As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. In line with our updated 2030 Strategy: Pioneer, Develop, Scale, 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.
FMO signed a USD 15 million MASSIF facility (USD 10 million committed tranche and USD 5 million uncommitted) with Crystal, the largest microfinance organization in Georgia. Crystal operates through 49 branches and serves more than 112,000 unique customers across Georgia. Headquartered in Kutaisi, a regional city in the northwest of Georgia, Crystal primarily serves micro-entrepreneurs and farmers, with a strong focus on rural clients. The company plays an important role in providing access to finance to MSMEs, a critical segment in supporting job creation, and has ambitions to grow its green and gender portfolio. FMO’s financing will enhance Crystal's capacity to deliver innovative financial solutions tailored to the needs of small and medium enterprises, micro-entrepreneurs, women, youth, and farmers across Georgia.
Hamkorbank is a leading privately-owned bank in Uzbekistan which is also a market leader in the MSME segment. It operates through over 150 banking service centers and serves more than 3 million customers, including around 50.000 legal entities (mainly MSMEs) and about 60 thousand individual entrepreneurs. Hamkorbank has been an FMO client since 2012, and FMO recently led a USD 100 mln syndicated facility, with FMO contributing USD 50 mln. The facility will be available in local currency UZS (up to $50m) and USD (a minimum of $50m), and the funds will be used to finance microentrepreneurs as well as Women- and Youth-owned SMEs, thus contributing to reducing inequalities in the country. The partnership with FMO has funded more than 1000 small and medium-sized businesses under previous loan agreements, and about 800 new jobs have been created through projects funded through this line.
FMO invested USD 10 million in direct equity in the Series B capital raise of FIDO, a fintech that empowers individuals and small businesses across Africa by providing small tickets, short term credit and other financial products. Fido utilizes mobile technology and alternative data sources, like mobile money transaction histories, to offer instant micro-loans those often excluded from formal banking institutions. With FMO’s financing, FIDO aims to grow its loan book and further expand into new African countries while maintaining their goal of supporting bottom-of-pyramid (BoP) clients.
FMO signed an up to USD 30 mln facility with Invesmar to support the Wakate Project, Invesmar’s new avocado development. Invesmar is an integrated Group focusing on the production and commercialization of fresh fruits. The Group has a long tradition in the export of bananas and plantains from Colombia, and is diversifying into avocados, palm, and tahiti lime. FMO’s financing will support the completion of the 1105 hectares of Haas avocado plantations in the Municipality of Caldas, as well as the construction of the packing plant to support the export of the avocados. The project is expected to create 240 permanent jobs and up to 450 jobs during peak harvest season.
