Notes to the annual accounts

1. Banks







Balance at December 31



The cash on bank accounts can be freely disposed of.

2. Income




Results from development contributions



Repaid development contributions



Total income



3. Expenses




Remuneration FMO



Development contribution expenses



Other operating expenses



Total expenses



Development Contribution (DC) expenses relate to contributions paid to beneficiaries in terms of the fund's objectives. The increase in DC expenses is mainly driven by one contract of € 2.1 million in 2020.

4. Off-Balance sheet information

Irrevocable facilities (off balance sheet commitments) relate to development contribution contracts which have potential future disbursements




Contractual commitments for disbursements of:


Development contributions



The amount has increased versus previous year because the average contracted amount per client is higher, especially due to a € 1.9 million contract for one client for which disbursement has not yet taken place. 

5. Related party information

Dutch Government

The Dutch Ministry of Foreign Affairs, more specific Directoraat-Generaal Internationale Samenwerking (DGIS), sets up and administers the investment funds (“State Funds”), including the Partnership Development Facility, according to the Dutch Government’s development agenda. DGIS is the main contributor to the Partnership Development Facility, providing funding upon FMO’s request (2020: € 3,306k; 2019: € 2,300k).

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 and 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 an amount to the Dutch Ministry of Foreign Affairs as compensation for personnel and other expenses and it is reimbursed accordingly from the Partnership Development Facility’s subsidy amount (2020: € 599k; 2019: € 483k). In accordance with the agreement Beheerskostenvergoeding FMO 2020, dated 29/12/20, these were the estimated expenses based on the agreement written in the contract and FMO reassessed this and concluded that these were the actual cost in 2020.

The compensation has increased in 2020 because in the first months of 2019 a low amount for personnel was charged as FMO was in that period understaffed.

6. 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.