FMO works with a network of selected partners across the world whose knowledge and expertise of specific sectors or developing countries enhances our own know-how. Together with our financial partners, we finance projects and companies in all sectors that generate sufficient development value. Equally, we offer our partners long-term financial products, structures and expertise in development finance that add value to the transactions we collaborate on.
In 2011 we changed the name of the Global Partners department to Agribusiness & Diverse Sectors. We feel this name better reflects the department's activities and makes clearer to external stakeholders that FMO also finances projects outside our focus sectors of Financial Institutions, Energy and Housing. As Agribusiness, food & water is new as a focus sector for FMO it has been integrated with the Diverse Sectors department to minimize any potentially negative transition effects for our existing agribusiness clients. Our Diverse Sectors teams within the department are responsible for deal flow in non-focus sectors such as telecommunications, mining, infrastructure and raw materials.
The relationships we have developed with partners in previous years really began to bear fruit in 2011. For some years, we have strived to build relationships with our core partners and seal strong new partnerships. That requires considerable flexibility: our wide range of partners have differing needs.
Both our enhanced relationships with our partners, as well as the restrictions on commercial banks due to the global economic crisis, meant we were offered more transactions than we could participate in. The Diverse Sectors teams had a highly successful year in terms of transactions.