FCC Securities B.V. (FMO-64622)

Regions
  • World
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 31, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
FCC Securities B.V. (Frontclear)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Dec 18, 2025

Disclosed by Bank Mar 24, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the USD 50mln senior loan facility includes a USD 20mln uncommitted tranche. The Funding objective is to add to the product set of Frontclear, by allowing them to fund smaller transactions and add to their existing product suite of guarantee products.

The investment allows Frontclear to enhance its product suite and customer reach, enabling it to be more efficient and to continue supporting the development of more inclusive and more liquid interbank markets in emerging and frontier economies. Frontclear is a niche-player with a unique proposition that has proven to be scalable. In the ten years of operations, Frontclear has extended its reach to multiple countries across emerging and developing markets. Frontclear's product offering is also complementary to FMO since it is highly beneficial to many of our financial institution clients: whereas DFIs provide long-term financing, Frontclear offers short-term money market solutions. It will receive 100% Reducing Inequalities label, due to its expected increase in exposure to LDC markets.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Frontclear has been categorized as FI-B, in line with FMO's policy. The categorization reflects the FI's business activity which includes credit guarantees and secured funding for money market instruments to Emerging Markets and Developing Countries' financial institutions (EMDC-FI). As part of the investment, FMO is working with Frontclear to ensure that E&S risk management is tailored to the services it offers and to its E&S risk exposure.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Total FMO financing: USD 30.00 MLN

Funding: FMO NV

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Frontclear is an Amsterdam-based financial markets development company that facilitates access for financial institutions in developing countries to local and global interbank markets through the provision of secured funding and credit guarantees to cover counterparty credit risk. Frontclear is part of Cardano Development – a group focusing on developing innovative financial risk management solutions, also involved in, among others, the TCX and GuarantCo funds. Frontclear’s investors include a number of European development finance institutions, including the European Bank for Reconstruction and Development (EBRD), Proparco, The Currency Exchange Fund (TCX), as well as the UK Department for International Development (DFID, through the Financial Sector Deepening Africa) and German Federal Ministry for Economic Cooperation and Development (BMZ).


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Website customer/investment: https://frontclear.com/

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

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

How it works

How it works