim promotes organic farming and integrates smallholder farmers into its organic agri-production network through its “Happy Village Program”. This 100% Green and Reducing Inequalities-labeled transaction will support Işık Tarım’s procurement activities within its flagship “Happy Village Program,” which integrates over 4,000 smallholder farmers into an organic production network.
ETC Group
Diversified agricultural conglomerate across Africa
Together with TDB, the Eastern and Southern African Trade and Development Bank, FMO co-arranged a landmark USD 394 mln Sustainability-Linked Loan to ETG to boost African agriculture. A Sustainability-Linked Loan (SLL) is a type of loan designed to incentivize the borrower to achieve specific sustainability performance targets. ETG is a global conglomerate with a strong foothold in Africa and expertise across various industries. This significant financial commitment aims to support ETG’s working capital needs across Africa, reinforcing the company’s sustainability agenda and its pivotal role in the agricultural sector. Learn more in this article.
Sucres et Denrees S.A.
Agricultural commodity trader active in Côte d’Ivoire
FMO provided EUR 80 mln through a B-loan as part of an EUR 250 mln IFC-led facility to SUCDEN Côte d’Ivoire, which sources cocoa beans in Côte d’Ivoire and is wholly owned by SUCDEN S.A., a global agricultural commodity trader with more than 70 years of experience. SUCDEN-CI does not own any farms, nor is expected to own any farm as part of this financing. The beans are sourced from smallholder farmers who are either members of cooperatives or sell to the same intermediaries every year. The financing will aid SUCDEN-CI to expand its origination activities of traceable cocoa beans, and will also improve the living standards of smallholder farmers.
Robust
Agri-commodity trader active worldwide
FMO provided USD 10 mln in financing to Robust international and acted as lead arranger for a USD 90 mln syndicate, which will support sustainable growth of the agricultural sector and create better economic opportunities for smallholder farmers in Africa. Headquartered in Singapore, Robust is a multi-national trader of agri-commodities, specializing in sesame and cashew nuts. Sourcing primarily from East and West Africa, Robust conducts early-stage processing operations to serve markets worldwide. This investment will contribute to economic growth in the three countries by adding value to the local supply chain and is expected to create over 1,100 direct jobs at the plants supporting up to 600,000 smallholder farmers to improve their incomes through competitive sourcing.
Mediterraneo
Trading and processing company in Egypt
FMO signed a USD 25 mln loan with Mediterraneo, an Egyptian trading and processing company for fava beans, lentils, grains, herbs, spices, and coffee. As one of the major agricultural commodity traders in Egypt, the company plays a key role in providing access to nutritious staple food products domestically. FMO’s loan will help finance their investments in processing and storage capacity and to support the expected growth with needed working capital, thereby supporting food security & economic growth in Egypt through our first agri investment in the country.
TOI Group
Agribusiness company active across Eastern Europe
FMO arranged a USD 43 mln syndicated Pre-Crop Facility for TOI commodities, one of the main agroholdings in Moldova. The company is a leading vertically integrated agribusiness group located across Moldova, Ukraine, Romania, and Serbia, offering services such as grain handling, storage, and trading, farming, and oilseed crushing. They own a unique distribution and export network in Moldova with extension to the Black Sea region and upstream to the Danube Basin. FMO’s financing is a 1-year working capital facility to fund a marketing campaign for TOG in the 2024 marketing season, thereby supporting farming in Moldova in general.
