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How can concessional public funding help businesses with a clear social purpose scale toward commercial viability? FMO’s Progression Model anchors on helping businesses grow by providing public funds in high-risk phases, transitioning them through FMO’s balance sheet, and ultimately positioning them for commercial financing. The model is central to FMO’s Strategy 2030: Pioneer – Develop – Scale, ensuring investments maximize impact while maintaining financial sustainability.
An independent evaluation by Dalberg assessed the effectiveness of this model. It confirmed that progression is happening, with 27% of businesses funded by public resources moving to FMO-A, and 29% of those advancing further to commercial investment. The evaluation highlighted key factors driving success, including diversity of financial instruments, risk-sharing mechanisms, and ESG advisory services. It also identified a few strategic and procedural enhancements to deepen the efficacy of the Progression Model.
Read the full report here to learn how FMO is driving business progression.
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