Media contacts
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The number below is for media inquiries only.
Monica Beek
Media Spokesperson
T: +31 70 314 9130
M.Beek@fmo.nl
FMO, the Dutch Development Finance Company, published its 2014 semi-annual results today.
New investments increased substantially to EUR 622 million, an increase of 39% compared to HY2013.
In the first half of 2014, FMO provided financing totalling EUR 622 million to businesses in developing countries, helping the private sector to create jobs and strengthening sectors essential for sustainable growth in developing countries, such as the financial, energy and agricultural sectors.
Net profit increased to EUR 66 million in the first half of 2014 (HY2013: 63 million). Shareholders’ equity grew to just above EUR 2 billion.
Nanno Kleiterp, FMO’s CEO, said: “We are pleased with the results of the first half of 2014, which show once again that private sector business in developing countries offers good investment opportunities. We continue our efforts to increase our impact in emerging markets and developing countries.
In 2014 we continue to implement and execute our strategy of becoming the leading impact investor by 2020 by doubling our impact and halving our footprint. Our aim is to optimize development impact while remaining profitable in a sustainable way. We are satisfied with the progress we have made in the first half of 2014 and expect to achieve our challenging targets.
Our goal to invest 20% of new commitments on green investments is well on track. A highlight of the first half of 2014 was the signing of a Memorandum of Understanding, alongside the German development finance institution DEG, with the Kenya Bankers Association, on a capacity development program. This program, which is part of the wider Sustainable Finance Initiative, will help to improve risk management in the Kenyan financial sector, including mitigating environmental and social risk associated with financing activities. Looking forward to the remainder of 2014, we are cautiously optimistic. Although the outlook in many of our markets remains positive, persisting uncertainty as well as volatile conditions in some of these markets, especially in Ukraine and the surrounding countries, could negatively impact the value of our portfolio. In light of these developments, we will rigorously monitor the financial strength of our clients, particularly in these more volatile regions. Alongside our thorough risk management strategy, our healthy pipeline, well-diversified portfolio and strong capital base will enable us to further continue our aim to double our impact and halve our footprint by 2020”.
For this and all other FMO reports, please visit our Reports page.
About FMO
FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes that a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.9 billion, FMO is one of the largest European bilateral private sector development banks. www.fmo.nl
Press contact:
Paul Hartogsveld
Senior Communications Officer (PR)
T: +31 70 314 9928
M: +31 6 11589127