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The Dutch Entrepreneurial Development Bank (FMO), is a Dutch development bank structured as a bilateral private sector international financial institution. It was established in 1970. FMO manages funds for the Ministries of Foreign Affairs and the Economic Affairs of the Dutch Government to maximise the development impact of private sector investments in developing countries. The Dutch Government holds a majority share of 51%. The rest is shared between Large Dutch Banks (42%), Dutch Employers’ Association, Dutch trade unions and individual investors. FMO joined the European Development Finance Institutions Association (EDFI) in 1992.
FMO came tenth from 21 non-sovereign DFIs assessed with a score of 28.9 out of 100. While FMO is an IATI publisher, it currently only discloses investments from government funds including the MASSIF and Building Prospects funds to IATI. As such, FMO failed to score points for IATI format of publication across the index. FMO does not disclose investment data in bulk download format. The fact data was only available in website and PDF format had a negative effect on FMO’s overall performance in the Index.
FMO came fourteenth in the Core Information component, with 6.58 out of 20. It scored for fourteen out of the seventeen indicators, failing to score for status, domicile, and investment instrument. Within the indicators it scored for, it did not get any points for unique identifier, sub-national location, sub-sector, total investment cost, disbursement, client contact, date of activity disclosure, approval date, and last update date. It also dropped points for format for many indicators due to there not being a bulk download available and because most projects were not published to the IATI Standard.
FMO came tenth in the Impact Management component with a score of 8 out of 25. It received all available points for the impact measurement approach and evaluations indicators. Significantly, it was one of only five non-sovereign DFIs to score points for explaining its approach to determining impact attribution. However, it did not score for any for any project-level indicators in this component.
FMO scored 12.33 out of 30 in the ESG and Accountability to Communities component, coming ninth. It scored 100% for its E&S and project-level grievance (PGM) community disclosure policies. FMO scored points for its independent accountability mechanism (IAM) but it did not score points for a community disclosure policy on this. Significantly, it was one of two bilateral DFIs that scored points for having an early global disclosure policy. It did not score points for project-level indicators, apart from the disclosure of its IAM on project pages.
FMO came joint last in the Financial Information component, with 0.75 out of 15. It only scored points for the financial reports/statements indicator. It did not score for any project-level indicators.
FMO scored 1.25 out of 10 in the Financial Intermediary (FI) Sub-investments component, which was joint second-last. It only scored for the FI (bank) use of funds indicator at the project level, it did not score for any organisation-level indicators.
- FMO should publish all of its investments to the IATI Standard.
- It should make investment data available in a bulk download format.
- FMO should disclose further Core Information data including unique identifier, status, sub-national location, domicile, sub-sector, disbursement, date of activity disclosure, approval date, and last update date. It should consistently disclose investment instrument, total investment cost, and client contact details.
- FMO should review its Disclosure Policy according to current best practice.
- FMO should disclose organisation-level Impact Management indicators, including sector/country strategies and project-level indicators, including additionality statement, activity indicators/metrics, and results.
- It should consistently disclose summary of E&S risks and disclose other project-level ESG and Accountability to Communities indicators including E&S assessments/plans.
- It should create a policy guiding the disclosure of the presence of the IAM at community level.
- FMO should provide assurance of community disclosure for investments when disclosure is required.
- For Financial Information, FMO should consistently disclose repeat investment, currency of investment, and co-financing indicators. It should disclose further indicators, including concessionality, mobilisation, and instrument-specific details (share of equity, interest rate, loan tenor, and length of guarantee).
- It should create a policy for the disclosure of FI sub-investments. FMO should disclose all private equity fund sub-investments and qualifying FI (bank) sub-investments in line with guidance in Publish What You Fund’s DFI Transparency Tool.