In this chapter we reflect on achievements and challenges encountered from project start till the end of 2024. Read more about Progress made on the implementation of the action during the reporting period .

During the reporting period, three learning studies were conducted to assess program execution, partnership, and intervention effectiveness. Read more about Results .

For FMO, acting in its role as Fund Manager (hereafter ‘FMO’), to be able to carry out the Fund’s strategy, it is essential to have an adequate risk management system in place to identify, measure, monitor and mitigate financial risks. Read more about Risk management .

In 2024, MASSIF successfully completed the exit of MF Banka, a bank based in Bosnia & Herzegovina that services the MSME sector, where MASSIF has been an investor since 2015. Read more about Sales and exits .

At December 31 Read more about Statement of cash flows .

At December 31 Read more about Statement of changes in fund capital .

At December 31 Read more about Statement of comprehensive income .

At December 31, 2024 Read more about Statement of financial position .

MASSIF ("the Fund") was established in 2006 by the Dutch Ministry of Foreign Affairs to provide risk capital and local currency financing to financial intermediaries in developing countries who in turn serve micro- and small scale entrepreneurs and Read more about Summary of material accounting policies .

The world is on the move. Over 164 million migrant workers make a living in a foreign country and they are joined by almost 26 million refugees who have been forced to flee due to conflict. While some would prefer to remain abroad, most want to return home at one point and restart their lives with additional skills or savings. Read more about Tamweelcom .