Read more about Production .

Read more about Production capacity development .

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 .

Set up in 2006 and implemented on behalf of the Dutch Ministry of Foreign Affairs, MASSIF is FMO’s financial inclusion fund. Read more about At a glance .