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.
Gledhow Sugar Company Proprietary Limited
Sugar processing and refining company in South Africa
Gledhow Sugar Company is a long-established company founded in 1879 that operates an integrated sugar mill and refinery in KwaZulu-Natal, South Africa. Following its acquisition in 2024 by a shareholder with a strong track record in the African sugar industry, the company is implementing a transformation programme focused on improving efficiency, increasing capacity and reducing its environmental footprint. FMO provided a ZAR 500 mln (approximately USD 27 mln) 7-year local currency facility to finance the final phase of this modernization programme, supporting the long-term viability and competitiveness of the mill. The transaction is labelled 100% Reducing Inequalities as Gledhow sources sugarcane from commercial growers, land reform projects and small-scale farmers, including land reform beneficiaries, supporting rural livelihoods and inclusive agricultural value chains in KwaZulu-Natal. The modernization programme will replace coal-based energy generation with a bagasse-based system powered by sugarcane by-products, contributing to lower greenhouse gas emissions and improved energy efficiency. The transaction received a 100% Green label.
JSC TBC Bank
Commercial bank in Georgia
JSC TBC Bank is one of Georgia’s largest privately owned banks, providing financial services to corporate, retail and Micro, Small, and Medium Enterprises (MSME) clients. FMO acted as Mandated Lead Arranger and Facility Agent for a USD 210 mln syndicated financing facility, committing USD 45 mln and mobilizing the remaining funding from international financial institutions. The facility supports lending to MSMEs, with a particular focus on agricultural businesses, rural communities and young entrepreneurs. The transaction received a 70% Reducing Inequalities label, reflecting its contribution to increased access to finance for MSMEs, and a 30% Green label, supporting financing for projects that contribute to climate mitigation. The transaction will enable TBC Bank to expand lending to underserved businesses while increasing funding for green investments across Georgia.
JSC Microbank Crystal
Microbank focused on MSME finance in Georgia
JSC Microbank Crystal is a Georgian microbank with a strong presence in rural areas, serving approximately 100,000 clients through a network of 46 branches. FMO provided a USD 20 mln senior unsecured facility, including a USD 10 mln uncommitted tranche, following its transition to a microbank license in 2025. The financing provides Crystal medium-term and stable funding in both local currency and US dollars. Crystal will use the proceeds of the FMO loan to finance youth, female, agri-SMEs, and micro sub-borrowers as well as eligible green loans across Georgia. The facility is fully earmarked for Reducing Inequalities and Green projects, receiving a 100% Reducing Inequalities label and a Green allocation of up to 20% (10% Green label plus a further 10% on a best-efforts basis).
Banco de Antigua Sociedad Anonima
Commercial bank in Guatemala
Banco de Antigua is a bank in Guatemala focused on providing consumer finance and microfinance loans to clients in rural and semi-urban areas. FMO provided a local-currency-equivalent of USD 25 mln loan consisting of a USD 15 mln committed tranche and a USD 10 mln uncommitted tranche. The financing supports lending to microentrepreneurs and SMEs, with a particular focus on rural areas across Guatemala. The loan foresees that 75% of the proceeds are allocated to microentrepreneurs and 25% to SMEs, supporting access to finance for businesses in rural communities. The transaction received a 100% Reducing Inequalities label.
Aye Finance Limited
Non-banking financial company in India
Aye Finance is a non-banking financial company (NBFC) focused on financing micro and small enterprises across India. FMO provided a USD 15 mln local-currency-equivalent financing through a non-convertible debentures (NCDs), a form of debt financing, to support the expansion of Aye's lending portfolio. This transaction marks FMO's third transaction with Aye, reinforcing our continued commitment to supporting the company's growth journey since 2019. Aye finances microenterprises in manufacturing and service clusters across 21 Indian states and uses technology-based credit underwriting to serve businesses with limited access to formal finance. The financing supports lending to microentrepreneurs, including women-owned enterprises in states with high rates of female entrepreneurship. The transaction helps address financing gaps for India's "missing middle" businesses, whose financing needs are above the loan sizes typically offered by microfinance institutions and below those generally served by commercial banks, and received a 100% Reducing Inequalities label.
Odyssey Energy Solutions
Renewable energy software platform in emerging markets
Odyssey Energy Solutions is a technology company that operates a procurement and asset management platform for distributed renewable energy developers, Engineering, Procurement and Construction (EPC) contractors, financiers and equipment suppliers across Africa, India and Latin America. FMO committed a USD 5 mln equity investment to support the company’s expansion and operational activities. The financing supports the scaling of Odyssey’s platform, which facilitates the development, procurement and management of distributed renewable energy projects in emerging markets. The transaction received a 100% Green label, supporting the deployment of distributed renewable energy projects that contribute to climate mitigation. It also received a 100% Reducing Inequalities label, reflecting its contribution to expanding access to reliable and affordable energy across emerging markets.
