Advancing development finance

Now at FMO, in a role that focuses on special operations and blended finance, I find the legacy of the EBRD still shaping my daily work. The discipline, the drive for structured innovation and the commitment to producing a tangible impact that the EBRD instilled in its people remain powerful touchstones. And while institutions differ, the values often carry across.

Cooperation between FMO and the EBRD is not just a talking point, but a lived reality. The two institutions operate in overlapping regions and share a commitment to catalysing private investment where it is most needed. This alignment is particularly apparent in the growing field of blended finance, an area on that now occupies much of my time.

Blended finance is both a practical tool and a conceptual shift. In markets where perceived or real risks deter private capital, well-structured concessional instruments can unlock investments that otherwise would not happen.

The EBRD has been at the forefront of this, particularly through its work with donors and multilateral facilities. At FMO, we are engaged in similar efforts through the Dutch Fund for Climate and Development, the NASIRA guarantee programme and others.

There is space – perhaps even a need – for more collaboration here, especially in frontier markets, where multiple development finance institutions can work together to reduce fragmentation and increase systemic impact.

Ammar Al-Saleh
Senior Counsel at FMO – the Dutch Entrepreneurial Development Bank | Former EBRD Associate Director, Senior Counsel, Office of the General Counsel (OGC)