March 26, 2021
Norfund has joined the IFC’s Master Cooperation Agreement. This is a framework that will enable us to boost our impact in the debt segment, creating jobs and sustainable development.
On March 25th Norfund became the 35th development finance institution to join IFC’s Master Cooperation Agreement, paving the way for the two institutions to work together to boost private sector investments globally and catalyze jobs and economic growth.
A cooperation framework for debt transactions covering all Norfund sectors
The Master Cooperation Agreement is a cooperation framework for debt transactions covering all Norfund sectors.
IFC, a member of the World Bank Group, plays a key role in mobilizing capital to accelerate development in emerging markets. Its Master Cooperation Agreement standardizes steps that lenders take when co-financing projects with IFC through pre-agreed process steps and templates. In the respective projects, IFC acts as lead bank, who fronts and coordinates the lenders group. This streamlined approach saves time and money for borrowers—private companies in emerging markets—and lenders.
Norfund and other lenders who adopt the agreement benefit from IFC’s $16-billion loan-syndication platform, global presence, and expertise in deal-structuring and due diligence.
IFC created the Master Cooperation Agreement in 2009, in response to calls by the Group of 20 nations for official finance institutions to collaborate more closely to help meet shortfalls in private sector financing during the global financial crisis.
We are looking forward to realizing the first financings together with IFC under this framework, which are even more critical in the current challenging circumstances caused by the pandemic.Birgit Edlefsen, Senior Investment Manager, Norfund