According to the bank website, "The FMO loan supports the expansion of Aye's loan portfolio in India. The loan is dedicated to micro entrepreneurs and therefore supports FMO's objective of reducing inequalities. Aye has expanded to the States of Bihar, Jharkhand, Gujarat and Maharashtra which have a prevalence of women entrepreneurship. The FMO loan thus supports Aye's loan expansion to women-owned enterprises and FMO also offers technical assistance targeted at increasing Aye's reach into the women market."
According to FMO, Aye Finance (Aye) is a non-deposit taking NBFI with a specific focus on micro and small enterprises in India. Aye finances micro enterprises in manufacturing and service clusters across 18 Indian States. Using tech-based credit underwriting Aye is able to provide loans to customers who otherwise would be locked out of the financial system.
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