Notes to the annual accounts

1. Banks

	2024	2023
Banks	2,313	13,119
Balance at December 31	2,313	13,119

The cash on bank accounts can be freely disposed of. All bank accounts are classified as Stage 1.

2. Current accounts

	2024	2023
Current account with FMO (receivable)	82	31
Balance at December 31	82	31

3. Loan portfolio

Loans originated by the Fund include loans to the private sector in developing countries for the account and risk of the Fund.

	Loan portfolio measured at AC	Loan portfolio measured at FVPL	Total 2024
Balance at January 1	42,950	13,889	56,839
Disbursements	8,830	-	8,830
Loan consolidation	1,166	-1,166	-
Interest capitalization	-	1,447	783
Repayments	-2,846	-2,229	-5,075
Write-offs / disposed	-4,141	-1,438	-5,579
Changes in amortizable fees	18	-	18
Changes in fair value	-	1,015	1,015
Changes in accrued income	122	-610	176
Exchange rate differences	1,926	710	2,636
Balance at December 31	48,025	11,618	59,643
Impairment	-5,603	-	-5,603
Net balance at December 31	42,422	11,618	54,040

	Loan portfolio measured at AC	Loan portfolio measured at FVPL	Total 2023
Balance at January 1	55,107	15,141	70,248
Disbursements	4,842	4,885	9,727
Loan consolidation	-	-	-
Interest capitalization	-	299	299
Repayments	-6,727	-1,450	-8,177
Write-offs / disposed	-8,660	-4,301	-12,961
Changes in amortizable fees	-233	6	-227
Changes in fair value	-	-445	-445
Changes in accrued income	9	91	100
Exchange rate differences	-1,388	-337	-1,725
Balance at December 31	42,950	13,889	56,839
Impairment	-6,946	-	-6,946
Net balance at December 31	36,004	13,889	49,893

The following tables summarize the loans segmented by sector and geographical area:

	2024
	Stage 1	Stage 2	Stage 3	Fair value	Total 2024	Total 2023
Energy	10,940	23,325	8,157	8,226	50,648	46,848
Multi-Sector Fund Investments	-	-	-	3,392	3,392	3,334
Net balance at December 31	10,940	23,325	8,157	11,618	54,040	50,182


	2024
	Stage 1	Stage 2	Stage 3	Fair value	Total 2024	Total 2023
Africa	10,940	22,141	7,847	8,815	49,743	46,482
Asia	-	1,184	310	-	1,494	1,515
Latin America & the Carribbean	-	-	-	-	-	-
Europe & Central Asia	-	-	-	-	-	-
Non - region specific	-	-	-	2,804	2,804	2,185
Net balance at December 31	10,940	23,325	8,157	11,618	54,040	50,182


					2024	2023
Gross amount of loans to companies in which AEF has equity investments					-	7,649
Gross amount of subordinated loans					20,291	25,037

For more details on non-performing loans, we refer to section 'Credit Risk' within the Risk Management chapter

The movements in the gross carrying amounts and ECL allowance for the loan portfolio measured at AC are as follows:

Changes in loan portfolio measured at AC in 2024	Stage 1		Stage 2		Stage 3		Total
	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance
At December 31, 2023	10,526	-346	21,186	-2,663	11,238	-3,937	42,950	-6,946
Additions	6,296	-178	2,534	-297	-	-	8,830	-475
Exposures derecognised or matured / lapsed (excluding write-offs and modifications)¹	-242	2	-473	247	-2,131	6,946	-2,846	7,195
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	35	-	-35	-	-	-	-	-
Transfers to Stage 3	-5,190	-	-	-	5,190	-	-	-
Modifications of financial assets (including derecognition)	-1,417	-	2,583	-	-	-	1,166	-
Changes in risk profile not related to transfers	-	358	-	-208	-	-9,436	-	-9,286
Amounts written off	-	-	-	-	-4,141	4,141	-4,141	4,141
Changes in amortizable fees	-59	-	29	-	48	-	18	-
Changes in accrued income	180	-	151	-	-209	-	122	-
Foreign exchange adjustments	996	-21	301	-30	629	-181	1,926	-232
At December 31, 2024	11,125	-185	26,276	-2,951	10,624	-2,467	48,025	-5,603

