Record investment for a third consecutive year as SIFEM enters its new strategic era.
Record investment for a third consecutive year as SIFEM enters its new strategic era.
SIFEM is pleased to announce the publication of its 2025 Business & Financial Report, which was approved at the annual general meeting held on May 5, 2026.
With 13 new investments totalling USD 181.9 million, SIFEM closed 2025 with its highest annual investment volume ever recorded, surpassing its own record for the third consecutive year. Active commitments rose to USD 1.14 billion, as the institution continued to expand its role in private sector development across emerging markets.
2025 marked the first year of SIFEM’s 2025–2028 strategic period, and the first full year of operations under the SIFEM Federal Act, which entered into force on 1 January 2025. The Act, adopted by near-unanimous vote in both chambers of the Swiss Parliament, establishes a dedicated legal framework for SIFEM’s development finance mandate. Against a backdrop of persistent macroeconomic uncertainty, geopolitical tensions, and continued pressure on public development budgets, SIFEM demonstrated the value of stable, long-term financing institutions in developing economies.
Of the 19 strategic objectives assessed for 2025, nine were achieved, nine were on track and one was too early to assess.
2025 saw strong early progress on SIFEM’s expanded impact agenda. 35% of new commitments were tagged to climate mitigation and adaptation, in line with SIFEM’s increased 30% target for the 2025–2028 period, and all new investments were committed to be Paris aligned. On gender, 31% of 2025 investments already qualify for the 2X criteria, with a further 46% being in process for qualification, meaning more than three quarters of the year’s programme is reinforcing women’s economic participation.
SIFEM’s investments contributed to the creation or preservation of 12,750 jobs in 2025, and 69% of new commitments were earmarked to priority markets of Switzerland’s International Cooperation Strategy.
SIFEM recorded a positive operating result of CHF 15.3 million in 2025, reflecting continued realisations and interest income. The fair market value of the investment portfolio grew to USD 559 million, up from USD 485 million in 2024, and the internal rate of return of the outstanding portfolio remained stable at 5.3%.
SIFEM’s reported result, in Swiss francs, was affected by currency translation effects: the 12% depreciation of the US dollar against the Swiss franc produced a translation loss of CHF 97.8 million, resulting in a total comprehensive result of -CHF 82.4 million. These effects are unrealised and volatile in nature, and do not reflect actual cash losses.
The Impact Rating Tool introduced in 2024 was fully deployed across SIFEM’s investment process in 2025, enabling consistent assessment of expected and realised impact at every stage of the investment lifecycle. SIFEM also updated its Theory of Change to align with the 2025–2028 Strategic Objectives, and the Technical Assistance Facility delivered its inaugural Skills for Growth programme for portfolio companies.
At the corporate level, the Swiss Federal Audit Office’s recommendation to strengthen institutional risk management has been implemented and is subject to ongoing monitoring by the Board of Directors.
2025 also marked the completion of a significant renewal of SIFEM’s Board of Directors. Chair Jörg Frieden, who has led the Board since 2018 and guided SIFEM through its institutional transformation, will step down at the end of May 2026. His successor is Mirjam Staub-Bisang who brings to the Board many years of experience in strategic management and sustainable investing.
In his farewell address, Jörg Frieden stated: “ I thank my colleagues for our excellent collaboration, particularly the members of the Board of Directors, who have accompanied me on my deeply inspiring and highly rewarding SIFEM journey. As I hand over my responsibilities, I am confident that SIFEM will be able to adapt to an international environment marked by conflicts and strained economic relations that are detrimental to development.”
The Annual General Meeting also saw the departure of Kathryn Imboden who has substantially shaped SIFEM since 2014 and Dominique Biedermann, member of the Board since 2022. Newly elected were Stefan Beiner, Doctor of Economics and partner at c-alm AG, and Julien Kinic, a investment specialist with extensive experience in impact investing, to the Board of Directors.
SIFEM enters 2026 with a diversified portfolio, a clear strategic framework and robust institutional structures. While investment pacing is expected to be more moderate following three record years, the institution is well positioned to continue channelling long-term financing to resilient businesses and scaling climate action across emerging markets.
Since its incorporation, SIFEM has benefited from the continuous support of its shareholder through uninterrupted annual capital injections. Its capital grew from around CHF 500 million in 2012 to CHF 734 million in 2025. In 2026, another capital increase of CHF 25 million took place. This contribution has been and remains essential to sustaining SIFEM’s growth, complementing its objective to be self-financing, which is designed to safeguard its financial sustainability.
SIFEM’s 2025 Business & Financial Report and audited financial accounts were approved at the Annual General Meeting held on 5 May 2026. The full report is available in English, French, and German.
On 15 April 2026, the Federal Council approved the 2025 management report of the Confederation’s development finance institution, SIFEM.
On 15 April 2026, the Federal Council approved the 2025 management report of the Confederation’s development finance institution, SIFEM.
