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 empowering people to employ their skills and improve their quality of life. Each month we give an overview of the transactions we have signed.
IMF Baobab RDC S.A.
Microfinance institution in the Democratic Republic of Congo
Baobab RDC is part of the Paris-based Baobab Group, a leading MSME lender across Africa with a mission to broaden access to finance for those underserved by traditional banks. Operating through ten branches in DRC—including Kinshasa, Lubumbashi, Kikwit, Bukavu, and Kolwezi—Baobab provides micro-loans and SME loans up to USD 200K, primarily to businesses in urban areas.
FMO is providing a USD 10 mln senior term loan facility (USD 5 mln committed and USD 5 mln uncommitted) to support on-lending to micro and small enterprises, including women-led businesses. This transaction carries a 100% Reducing Inequalities label, reinforcing FMO’s strategy to improve access to finance in low-income markets
Armenian Economy Development Bank OJSC
Universal bank in Armenia
Armeconombank (AEB) is a top-10 Armenian mid-sized universal bank with a strong focus on MSMEs and retail banking. With over 900 employees and a top-5 branch network of 54 locations, AEB plays a key role in expanding financial access across Armenia.
FMO is providing a USD 30 mln loan facility, of which 90% will finance Reducing Inequalities initiatives—including microenterprises, youth, women-led businesses, and agricultural SMEs—while 10% will support Green projects aligned with FMO’s Master Green List.
This investment addresses two critical challenges: limited MSME access to credit in a country where 42.5% of the population lives below the poverty line, and Armenia’s heavy reliance on energy imports. By enabling MSME growth and funding renewable energy projects, the facility supports inclusive economic development and accelerates Armenia’s transition toward sustainable energy.
The Small Enterprise Foundation (SEF)
Microfinance institution in South Africa
SEF is a South African not-for-profit microfinance institution that has been enabling low-income women to increase their income through microcredit and savings since 1992. Its clients are primarily female entrepreneurs operating small businesses such as fruit and vegetable stalls, clothing shops, convenience stores, and tailoring services. SEF applies the Grameen methodology and is widely recognized for its poverty-targeting approach and impact on those at the Bottom of the Pyramid. Through MASSIF, FMO is providing a USD 4 mln loan in local currency to expand SEF’s loan book and strengthen its outreach to women living below the poverty line. This financing aligns with FMO’s inclusive strategy, which focuses on improving access to finance for underserved micro-entrepreneurs and supporting sustainable livelihoods in rural communities.
XacBank
Universal bank in Mongolia
XacBank is one of Mongolia’s leading universal banks and the fourth largest by assets, serving over one million customers—around 30% of the population—through ~71 branches and strong digital channels. Its portfolio spans retail, MSME, corporates, and leasing, and XacBank is a long-standing FMO client since 2007. FMO acted as Lead Arranger, Agent, and Lender for a USD 150 mln senior unsecured A/B syndicated term loan, providing up to USD 40 mln from its own account and mobilizing the remainder from CDP, B-participants, and FMO Investment Management-serviced funds. The facility will finance green projects aligned with FMO’s Master Green List and support MSMEs, including women, youth, agriculture, and certified cashmere businesses.
Ameriabank Closed Joint Stock Company
Universal bank in Armenia
Ameriabank is a leading privately-owned universal bank in Armenia, offering a wide range of financial and advisory services across corporate, SME, and retail segments. With over 2,000 employees—67% of whom are women—the bank operates ~26 branches. FMO provided a EUR 120 mln loan, its largest transaction ever in Armenia. At least 25% of the facility will finance green projects aligned with FMO’s Master Green List, while the remainder will support Reducing Inequalities initiatives, including loans to microenterprises, youth, women, and agricultural SMEs. This investment addresses Armenia’s dual challenge of limited MSME access to credit and heavy reliance on energy imports. By supporting MSME growth and renewable energy development, the facility promotes inclusive economic progress and accelerates the country’s transition to sustainable energy.
SK Finance Limited
Non-banking financial company in India
SK Finance is a regulated NBFC primarily active in northwestern India, providing asset-backed financing in the vehicle and MSME lending segments. The company targets underserved entrepreneurs in rural and semi-urban areas and currently serves around 458,000 clients through ~648 branches across 12 states. FMO provided a USD 50 mln loan in local currency to support SK’s portfolio growth, enabling access to finance for microentrepreneurs and MSMEs. Part of the funding will also be allocated to financing CNG vehicles, which produce lower emissions compared to petrol and diesel alternatives. This transaction carries a 100% Reducing Inequalities label and 50% Green label, reinforcing FMO’s commitment to financial inclusion and climate action by supporting rural MSMEs and contributing to lower air pollution and greenhouse gas emissions.
Banco Supervielle S.A
Expanding SME financing in Argentina
Banco Supervielle is a family-origin bank and a subsidiary of Grupo Supervielle, listed on the New York and Buenos Aires Stock Exchanges. Combining the reliability of a historic institution with the agility of digital innovation, the bank serves over 1.3 million active clients through more than 130 branches nationwide and offers multichannel services for both commercial and consumer lending.
