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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.
These months we focus on business continuity in the wake of the COVID-19 pandemic. It is precisely now, during these times of crisis, that it is important to continue to invest in developing economies that are already or expected to be hit hard by the pandemic. While local governments are working hard to minimize the impact on their people and economies, we are needed now more than ever. Hence, we continue to empower entrepreneurs in developing economies to build a better world and boost resilience to withstand the pandemic.
FMO has committed USD 2.9mln (equally split between the state-owned funds Access to Energy and Building Prospects) to a Convertible Note for d.light Design Inc. d.Light is the second largest off-grid solar player in Africa. The Note is intended to provide adequate liquidity to the company to fund working capital, growth opportunities, and meet debt obligations. d.light is a highly impactful business that has realized strong growth pre-covid and is one of the 3 most successful companies in the SHS market in Africa by revenues. The company’s strategy is highly aligned with AEF/BP mandates and FMO’s ambitions regarding SDG13 (climate action), and enables entrepreneurs to develop and scale solutions that serve the bottom of the pyramid.