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.
Banco Improsa
Private bank in Costa Rica
FMO is supporting Banco Improsa, a long-standing partner since 2002. Banco Improsa is the seventh-largest private bank in Costa Rica, with USD 593 million in assets as of December 2024 and is a niche bank primarily serving SMEs in the service, commerce, and construction sectors. FMO is providing a USD 45 million senior unsecured loan to support the bank’s expansion of its SME portfolio, with a focus on financing women-owned or women-led SMEs for 60% of the total facility amount. SMEs play a vital role in driving economic growth in Costa Rica as they provide jobs and contribute significantly to the country’s GDP. Through this partnership, FMO will contribute to local employment and gender inclusion.
Dvara Kshetriya Gramin Financial Services
NBFC active in financial inclusion in India
Dvara KFGS is a major non-banking financial institution active in the financial inclusion niche across India. It targets underserved microentrepreneurs mainly through Joint Liability Group (JLG) lending and unsecured MSME (micro, small, and medium-sized enterprise) lending. To fund its capital planning and growth trajectory, FMO has provided USD 5 mln in financing to support Dvara’s business model. As Dvara primarily focuses on driving financial inclusion for underserved entrepreneurs in predominantly rural areas, combined with their focus on financial health and resilience support, this transaction is labelled as 100% Reduced Inequalities.
HPW
Dried tropical fruits producer in Ghana
HPW is the largest producer of dried tropical fruits (mango, pineapple, coconut) and snacks in Africa – transforming around 30,000 MT of fresh fruits a year in Ghana and Côte d'Ivoire. HPW is active on both ends of the value chain, providing agronomic and technical support to small/medium farmers and farmers organization while maintaining deep long-term relationships with international clients. Following a successful investment in 2022, FMO is providing an additional EUR 5mln loan to support HPW's expansion of drying capacity in Ghana. The project will help reduce post-harvest losses in Ghana's mango sector and add quality jobs to the country's fruit processing industry.