Changes in loan portfolio measured at AC in 2023	Stage 1		Stage 2		Stage 3		Total
	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance	Gross amount	ECL allowance
At December 31, 2022	7,352	-365	27,573	-3,133	20,182	-6,497	55,107	-9,995
Additions	4,842	-59	-	-	-	-	4,842	-59
Exposures derecognised or matured / lapsed (excluding write-offs and modifications)1	-727	4	-1,687	121	-103	9	-2,517	134
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	-	-	-	-	-	-	-	-
Transfers to Stage 3	-	-	-398	105	398	-105	-	-
Modifications of financial assets (including derecognition)	-	-	-4,210	-	-	-	-4,210	-
Changes in risk profile not related to transfers	-	59	-	234	-	-6,185	-	-5,892
Amounts written off	-	-	-	-	-8,660	8,660	-8,660	8,660
Changes in amortizable fees	-275	-	23	-	20	-	-232	-
Changes in accrued income	88	-	49	-	-129	-	8	-
Foreign exchange adjustments	-754	15	-164	10	-470	181	-1,388	206
At December 31, 2023	10,526	-346	21,186	-2,663	11,238	-3,937	42,950	-6,946

1 Movements in ECL related to partial repayments are included in the row "Changes in risk profile not related to transfers".

Total impairments on loans in the profit and loss account
	2024	2023
Additions / exposure derecognised or matured/lapsed (excluding write - offs)	6,720	75
Changes in risk profile (including changes in accounting estimates)	-9,286	-5,892
Recoveries (written off loans)	361
Other	-656	-4
Balance at December 31	-2,861	-5,821

The table below show the values of the IMF GDP forecasts used in each of the economic scenarios for the ECL calculations. The upside and downside scenario calculations are derived from the base case scenario, adjusted based on an indicator of public debt to GDP in emerging markets.

IMF GDP % Growth Forecasts	2024	2025
Burkina Faso	5.5%	5.8%
Kenya	5.0%	5.0%
Mali	3.8%	4.4%
Uganda	5.9%	7.5%
Senegal	6.0%	9.3%
Pakistan	2.4%	3.2%
India	7.0%	6.5%

The following tables outline the impact of multiple scenarios on the ECL allowance:

ECL allowance
December 31, 2024	Total unweighted amount per ECL scenario	Probability	Loan Portfolio	Guarantees	Total
ECL Scenario:
Upside	5,186	2%	102	2	104
Base case	6,231	50%	3,044	72	3,116
Downside	7,693	48%	3,600	92	3,693
Total	-	100%	6,746	166	6,913


December 31, 2023	Total unweighted amount per ECL scenario	Probability	Loan Portfolio	Guarantees	Total
ECL Scenario:
Upside	6,652	2%	131	2	133
Base case	7,608	50%	3,728	76	3,804
Downside	9,039	48%	8,846	192	9,038
Total	-	100%	12,705	270	12,975

The table below represents sensitivity of ECL stage 2 allowance for loan portfolio and loan commitments.

December 31, 2024
ECL allowance - Stage 2 trigger assessment	Loan portfolio	Guarantees	Loan commitments	Total

More than 30 days past due	-	-	-	-
Deterioration in credit risk rating - financial difficulties	-2,951	-	-	-2,951
Total	-2,951	-	-	-2,951

December 31, 2023
ECL allowance - Stage 2 trigger assessment	Loan portfolio	Guarantees	Loan commitments	Total

More than 30 days past due	-	-	-	-
Deterioration in credit risk rating - financial difficulties	-2,664	-	-193	-2,857
Total	-2,664	-	-193	-2,857

Refer to 'Accounting Policies' chapter on macro-economic scenarios on PD estimates.

4. Equity investments

The equity investments in developing countries are for the Fund's account and risk. The movements in fair value of the equity investments are summarized in the following table. Equity investments are measured at FVPL.

