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.
Ecobank Transnational Incorporated (ETI)
Pan-African banking group in Sub-Saharan Africa
Ecobank Transnational Incorporated (ETI) is a Togo-based pan-African banking group with operations in 32 African countries, serving more than 30 million customers through a network of leading subsidiary banks. FMO participated as an anchor investor with a USD 50 mln investment in ETI’s USD 450 mln Sustainable Agriculture & Natural Capital Bond, the first ICMA-aligned Nature Bond issued by an African commercial bank. The bond provides Basel III-compliant Tier 2 capital, strengthening ETI’s capital position while supporting the execution of the issuance. An amount equivalent to the net proceeds will be allocated to eligible assets under ETI’s Sustainable Agriculture and Natural Capital Bond Framework, including sustainable agriculture and water infrastructure projects across 24 African countries. The transaction supports the expansion of green finance in Sub-Saharan Africa and received a 100% Green label.
MAS Financial Services Limited (MFSL)
Non-bank financial institution in India
MAS Financial Services Limited (MFSL) is an India-based non-banking financial company with a 30-year track record in retail and MSME lending, serving more than one million clients through a network of branches and partner institutions across 12 states and one Union Territory. FMO provided a USD 40 mln equivalent loan in Indian rupees through a five-year senior, secured, listed Non-Convertible Debenture (NCD). The financing will be used to expand MFSL’s MSME loan portfolio, supporting access to finance for small businesses. MFSL provides financing directly and indirectly to MSMEs, alongside retail lending products including two-wheeler and salaried personal loans. The transaction supports financial inclusion in underserved rural markets and received a 100% Reducing Inequalities label.
Navegar III LP
Private equity fund in the Philippines
Navegar III LP is a private equity fund focused on providing growth capital to companies in the Philippines, continuing the investment strategy pursued by its predecessor funds, Navegar I (Parallel) LP and Navegar II LP, both existing FMO investees. FMO committed USD 15 mln at first close to support the fund’s investment program. The fund targets companies operating in sectors linked to domestic consumption and services exports, including food and beverages, business process outsourcing, healthcare, and education. Through growth capital investments, Navegar III will support the expansion of businesses operating in high-growth sectors of the Philippine economy. The transaction is expected to contribute to job creation, increased business activity, and higher tax revenues in the country.
Sahyadri Farmers Producer Company Limited (SFPCL)
Farmer-owned agricultural platform in India
Sahyadri Farmers Producer Company Limited (SFPCL) is a farmer-owned organization that forms part of the Sahyadri Group, India’s largest integrated fruit and vegetable platform, serving approximately 30,000 smallholder farmers across production, processing, and marketing activities. FMO provided a USD 15 mln local currency facility through MASSIF to expand Sahyadri’s Farmer Credit Program. The financing will be on-lent to cooperative members to support crop production and other agricultural activities, improving access to formal and affordable credit. The facility received a 100% Reducing Inequalities label and a 78% Green label, reflecting its contribution to inclusive growth and climate adaptation. By strengthening farmers’ access to finance, the transaction supports improved productivity, crop quality, income stability, and the continued adoption of sustainable agricultural practices.
BAF Vietnam Agriculture JSC
Integrated livestock and food company in Vietnam
BAF Vietnam Agriculture JSC is a publicly listed agribusiness company operating an integrated feed-farm-food model that spans feed production, swine farming, meat processing, and distribution in Vietnam. FMO provided a USD 30 mln senior secured facility, comprising USD 20 mln from FMO and USD 10 mln from Building Prospects, with an additional B-loan syndication of up to USD 20 mln to be arranged on a best-efforts basis. The financing will support the development of two new swine farms, helping to strengthen domestic pork supply in Vietnam. The transaction is linked to improvements in biosecurity practices, waste and wastewater management, and the adoption of international animal welfare standards, including commitments aligned with IFC requirements. The investment supports the modernization of Vietnam’s livestock sector, enhances food safety, and carries a 100% Green label, reflecting the use of GLOBAL SLP-certified farming practices.
Sunrise Foods International Türkiye
Organic agri-commodity trader and processor in Türkiye
Sunrise Foods is a global trader and processor of certified organic agri-commodities, and a subsidiary of Tiryaki Group, a longstanding FMO client. FMO provided a USD 40 mln senior secured facility, comprising USD 20 mln from FMO and USD 20 mln mobilized through FIM/URP funds. The financing will support working capital requirements and capital expenditures related to the maintenance and upgrading of Sunrise’s processing facilities in Çorum and Giresun, Türkiye. Sunrise manages an integrated organic supply chain spanning sourcing, processing, storage and international trade, supplying customers primarily in North America and Europe. The transaction supports sustainable food systems through certified organic production and processing and carries an 85% Green label, reflecting Sunrise’s focus on environmentally sustainable agricultural practices.
