Through this investment, the bank affirms that FMO facilitates BancoSol's growth and enables the bank to provide financial services to it's 250,000 clients. Furthermore, FMO will support the management team in their quest to innovate in the way they reach out to clients, in order to become more efficient in a competitive market and challenging regulatory landscape. The bank affirms that their vision behind this to provide high quality financial services to the poor.
Banco Solidario S.A. ("BancoSol") is the largest MFI in Bolivia and has grown to be one of the top microfinance banks in Latin America over the past 20 years. The bank has been a client of FMO since 1996 and FMO has provided several loans since then. In June 2015, FMO purchased 28% of the shares of BancoSol together with Triodos and Womens World Banking, whereby FMO's shareholding is 14%.
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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/