	Equity measured at FVPL
Net balance at January 1, 2024	53,085
Purchases and contributions	1,512
Conversion from loans or development contributions	-
Return of Capital	-579
Changes in fair value	-8,774
Other	-
Net balance at December 31, 2024	45,244

	Equity measured at FVPL
Net balance at January 1, 2023	48,845
Purchases and contributions	12,672
Conversion from loans or development contributions	-
Return of Capital	-437
Changes in fair value	-7,995
Other	-
Net balance at December 31, 2023	53,085

The following table summarizes the equity investments segmented by sector:

	2024	2023
Energy	45,244	53,085
Net balance at December 31	45,244	53,085

5. Investments in associates

The movements in net book value of the associates are summarized in the following table:

	2024	2023
Net balance at January 1	12,102	12,227
Purchases and contributions	6	-
Reclassification to/ from loans	-	-
Sales	-	-
Share in net results	-48	264
Exchange rate differences	840	-389
Net balance at December 31	12,900	12,102

The Fund invested in JCM Salima UK Ltd (“Salima”), a company incorporated in the U.K. and 75% owner of JCM Matswani Solar Corp Ltd, a Malawi Special Purpose Vehicle (the “Project Company”) established for the development of a 60 MWac solar PV plant located in the Salima district of Malawi (the “Project”). Salima is incorporated in the UK and is registered at 3 More London Riverside, London, United Kingdom, SE1 2AQ. AEF's share and voting rights in "Salima" is 31%.

Investments in associates are valued based on the equity accounting method.

The following table summarizes the associates segmented by sector.

	2024	2023
Energy	12,900	12,102
Net balance at December 31	12,900	12,102

The following table summarizes the share in the total assets, liabilities, total income and total net profit/loss of the associates:

Associate	Carrying amount	Economic ownership %	Total assets	Total liabilities	Total income	Total profit/loss
JCM Salima UK Ltd	12,895	31%	12,895	-	-	-
Scatec Solar Ukraine B.V.	5	40%	-	-	-	-

6. Other receivables

	2024	2023
Fee receivables	195	575
Balance at December 31	195	575

7. Accrued liabilities

Accrued liabilities consist of accrued costs related to capacity development expenses.

	2024	2023
Bank suspense account	-54	117
Accrued costs capacity development	584	406
Balance at December 31	530	523

8. Provisions

The amounts recognized in the balance sheet are as follows:

	2024	2023
Allowance for guarantees	143	152
Allowance for loan commitments	485	510
Balance at December 31	628	662

9. Contributed capital and reserves

	2024	2023
Contributed Fund Capital
Contribution DGIS previous years	150,880	140,880
Contribution DGIS current year	9,100	10,000
Balance at December 31	159,980	150,880

Undistributed results	2024	2023
Balance at January 1	-19,252	5,576
Net profit/(loss)	-12,389	-24,828
Balance at December 31	-31,641	-19,252

10. Net interest income

Interest income

	2024	2023
Interest income related to banks	136	274
Interest on loans measured at AC	2,598	2,373
Total interest income from financial instruments measured at AC	2,734	2,647
Interest on loans measured at FVPL	1,278	862
Interest on short-term deposits	186	-
Total interest income from financial instruments measured at FVPL	1,464	862
Total interest income	4,198	3,509

11. Net fee and commission income

	2024	2023
Prepayment fees	-	-
Administration fees	15	20
Other fees (like arrangement, cancellation and waiver fees)	4	-9
Net fee and commission income	19	11

12. Results from equity investments

	2024	2023
Results from equity investments
Unrealized results from FX conversions - cost price	3,745	-1,717
Unrealized results from FX conversions - capital results	-1,125	350
Unrealized results from capital results	-11,394	-6,628
Results from Fair value re-measurements	-8,774	-7,995

Results from sales
Realized results	-	-
Release unrealized results	-	-
Net results from sales	-	-
Total results from equity investments	-8,774	-7,995

13. Results from financial transactions

	2024	2023
Results on sales and valuations of FVPL loans	-424	-4,746
Results on sales and valuations of AC loans	-	-
Foreign exchange results	2,823	-1,904
Other changes¹	-2,819	-4,717
Total results from financial transactions	-420	-11,367

1 Other changes relate to results on FMO's Venture Program.

14. Expenses

The amount for Remuneration FMO is the management fee paid by the fund to FMO.

