With the partial-guarantee game in Mexico picking up steam, the FMO has positioned itself as a player. For the Dutch bank, funding the private sector in the developing world through subordinated loans, equity investments and other activities is old hat, whereas guarantees are a fairly new animal. But it's in good company in Mexico, where a handful of local and foreign entities have debuted their own partial guarantees for securitized deals only in the last year (see ASR 4/7 p.1). "As a development bank, we feel developing capital markets is actually the best thing to do," said FMO Investment Officer Remco Polman.

The FMO was founded 30 years ago as a joint venture between the Dutch government and a group of private banks. Financing activity in Latin America, Asia, Eastern Europe and Africa have taken the balance sheet to US$2 billion.

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