FMO participated as a B-lender with USD 50 mln in a senior unsecured loan, aimed at expanding Banco Supervielle’s SME loan portfolio across Argentina, supporting SME development in the country and aligned with FMO’s commitment to inclusive economic growth, thereby contributing to SDG 8 by fostering entrepreneurship and job creation.
Genneia S.A.
Renewable energy company in Argentina
Genneia is Argentina’s leading renewable energy company and a long-standing partner of FMO. To strengthen its financial resilience and accelerate the country’s energy transition, Genneia issued a USD 400 mln Global Green Bond due 2033, listed on BYMA’s Green Bond Panel.
FMO committed USD 60 mln as an anchor investor, and proceeds will refinance existing debt—including Genneia’s 2027 global green bond—and free up cash flow for new renewable energy projects. By stepping in as an anchor investor, we reinforce our commitment to climate action and mobilizing private capital for clean energy projects, while signaling confidence in Argentina’s improving macroeconomic environment and renewable energy potential.
AMPIN Energy Transition
Renewable energy company in India
AMPIN Energy Transition is one of India’s leading renewable energy companies, with a diversified portfolio of 5 GWp across 23 states and an ambitious target to scale to 10 GWp by 2030. The company provides clean energy solutions to commercial and industrial customers and is expanding into energy trading, solar manufacturing, green hydrogen, and storage.
FMO has signed a 100% Green facility equivalent to USD 50 mln in INR, providing long-term financing to support AMPIN’s next phase of growth. The investment will enable the development of new greenfield renewable energy projects, helping India progress toward its goal of 500 GW of non-fossil fuel capacity by 2030.
CrossBoundary Energy (CBE)
Accelerating renewable energy for Africa’s C&I sector
CBE is a leading developer, owner, and operator of renewable energy systems for commercial and industrial clients across Africa. Operating as a distributed Independent Power Producer under an energy-as-a-service model, CBE has built a portfolio of over 28 operational assets (62 MW generation capacity and 28 MWh battery storage) in 10 countries since 2015. FMO signed a USD 55 mln loan to support CBE’s ambitious pipeline of renewable and hybrid projects, including solar PV and battery storage systems. These projects will help companies—among them critical mineral mining operations—replace costly, polluting diesel generators with clean, reliable energy, improving supply stability and reducing emissions. This transaction is 100% Green and 100% Reducing Inequalities, in line with our commitment to climate action and inclusive economic development across the continent.
LCV Ecoener Solares Dominicana S.R.L.
Financing solar and storage in the Dominican Republic
LCV Ecoener Solares Dominicana is a Special Purpose Vehicle owned by Grupo Ecoener, a Spanish renewable energy developer listed on the Spanish stock exchange since 2021. The group operates a 427 MW portfolio and is building an additional 360 MW across Spain and Latin America. FMO committed up to USD 27.5 mln in long-term senior debt to finance the Payita project, a two-phase 120 MW solar PV development with a 15 MW battery storage system. Phase I (60 MWp) recently completed construction, while Phase II will add another 60 MWp plus storage. This 100% Green transaction supports the Dominican Republic’s goal of reaching 25% renewable power generation by 2030 and strengthens grid stability through battery integration.
Samarkand I & II
Landmark solar and battery projects in Uzbekistan
Samarkand I and II are two independent SPVs majority-owned by ACWA Power, alongside Japanese investors Sumitomo Corporation, Shikoku Electric Power Co., and Chubu Electric Power Co. The projects represent a major step in Uzbekistan’s renewable energy ambitions, combining large-scale solar generation with battery storage and grid infrastructure.
FMO signed two senior secured B-loans totaling USD 40 mln in partnership with the Asian Development Bank (ADB). The financing supports the construction of 1 GW of solar PV capacity, 668 MW of battery energy storage, and new transmission lines and substations to strengthen grid stability and connectivity. Once operational, the projects are expected to supply clean electricity to around 600,000 households and offset approximately 1.3 million tons of CO₂ annually, contributing to Uzbekistan’s target of 25 GW of solar and wind capacity by 2030.
Sucres et Denrées S.A (SUCDEN Côte d’Ivoire)
Supporting sustainable cocoa sourcing in Côte d’Ivoire
SUCDEN Côte d’Ivoire is a wholly owned subsidiary of Sucden S.A., a global trader with over 70 years of experience in agricultural commodities, including cocoa, coffee, sugar, and ethanol. The company is responsible for sourcing cocoa beans in Côte d’Ivoire, working with farmers, cooperatives, and aggregators at origin. FMO participated as a B-lender with EUR 83 mln in a EUR 370 mln working capital facility arranged by IFC. The funds will be used to finance the sourcing of sustainable cocoa, helping maintain supply continuity and reduce liquidity stress in a market impacted by climate volatility and rising farm-gate prices.
