MASSIF, the largest of the funds FMO manages for the Dutch State, is a fund that provides financial institutions with equity and debt funding (high risk, also local currency)  for the development of Micro, Small and Medium-sized Enterprises (MSMEs) in developing countries.

The fund did well over 2011 with 25 new contracts (of which 11 with new clients) totalling €97 million. €67 million was paid out in 2011 to 45 clients.

From 2011 on, MASSIF focuses even more on financing institutions with final clients in the SME sector and/or active in agricultural/rural areas. We are in the process of improving insight through our clients into MASSIF's impact on end-users. Given the indirect aspects and attribution questions, this will not be easy. MASSIF is discussing extra funding with the Dutch State to further support the SME/agriculture focus and to supply extra means for Capacity Development for MASSIF clients.

In this report Financiera Fama is an example where MASSIF was used to finance the project.