Notes to the annual accounts

1. Banks







Balance at December 31



The cash on bank accounts can be freely disposed of.

2. Operating expenses




Remuneration FMO



Development capital expenses



Other operating expenses



Total operating expenses



Development capital expenses relate contributions paid to beneficiaries in terms of the fund's objectives.

3. Off-Balance sheet information




Contractual commitments for disbursements of:





Off balance sheet commitments relate to development capital contracts which have potential future disbursements.

4. Related party information

Dutch Government

The Dutch Ministry of Foreign Affairs, Directoraat-generaal internationale Samenwerking sets up and administers the investments funds (“State Funds”), including Project Development Facility, according to the Dutch Government’s development agenda. Directoraat-generaal internationale Samenwerking is the main contributor to Project Development Facility, providing funding upon FMO’s request (2019: € 2,300; 2018; € 2,575).

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”)

The Dutch development bank FMO supports sustainable private sector growth in developing and emerging markets by leveraging its expertise in agribusiness, food & water, energy, financial institutions, Dutch business focus areas to invest in impactful businesses. FMO is a public-private partnership, with 51% of FMO’s shares held by the Dutch State and 49% held by commercial banks, trade unions and other members of the private sector. FMO has a triple A rating from both Fitch and Standard & Poor’s.

FMO has been entrusted by the Dutch Government to execute the mandates of the State Funds: Currently MASSIF, Building Prospects, Access to Energy – I, FOM, FOM-OS, Development Accelerator, Partnership Development Facility, Dutch Fund for Climate and Development Land Use Facility are under FMO’s direct management; the execution of Access to Energy – II and the other facilities of the Dutch Fund for Climate and Development are performed by third parties under FMO’s supervision.

FMO charges a management fee to the Dutch Ministry of Foreign Affairs and it is reimbursed accordingly from Project Development Facility’s subsidy amount (2019: € 483; 2018: € 1,033).

5. Subsequent events

There has been no significant subsequent event between the balance sheet date and the date of approval of these accounts which should be reported by the Fund.

The current COVID-19 outbreak most likely impacts the global economy and the Fund's performance. Given the uncertainties, ongoing developments and measures taken by governments around the globe, the Fund cannot estimate the quantitative impact in an accurate and reliable way at this point in time.