Highlights
In 2025, Building Prospects continued to implement its mandate from the Dutch Ministry of Foreign Affairs to stimulate private sector development and job creation in emerging markets. Despite a year marked by fragile macroeconomic conditions, climate‑related disruptions, and geopolitical uncertainty, Building Prospects closed fifteen(15) new transactions totaling €58.0 million (excluding development contributions), bringing the total committed portfolio to €453 million. The mandate remains firmly focused on advancing inclusive economic growth in markets where investment needs continue to outpace available capital.
Across its 2025 investments, Building Prospects remains committed to enabling infrastructure—the foundational systems that allow businesses to grow, access markets, and improve productivity. This year’s investment in GH2 Industries (Pakistan), a vertically integrated agri‑based circular manufacturing complex to source (broken) rice and produce rice derivatives for the local and export markets, exemplifies this priority. Pakistan continues to face infrastructure bottlenecks that constrain manufacturing competitiveness. Strengthening industrial capacity supports local production, job creation, and resilience, particularly in an economy recovering from recent financial instability and repeated climate‑related flooding. By supporting vital enabling infrastructure, Building Prospects contributes to long‑term economic stability and greater private sector participation in challenging environments.
A second—and increasingly important—area of strategic emphasis is strengthening agri‑value chains, a cornerstone of economic development for many low‑income countries. Food systems face significant pressure as the global population expands and climate variability affects yields. While global food demand is expected to rise sharply in the coming decades, investment in agriculture‑related sectors has been volatile. Building Prospects’ commitments this year reflect a strong response to these trends, including the investment in NaFoods (Vietnam), a leading processor and exporter of tropical fruit products. The investment supports enhanced processing capacity, reduced post‑harvest losses, and more stable income opportunities for farmers. Vietnam remains highly vulnerable to climate change impacts such as flooding and saline intrusion, making strengthened agri‑value chains essential for the country’s long‑term food security.
A third area of focus is mobilizing capital for climate‑relevant investments, an increasingly critical component of Building Prospects’ work. Emerging markets face rising climate risks yet continue to receive insufficient financing for both mitigation and adaptation. IMF research shows that climate‑induced shocks have disproportionately negative macroeconomic impacts on emerging and developing economies, reducing output growth and straining public finances. Against this backdrop, Building Prospects’ support for the Lendable Transportation and Energy Fund SCSp with an investment focus including E-mobility, Energy Commercial and Industrial, Clean Cooking, Sustainable Agriculture, and Energy efficiency, reflects strategic sectors for SDG13 'Climate Action'. Debt funds have become an important channel for mobilizing private capital for climate‑focused projects in markets where equity is often more difficult to place.
In 2025, we also saw the first partial repayment of one of our “repayable development contributions,” for HPW Fresh & Dry to support infrastructure and expansion efforts. Repayable development contributions offer a fresh perspective on traditional grant funding by transforming what is typically a one‑way flow of capital into a more sustainable, revolving instrument. By structuring a portion of the grant as repayable upon success, funders can recycle resources, amplify impact, and reinforce accountability—without limiting innovation in the early stages. This year’s first successful repayment demonstrates the potential of such instruments, validating both the effectiveness of the supported initiative and the ability of repayable components to extend the reach of development finance and generate lasting, compounding impact.
In parallel, Building Prospects continued its efforts to support economic continuity in fragile regions. Supporting Ukraine remains a top priority for the Dutch Ministry, and the fund continues to explore opportunities to strengthen agricultural value chains and export‑related infrastructure amid ongoing disruptions.
The FMO Ventures Program (FVP2) also remains active, now operating with a more experienced and focused investment approach aimed at scalable tech‑enabled solutions in fintech, agritech, and clean tech. Building Prospects is also progressing with the recommendations from its mid‑term evaluation, sharpening operational discipline and thematic alignment.
Looking ahead, Building Prospects approaches 2026 with cautious optimism. The external environment remains complex, yet the continued focus on enabling infrastructure, strengthening agri‑value chains, and mobilizing climate‑relevant capital creates a strong foundation to deliver meaningful, long‑term development outcomes for the communities we serve.