Capacity Development expenses relate to development contributions or contributions paid to beneficiaries in terms of the fund's objectives.

Evaluation costs relate to expenses made during frequent investigations and controls of existing investments and costs for the due diligence of new projects.

	2024	2023
Remuneration FMO	-3,624	-3,471
CD expenses	-711	-
Evaluation expenses	-125	-3
Other operating expenses	-250	-

Total expenses	-4,710	-3,474

15. Off-Balance Sheet information

To meet the financial needs of borrowers, the Fund enters into various irrevocable commitments (loan commitments, equity and development contributions). Provisions for loan commitments are calculated according to ECL measurement methodology applied for on balance loan portfolio.

Nominal amounts for irrevocable facilities are as follows:

Irrevocable facilities	2024	2023
Contractual commitments for disbursements of:
Loans	39,820	34,427
Development contributions		-
Equity investments and associates	15,092	19,303
Contractual commitments for financial guarantees given	1,790	1,790
Total irrevocable facilities	56,702	55,520

The movement in exposure for the loan commitments and ECL allowance is as follows:

Movement of loans commitments in 2024	Stage 1		Stage 2		Stage 3		Total
	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance
At January 1, 2024	27,746	-317	2,637	-193	800	-	31,183	-510
Additions	19,827	-229	3,927	-	7,396	-	31,150	-229
Exposures derecognised or matured (excluding write-offs)	-9,786	103	-10,257	187	-8,196	-	-28,239	290
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	-3,617	55	3,617	-55	-	-	-	-
Transfers to Stage 3	-	-	-	-	-	-	-	-
Changes to models and inputs used for ECL calculations	-	-68	-	60	-	-	-	-8
Amounts written off	-	-	-	-	-	-	-	-
Foreign exchange adjustments	2,470	-29	76	1	-	-	2,546	-28
At December 31, 2024	36,640	-485	-	-	-	-	36,640	-485

Movement of loans commitments in 2023	Stage 1		Stage 2		Stage 3		Total
	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance	Nominal amount	ECL allowance
At January 1, 2023	3,335	-35	3,858	-273	-	-	7,193	-308
Additions	30,230	-326	4,942	-113	-	-	35,172	-439
Exposures derecognised or matured (excluding write-offs)	-4,842	34	-5,062	116	-261	22	-10,165	172
Transfers to Stage 1	-	-	-	-	-	-	-	-
Transfers to Stage 2	-	-	-	-	-	-	-	-
Transfers to Stage 3	-	-	-1,061	125	1,061	-125	-	-
Changes to models and inputs used for ECL calculations	-	1	-	-50	-	103	-	54
Amounts written off	-	-	-	-	-	-	-	-
Foreign exchange adjustments	-977	9	-40	2	-	-	-1,017	11
At December 31, 2023	27,746	-317	2,637	-193	800	-	31,183	-510

16. Analysis of financial assets and liabilities by measurement basis

The summary of accounting policies describes how the classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognized. The following table gives a breakdown of the carrying amounts of the financial assets and financial liabilities by category as defined under IFRS and by balance sheet heading.

December 31, 2024	FVPL - mandatory	Amortized cost	Total
Financial assets measured at fair value
Short-term deposits	12,931	-	12,931
Loan portfolio	11,618	-	11,618
Equity investments	45,244	-	45,244
Other financial assets at FV	10,939	-	10,939
Total	80,732	-	80,732
Financial assets not measured at fair value
Banks	-	2,313	2,313
Loan portfolio	-	42,422	42,422
Current accounts	-	82	82
Other receivables	-	195	195
Total	-	45,012	45,012
Financial liabilities not measured at fair value
Provisions	-	628	628
Accrued liabilities	-	530	530
Other liabilities	-	13	13
Total	-	1,171	1,171

