Highlights

MASSIF in 2023 devoted significant attention to being able to continue to support its clients, end beneficiaries, and micro, small and medium-sized enterprises in the future and to play its part in FMO’s Strategy 2030. For example, through working together with other DFIs to advance investments in fragile countries and by securing funding for future growth, also for market creation.

H.M. Queen Maxima at the Future of Finance conference

The fireside chat with H.M. Queen Máxima of the Netherlands in her capacity as the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA), on 3 October 2023 at FMO’s Future of Finance Conference. Her Majesty discussed financial inclusion, including the progress that has been made as well as her leadership inclusive green finance and financial health.

ARIA

Along with British International Investment (BII), the UK's development finance institution, MASSIF’s Technical Assistance program is supporting Africa Resilience Investment Accelerator (ARIA). This brings together 16 DFIs to unlock investments in frontier and growth markets in Africa through pipeline and investment facilitation, grants, technical assistance, and ecosystem building. In 2023, the DFIs visited DRC, Sierra Leone and Benin to understand barriers to investing and building a pipeline of investments.

Insitor Impact Asia Fund II

MASSIF invested USD 10 million in Insitor II, a sector-agnostic private equity fund targeting investments in high-growth and scalable businesses in Cambodia, India, and Pakistan. The fund exclusively invests in companies that provide solutions to low-income consumers/households. This aligns with MASSIF’s objective to support early-stage companies and to support businesses that improve the livelihood and access to basic services for underserved groups. It also aligns with FMO’s strategic goal to contribute to reducing inequalities.

Top-up from the Dutch Ministry of Foreign Affairs

In 2023, the Dutch Ministry of Foreign Affairs decided to top-up MASSIF with EUR 69 million. In addition, the Ministry decided to provide market creation funding to MASSIF in line with FMO’s strategy.

Financial performance

MASSIF had a lower interest income than in 2022. Furthermore, 2023 saw a combination of negative impact of FX results across the board, negative Fair Value results on PE investments, write-offs and loan impairments resulting from on a combination of country-related and investee-related adverse circumstances, resulting in EUR 39 million loss at the year end. On the positive side, dividend income was up significantly in comparison to 2022.