Dutch development bank FMO signed 24 new projects totalling about €180mn in the third quarter of 2005. This brings FMO’s total investments for this year to around over €425mn.

Two thirds of the new projects are cofinanced in conjunction with special Dutch government funds such as the Minister for Development Cooperation’s Least Developed Countries (LDC) Infrastructure Fund and the Ministry of Economic Affair’s Investment Facility Emerging Markets (IFOM) Fund.

FMO realised no less than 10 new projects in Africa this quarter, amounting to almost €100mn. Two notable projects were: jointly arranging with Africa Merchant Bank for US$479mn in project financing for the world’s largest cement factories, located in Nigeria; and participation in the West African Gas Pipeline, as a result of which Benin, Ghana and Togo will soon be able to benefit from cleaner fuel and electricity at lower prices and with considerably lower CO2 emissions.