Notes

In 2019 the Storting established a special scheme that enables Norfund to make risk capital available in the most demanding markets, particularly in vulnerable states and in the least developed countries (LDCs), where access to risk capital is limited. The scheme is to be used for projects with higher risk than investments in Norfund’s ordinary portfolio and is to be administered as a separate scheme. The Storting granted NOK 100 million for the scheme in 2019, of which NOK 75 million was disbursed in 2019 and NOK 25 million in 2020. At the end of 2021, NOK 12.63 million remains to be allocated, while NOK 65.37 million of allocated capital has not yet been disbursed.

Norfund has additionally received NOK 32 million (NOK 25 million in 2020) of grants under the previously established Business Support scheme, which is to be used to increase the development effects of Norfund’s investments by improving businesses and through local community development. Support may, for example, be provided for training and transfer of expertise and equal opportunity programmes, workers’ rights, improvement of internal control, corporate governance and leadership development. The resources are treated as current liabilities, and undisbursed amounts are included in Norfund’s liquid assets. When costs are met from the resources, the liability is reduced by an equivalent amount. At the end of 2021, NOK 11.28 million remains to be allocated to projects, while NOK 41.8 million of allocated capital has not yet been disbursed.

The grant fund earmarked for projects in the Balkans has primarily taken the form of loans to finance companies. At the end of 2021, unused resources relating to the Balkans consisted of three outstanding loans totaling NOK 15.9 million, and one equity investment of NOK 5.9 million.