According to the bank website, "FMO is participating in the first close of the Emerald Sri Lanka Fund I, thereby ensuring that the fund will be successfully launched. FMO's commitment may serve as an additional "stamp of approval" for the fund and may help attract commercial interest in the fund. FMO will also add non-financial value to the fund, by supporting in the implementation of an environmental and social management system.
Sri Lanka is a post-conflict country, without an established private equity industry. While Sri Lankan SMEs are expected to benefit from favorable economic conditions, the growth of these businesses will be constrained by the lack of access to equity. Emerald Sri Lanka Fund I will be the largest private equity fund dedicated to Sri Lanka. As the fund has a single focus on the Sri Lankan SME sector, it will play an important role in providing this required capital and thus helping to stimulate economic growth."
According to FMO, "the Emerald Sri Lanka Fund I is managed by NDB Zephyr Partners. The fund is a joint venture between NDB Capital, the investment banking arm of National Development Bank PLC, and Zephyr Management, an international fund management group with strong emerging markets credentials. The fund was established to provide risk capital to small- and medium-sized enterprises (SMEs), typically in sectors in the Sri Lankan economy where high growth is foreseen."
No project-specific contact information available at time of writing.
ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism