News

From left to right: Arthur Arnold, Her Royal Highness Princess Máxima of the Netherlands and Nanno Kleiterp

The current financial crisis will only increase the need for development finance in developing countries and emerging markets. These financial institutions have built up decades of experience in stimulating economic growth in vulnerable regions. They are therefore pre-eminently capable of steering the private sector in developing countries through times of crisis.

This is the conclusion of Nanno Kleiterp, FMO’s new CEO. Kleiterp made his statement on Wednesday October 1st during the seminar ‘The Future of Development Finance’ that was organized in The Hague. This seminar was set up as a client and partner farewell event for Arthur Arnold, who completed his four year term as CEO of FMO.

Her Royal Highness Princess Máxima of the Netherlands attended the seminar, to which several renowned speakers made a contribution: Bert Koenders (Netherlands Minister for Development Cooperation), María Otero (ACCION International), Wang Qi (The Development Principles Group) and Mo Ibrahim (founder of Celtel and the Mo Ibrahim Foundation).

Kleiterp predicts that it is only a matter of time until the damaging effects of the financial crisis will cause a downturn of the economies in developing countries. Ironically enough the code of conduct regarding good corporate governance, integrity, adequate risk management and sustainability that development finance institutions like FMO and FMOs clients submit to, have not been respected by western banks. “Whatever developments will come up in the next decades, we will continue to be governed by these rules.”

About FMO:
The Netherlands Development Finance Company (FMO) is the international development bank of the Netherlands. FMO invests risk capital in companies and financial institutions in developing countries. FMO's investment portfolio is EUR 3.4 billion, FMO is one of the largest bilateral development banks worldwide. Thanks in part to its relationship with the Dutch government, FMO is able to take risks which commercial financiers are not - or not yet - prepared to take. FMO's mission: to create flourishing enterprises, which can serve as engines of sustainable growth in their countries.

Speeches, images and a video report of the event will be made available at: www.fmo.nl/farewell  

For further information you can contact:
Nicoline van Slingelandt
Communications Officer (PR)
T: +31 70 314 9790  
M: +31 622 563 047
E: n.van.slingelandt@fmo.nl