The Meridian

Development finance institution

Netherlands Development Finance Company (FMO)

Compiled from public sources

FMO is the Dutch entrepreneurial development bank, structured as a public-limited liability company (N.V.), with a mandate to support sustainable private sector growth in developing countries and emerging markets. The bank invests in businesses, projects, and financial institutions, utilising a variety of instruments including loans, equity, and guarantees to drive economic and social progress. Its investment strategy focuses on three core sectors—Agribusiness, Food & Water, Energy, and Financial Institutions—aiming to empower entrepreneurs and create local impact. Headquartered in The Hague, FMO manages capital on behalf of the Dutch government and other investors, explicitly targeting contributions to climate action, reduced inequalities, and decent work.

Investment focus

Sectors
Financial servicesEnergy and powerAgriculture and foodManufacturing and industrialsInfrastructureSMEs
Stages and strategies
SeedSeries ASeries B+GrowthFund investmentsPrivate creditProject finance
Instruments
EquityDebtMezzanine
Regions
Pan-African, Asia, Latin America, Europe, Eurasia, Northern Africa, Eastern Africa, Western Africa, Central Africa, Southern Africa
African markets named in public materials
Kenya, South Africa

Funds managed

Fund commitments

Selected portfolio and direct investments

  • Abydos for Renewable Energy S.A.E.
  • EA Foods Limited
  • ETC Group Limited
  • Globeleq Kafue Solar Limited
  • Lula Lend (Pty) Ltd
  • Nefer Menya for Renewable Energy S.A.E.
  • Odyssey Renewable Energy Solutions Ltd

Recent investments and transactions

DateTransactionTypeValueMarket
30 Sep 2026FMO and BII invest USD 52.1 million in the Kafue Solar Project, a 40 MWac (56 MWp) solar photovoltaic power plant near Kafue Town, Lusaka Province, ZambiaPrivate Credit, Infrastructure & Project Finance$52.1mZambia
1 Sep 2026BII, BIO, FMO and partners invest USD 74 million in Odyssey Energy SolutionsPrivate Equity, Private Credit$74mNigeria
31 Jul 2026FMO, TDB Group and partners invest USD 600 million in Export Trading Group (ETG) AfricaPrivate Credit$600mMozambique
21 Jul 2026InfraCo, Oikocredit, FMO and partners invest USD 26 million in EA Foods LimitedPrivate Equity$26mKenya
18 May 2026FMO invests USD 50 million in Nefer Menya, a 1.2 GW solar power plant in EgyptPrivate Credit$50mEgypt
4 Feb 2026FMO's Investment in Lula's Operations in South Africa for R340 millionPrivate Credit$21.3mSouth Africa
18 Dec 2025IFC, Cassa Depositi e Prestiti, FMO, DEG, BII, OPEC Fund for International Development, Europe Arab Bank and Climate Investment Funds' debt investment into Abydos For Renewable Energy's operations in Egypt USD 571.8 millionPrivate Credit$571.8mEgypt

All transactions

Sources

  1. Partner Researchers, accessed 14 November 2026
  2. Partner Researchers, accessed 14 November 2026
  3. https://www.delta40.com/post/delta40-20m-fundraise, www.delta40.com. Accessed 14 November 2026.
  4. https://impact-investor.com/lendable-makes-combined-300m-first-close-for-two-blended-finance-funds/, impact-investor.com. Accessed 14 November 2026.
  5. https://www.fmo.nl/project-detail/65171, www.fmo.nl. Accessed 14 November 2026.
  6. https://www.mcapitalp.com/mediterrania-capital-partners-reaches-e600-million-final-close-of-its-fourth-fund-mediterrania-capital-iv-mid-cap/, www.mcapitalp.com. Accessed 14 November 2026.
  7. https://www.bluepeakpc.com/news-detail-page/12, www.bluepeakpc.com. Accessed 14 November 2026.
  8. https://loftyinc.vc/loftyinc-capital-announces-43m-first-close-of-its-new-pan-african-seed-fund/, loftyinc.vc. Accessed 14 November 2026.
  9. https://echosys.co/wp-content/uploads/2025/03/PR-Final-Closing-Afrigreen-Debt-Impact-Fund-vFINAL.pdf, echosys.co. Accessed 14 November 2026.
  10. https://www.fmo.nl/project-detail/64437, www.fmo.nl. Accessed 14 November 2026.
  11. https://www.camco.fm/post/camco-achieves-first-close-on-repp-2-blended-finance-fund, www.camco.fm. Accessed 14 November 2026.
  12. https://www.fmo.nl/project-detail/66344, www.fmo.nl. Accessed 14 November 2026.
  13. https://www.avca.africa/news-insights/member-news/british-international-investment-co-leads-us-200mn-investment-in-helios-clear-fund/, www.avca.africa. Accessed 14 November 2026.
  14. https://techcrunch.com/2024/06/20/paris-based-vc-breega-75m-africa-fund/, techcrunch.com. Accessed 14 November 2026.
  15. https://www.accion.org/news/accion-launches-152-5m-fund-investing-in-digital-transformation-of-financial-institutions-serving-small-businesses-globally/, www.accion.org. Accessed 14 November 2026.
  16. https://www.avca.africa/news-insights/member-news/joliba-capitals-maiden-fund-hits-eur-89mn/, www.avca.africa. Accessed 14 November 2026.
  17. https://www.mcesocap.org/mce-social-capital-announces-final-close-of-mesa-fund, www.mcesocap.org. Accessed 14 November 2026.
  18. https://www.metier.co.za/metier-announces-first-close-of-metier-capital-growth-fund-iii/media-release/, www.metier.co.za. Accessed 14 November 2026.
  19. https://alliance4e.org/projects/e3-low-carbon-economy-fund-i-lcef/, alliance4e.org. Accessed 14 November 2026.
  20. https://www.africanpowerplatform.org/news/press-releases-2/external/3678-african-private-equity-firm-inspired-evolution-achieves-successful-first-close-of-its-third-evolution-iii-energy-transition-net-zero-climate-impact-fund.html, www.africanpowerplatform.org. Accessed 14 November 2026.
  21. https://techtrends.africa/global-vc-firm-partech-secures-largest-africa-focused-fund-at-263-million/, techtrends.africa. Accessed 14 November 2026; link checked 15 November 2026.
  22. https://www.businesswire.com/news/home/20230130005010/en/Adenia-Partners-Announces-%24300-Million-First-Close-for-Fund-V, www.businesswire.com. Accessed 14 November 2026.
  23. https://climatefundmanagers.com/2021/11/11/ci2-first-close/, climatefundmanagers.com. Accessed 14 November 2026; link checked 15 November 2026.
  24. https://acumen.org/news/coalition-launches-energy-access-relief-fund/, acumen.org. Accessed 14 November 2026; link checked 15 November 2026.

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