December 31, 2023	FVPL - mandatory	Amortized cost	Total
Financial assets measured at fair value
Short-term deposits	-	-	-
Loan portfolio	13,889	-	13,889
Equity investments	53,085	-	53,085
Other financial assets at FV	12,301	-	12,301
Total	79,275	-	79,275
Financial assets not measured at fair value			0
Banks	-	13,119	13,119
Loan portfolio	-	36,004	36,004
Current accounts	-	31	31
Other receivables	-	575	575
Total	-	49,729	49,729
Financial liabilities not measured at fair value
Provisions	-	662	662
Accrued liabilities	-	523	523
Other liabilities	-	-	-
Total	-	1,185	1,185

Fair value hierarchy

All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy, based on lowest level input that is significant to the fair value measurement as a whole, as follows:
Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;
Level 3 – Valuation technique for which the lowest level input that is significant to the fair value measurement is unobservable.

Valuation process

For recurring and non-recurring fair value measurements categorized within Level 3 of the fair value hierarchy, the Fund uses the valuation processes to decide its valuation policies and procedures and analyze changes in fair value measurement from period to period.

The fair value methodology and governance over it’s methods includes a number of controls and other procedures to ensure appropriate safeguards are in place to ensure its quality and adequacy. The responsibility of ongoing measurement resides with the relevant departments. Once submitted, fair value estimates are also reviewed and challenged by the IRC. The IRC approves the fair values measured including the valuation techniques and other significant input parameters used.

Valuation technique

When available, the fair value of an instrument is measured by using the quoted price in an active market for that instrument (level 1). A market is regarded as active if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, valuation techniques are used that maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

Valuation techniques include:

Recent broker / price quotations
Discounted cash flow model
Option-pricing models

The techniques incorporate current market and contractual prices, time to expiry, yield curves and volatility of the underlying instrument. Inputs used in pricing models are market observable (level 2) or are not market observable (level 3). A substantial part of fair value (level 3) is based on net asset values.

Equity investments are measured at fair value when a quoted market price in an active market is available or when fair value can be estimated reliably by using a valuation technique. The main part of the fair value measurement related to equity investments (level 3) is based on net asset values of investment funds as reported by the fund manager and are based on advanced valuation methods and practices. When available, these fund managers value the underlying investments based on quoted prices, if not available multiples are applied as input for the valuation. For the valuation process of the equity investments we further refer to the accounting policies within these Annual Accounts as well as section 'Equity Risk', part of the Risk Management chapter. The determination of the timing of transfers is embedded in the quarterly valuation process, and is therefore recorded at the end of each reporting period.

Other financial assets carried at FVPL represent amounts attributable to the Dutch State in return for their co-investment in the FMO Ventures Program. The amount attributable to co-investors is based on a predefined value sharing waterfall which utilizes the values of the underlying investments in the program. The underlying investments in the program are valued using the existing equity investment fair valuation techniques described in the paragraphs above. The waterfall calculation defines the timing and amount of distributions to respective co-investors and is therefore applied to estimate the fair values of the related financial asset.

The table below presents the carrying value and estimated fair value of non fair value financial assets and liabilities.

	2024		2023
At December 31	Carrying value	Fair value	Carrying value	Fair value
Banks	2,313	2,313	13,119	13,119
Loan portfolio	42,422	38,827	36,004	33,841
Total non fair value financial assets	44,735	41,140	49,123	46,960

The following table gives an overview of the financial instruments measured at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

December 31, 2024	Level 1	Level 2	Level 3	Total
Financial assets at fair value
Short-term deposits mandatory at FVPL	12,931			12,931
Loans portfolio			11,618	11,618
Equity investments			45,244	45,244
Other financial assets at FV¹			10,939	10,939
Total financial assets at fair value	12,931	-	67,801	80,732

1 The valuation of the Other financial assets is related to VC and the valuation is derived from the waterfall.

December 31, 2023	Level 1	Level 2	Level 3	Total
Financial assets at fair value
Loans portfolio	-	-	13,889	13,889
Equity investments	-	-	53,085	53,085
Other financial assets at FV 1			12,301	12,301
Total financial assets at fair value	-	-	79,275	79,275

The following table shows the movements of financial assets measured at fair value based on level 3.

