The Netherlands Development Finance Company, a government-backed institution also known by its Dutch acronym FMO, recently arranged a syndicated loan in the amount of USD 110 million for Ak Finansal Kiralama AS (“Aklease”), a leasing subsidiary of the Turkish bank Akbank, to support energy-efficiency and renewable-energy projects. The proceeds of the loan are to be used for energy projects carried out by small and medium-sized companies (SMEs). Aside from FMO, the loan package is also funded by the UK-based European Bank for Reconstruction and Development (EBRD); the Luxembourg-based Green for Growth Fund, Southeast Europe (GGF); and the Austria-based OPEC Fund for International Development (OFID), an affiliate of the 14-member Organization of Petroleum Exporting Countries. The amounts invested by each organization are not available.
Aklease has financed projects producing roughly 120 megawatts of solar energy and 60 megawatts of wind energy as of 2017. The organization, which was founded in 1988, has assets totaling TRY 5.4 billion (USD 1.4 billion) as of 2017 . Akbank, the parent company of Aklease, has TRY 277 billion (USD 73 billion) in total assets as of 2016 .
The vision of FMO is to help abolish extreme poverty, increase equality and support measures that reduce climate change. It reports total assets of EUR 8.5 billion (USD 9.5 billion) and profit before taxes of EUR 219 million (USD 245 million) for the year 2016 .
By Alex Gelfond, Research Associate
Sources and Additional Resources
 Aklease: https://www.aklease.com/en/default.aspx
 MICROCAPITAL BRIEF: FMO, Triodos, Accion Invest Equity in Nicaraguan Microfinance Institution Financiera FAMA:
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
- MICROCAPITAL BRIEF: The Netherlands’ FMO Issues $568m Bond to Finance Green, Financial Inclusion Investments
- MICROCAPITAL BRIEF: Green for Growth Fund (GGF) Loans $6m to Halkbank to Finance Energy-efficient Housing in Serbia
- MICROCAPITAL BRIEF: Green for Growth Fund Loans $22m to UniCredit Bank Serbia for Renewable Energy Projects
- MICROCAPITAL BRIEF: Netherlands’ FMO Buys $50m Bond from Turkey’s Sekerbank to Support 4k Rural SMEs
- MICROCAPITAL BRIEF: FMO Lends $52.5m to Climate Investor One for Hydro, Solar, Wind Energy Projects in Africa, Asia