Our Shareholders

Advans SA SICAR is a Venture Capital Investment Company created in August 2005 by Advans International (formerly Horus Development Finance), together with several development finance institutions EIB, FMO, IFC, FISEA (AFD group), KfW and CDC. Advans SA is incorporated in Luxembourg with its operating headquarters at Advans International in Paris.

Advans vision is to build a model group of financial institutions which contribute to strengthening local businesses, creating and sustaining jobs and improving clients’ living standards in order to foster private sector-led economic and social development in Africa, the Middle-East and Asia.


The Netherlands Development Finance Company (FMO) is the international development bank of the Netherlands. FMO is a public-private bank founded by the Dutch government and business community in 1970. The Dutch State holds 51% of its shares while large Dutch banks retain 42%. The remaining 7% is held by employers’ associations, trade unions and some 100 Dutch companies and individual investors. FMO supports sustainable private-sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.6 billion, FMO is one of the largest private-sector development banks. FMO holds 30% of the share capital of Advans Pakistan.