Development bank FMO shows strong semi-annual results
FMO’s new investments and profit grow as progress in developing countries continues
The Hague, August 22, 2011
• New investments HY2011 total EUR 342 million
• Profit in first half of 2011: EUR 69 million
FMO, one of the largest bilateral private sector development banks worldwide, made a profit of EUR 69 million in the first half of 2011, an increase of 34% compared to HY2010.
In HY2011, FMO provided financing totaling EUR 342 million to businesses in developing countries – up more than EUR 100 million from HY2010’s EUR 234 million in new investments – helping the private sector create jobs, and strengthen sectors essential for sustainable growth in developing countries, such as the energy, housing, financial and agricultural sectors. 55% was invested in low-income countries.
Nanno Kleiterp, FMO’s CEO, said: “We are satisfied with the results of the first half of 2011, which have proved once again that the investment opportunities in developing countries are good. Despite the challenging times in the eurozone and the US, we see that the steady growth in emerging markets and developing countries continues.
FMO sees many good and professionally managed businesses in developing countries that are successful. The private sector plays a major role in poverty reduction, and these successes underline the importance of sustainable private sector development.
Given the good state of the economy in many developing countries and our pipeline, our outlook remains cautiously positive for the second half of this year. We are pleased to note the significant increase in investment opportunities in renewable energy - among others wind, solar and geothermal - in all regions where we operate.”
FMO (the Netherlands Development Finance Company) is the Dutch development bank. We support sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. We believe 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 four sectors that have high development impact: financial institutions, energy, housing, and agribusiness. With an investment portfolio of EUR 5 billion, FMO is one of the largest bilateral private sector development banks worldwide.
Communications Officer (PR)
T: +31 70 314 9924
M: +31 6 11589127
- 21 December 16:53 - DFIs announce financial close of pioneering Addax Bioenergy project in Sierra Leone
- 20 December 16:52 - FMO finances Tbilisi housing project
- 14 December 16:49 - FMO hosts successful conference on boosting investments in sustainable forestry and forest carbon
- 09 December 16:43 - FMO signs USD 30 million loan agreement with Techcombank Vietnam
- 06 December 16:36 - FMO makes its first investment in solar photovoltaics
- 30 November 15:32 - FMO Sponsors the NL-Indonesia Financial Sector Private Sector Program
- 29 November 16:32 - FMO invests in Pakistani greenfield microfinance institution
- 24 November 16:10 - FMO, DEG and Proparco finance natural resource project in Kenya
- 18 November 16:24 - FMO supports Mongolian XacBank with second tier capital increase
- 01 November 12:43 - FMO and DnB NOR arrange USD 155 million loan for Bajo Frio hydropower project
- 24 October 11:12 - FMO and IFC support SMEs and women entrepreneurs in Turkey
- 13 October 16:22 - FMO contributes USD 7.5 million to Indian social venture fund Aavishkaar II
- 12 October 15:26 - FMO arranges USD 25 million for Demirbank to support entrepreneurs in Azerbaijan
- 12 October 11:59 - FMO invests in NICE International's social business concept
- 26 September 11:39 - DFIs, including FMO, launch Corporate Governance Framework to support emerging markets
- 26 September 11:16 - New report finds international finance institutions critical for job creation in emerging markets
- 15 September 16:03 - FMO subscribes to capital increase for rehabilitation Mombasa-Kampala railway
- 14 September 16:59 - FMO acts as anchor investor in Turkey’s first covered bond issue.
- 12 September 14:27 - Nigerian banking sector demonstrates commitment to sustainable banking practice
- 29 August 14:27 - ContourGlobal signs loan agreement for phase I of the Kivuwatt electricity project in Rwanda, celebrates important construction milestones
- 22 August 11:29 - Development bank FMO shows strong semi-annual results
- 15 August 15:24 - Emerging Markets Communications gets USD 20 million loan and USD 15 million equity from FMO and IFC for expansion
- 03 August 11:52 - A consortium of lenders including FMO signs loan agreement with East-African railway company
- 01 August 14:39 - Sustainable Finance in Bangladesh: FMO hosts Environmental Risk Management workshop for Bangladeshi financial sector
- 14 July 13:21 - Textile manufacturer Texhong gets USD 60 million loan to expand Vietnamese production plant
- 13 July 11:00 - FMO invests Euro 20 million in World Bank five-year Green Bonds to help reduce climate change
- 07 July 16:52 - FMO's and IFC’s $30 million to Costa Rica’s cooperative Coopenae supports housing and SMEs.
- 29 June 13:54 - FMO commits USD 4 million to the Cambodia-Laos Development Fund
- 20 June 16:20 - FINCA launches subsidiary FINCA Microfinance Holdings with FMO, IFC and other partners
- 30 May 14:35 - One year in: Caribbean Joint Action Plan (CJAP) ahead of schedule
- 19 May 13:48 - FMO, IFC and AfDB invest in Dibamba power company to improve Cameroon‘s electricity supply
- 20 April 17:16 - FMO signs United Nations Principles for Responsible Investment (UNPRI)
- 15 April 14:39 - FMO, DEG and PROPARCO provide Indian paper company with loan for sustainable expansion
- 15 April 09:35 - FMO invests USD 4.4 million in Global Partnerships’ Social Investment Fund 2010
- 01 April 09:04 - Growth in developing countries boosts results FMO
- 30 March 14:12 - FMO arranges unprecedented loan for Sacombank, boosting SME sector in Vietnam
- 24 March 09:02 - The Upsides SME finance special is out
- 04 March 16:23 - FMO deals win at Project Finance awards
- 02 March 15:09 - FMO co-lender in USD 400 mln financing for telecom operator Zain in Iraq
- 25 February 15:08 - European Development Finance Institutions join forces to fight climate change
- 22 February 11:21 - New Facilities for BRAC Bank by FMO and Triodos Investment Management
- 21 February 13:46 - Nigerian telecom company IHS strikes USD 79 million equity deal
- 10 February 11:11 - Mpanga Hydropower Plant in Uganda opens