	Loans portfolio	Equity investments	Total
Balance at January 1, 2024	13,889	53,085	66,974
Total gains or losses			-
-In profit and loss (changes In fair value)	1,015	-11,395	-10,380
Purchases/disbursements		1,511	1,511
Conversion from loan to development contributions		-	-
Sales/repayments	-2,229	-579	-2,808
Interest Capitalization	783	-	783
Write-offs	-1,438	-	-1,438
Accrued income	54	-	54
Exchange rate differences	710	2,622	3,332
Other	-1,166	-	-1,166
Balance at December 31, 2024	11,618	45,244	56,862

	Loans portfolio	Equity investments	Total
Balance at January 1, 2023	15,141	48,845	63,986
Total gains or losses
-In profit and loss (changes In fair value)	-445	-6,627	-7,072
Purchases/disbursements	5,365	12,672	18,037
Conversion from loan to development contributions	-	-	-
Sales/repayments	-1,901	-437	-2,338
Interest Capitalization	299	-	299
Write-offs	-4,301		-4,301
Accrued income	91	-	91
Exchange rate differences	-360	-1,368	-1,728
Other	-	-	-
Balance at December 31, 2023	13,889	53,085	66,974

Type of debt investment	Fair value at December 31, 2024	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity to unobservable inputs

Loans	6,789	Discounted cash flow model	Based on client spread	A decrease/increase of the used spreads with 1% will result is a higher/lower fair value of approx €0.1m.
	-	ECL measurement	Based on client rating	not applicable
	4,829	Credit impairment	n/a	n/a
Debt Funds	-	Net Asset Value	n/a	n/a
Total	11,618

Type of equity investment	Fair value at December 31, 2024	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity based on the significant unobservable inputs

Private equity fund investments	8,089	Net Asset Value	n/a	n/a
Private equity direct investments	1,208	Recent transactions	Based on at arm’s length recent transactions	n/a
	11,169	Book multiples	1.0 – 1.0	A decrease/increase of the book multiple with 10% will result in a lower/higher fair value of €1 million.
	1,680	Earning Multiples	Depends on several unobservable data such as EBITDA multiples (range 1.0 - 10.0)	A decrease/increase of the used unobservable data with 10% will result in a lower/higher fair value of €0 million.
	21,309	Discounted Cash Flow (DCF)	Based on discounted cash flows	A decrease/increase of the used unobservable data with 10% will result in a lower/higher fair value of €2 million.
	1,789	Firm offers	Based on offers received from external parties	n/a
Total	45,244

17. Related party information

The Fund defines the Dutch Government, FMO and its Management Board and Supervisory Board as related parties.

Dutch Government

The Dutch Ministry of Foreign Affairs, Directoraat-Generaal Internationale Samenwerking (DGIS) sets up and administers the Access to Energy Fund, according to the Dutch Government’s development agenda. DGIS is the contributor to AEF, providing funding upon FMO’s request (2024: €9.1 million; 2023: €10.0 million).

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”)

The Dutch development bank FMO supports sustainable private sector growth in developing and emerging markets by leveraging its expertise in agribusiness, food & water, energy, financial institutions and Dutch business focus areas to invest in impactful businesses. FMO is a public-private partnership, with 51% of FMO’s shares held by the Dutch State and 49% held by commercial banks, trade unions and other members of the private sector. FMO has a triple A rating from both Fitch and Standard & Poor’s. FMO has been entrusted by the Dutch Government to execute the mandates of several programmes such as MASSIF, Building Prospects, Access to Energy and the Land Use Facility of the Dutch Fund for Climate and Development (DFCD). These are under FMO’s direct management.

The execution of CIO-AEF-II and the other facilities of DFCD are performed by third parties under FMO’s supervision.

FMO charges a management fee to the Dutch Ministry of Foreign Affairs and it is reimbursed accordingly from the subsidy amount of AEF. The management fee amounts up to €3.6 million in 2024 (2023: €3.5 million).

18. Subsequent events

There have been no significant subsequent events between the balance sheet date and the date of approval of these accounts which would be reported by the Fund.