Key figures

New commitments


billion NOK in 2020*
*Excluding Business Support and PDRMF

Total committments


billion NOK in portfolio



new / follow-on investments in 2020



total direct/indirect investees in the portfolio

Committed investments per year (MNOK)



in Norfund portfolio companies

Jobs created


new jobs created in portfolio companies

Female employees

34 %

in Norfund portfolio companies

More about job creation

New electricity capacity

1,236 MW

New capacity financed in 2020, whereof 695 MW renewable

Electricity produced

17.5 TWh

Equivalent to the combined electricity consumption of  Uganda, Tanzania and Kenya


8/ 5.7 mill tonnes

avoided annually from new renewable capacity since inception/ 2020 portfolio

Investments and results - Clean Energy

New clients

1.5 million

Offered financial services in 2020

Total clients

52 million

Offered financial services in 2020

Increased lending


Increase in total lending volume (+11%)

Investments and results - Financial Institutions

IRR in 2020


in investment currency
-3.6% in NOK

IRR since inception


in investment currency
7.7% in NOK

More about IRR and financial results

Commitments per investment area

In 2020 (MNOK)

Total portfolio (MNOK)

Commitments per region

In 2020 (MNOK)

Total portfolio (MNOK)

Portfolio since inception

*Norfund changed the presentation of the accounts in 2019. Figures for 2018 have therefore been adjusted accordingly.

Portfolio overview

Norfund Key Performance Indicators

Five key performance indicators (KPIs) are developed as a tool to secure that the portfolio develops according to Norfund's mandate. The KPIs are all measured at the portfolio level, though also monitored year by year (see table below). As of 2020, Norfund delivers on all KPIs.

*Percentage of three years moving average of annual commitments. **Per 31.12.20, share of accumulated allocated capital from government

Gender Equality in Norfund, 2020

Key figures per year

Key figures201520162017201820192020
Committed Portfolio (MNOK)15 12716 76220 43922 25324 94428 352
Return on invested capital (IRR) (inv. currency)3.5 %2.9 %14%4.6%6.3%-0.1%
New investments (MNOK)2 3952 7843 6003 5114 0154 839
Number of direct investments in portfolio129124136149163170
Capital allocated by the owner (MNOK)*1 4801 4781 5001 6901 9051 820
KPI: Share of new investments in least developed countries38 %57 %34%47%36%31%
KPI: Share of new investments in Sub Saharan Africa85 %73 %35%49%61%48%
KPI: Share of greenfield investments18 %20 %38 %32%31%25%
KPI: Share of equity and indirect equity81 %67 %69 %67%64%57%
KPI: Renewable energy share of allocated capital22 %62 %133 %60 %55 %54%
Number of employees in Norfund696971758296
Number of jobs in portfolio companies382 000276 000292 000304 000380 000377 000
Taxes paid by portfolio companies (BNOK)8.610.99.313.914.116.1