Notes

In 2019 the Storting established a special scheme, the Frontier Facility (formerly the Norwegian Investment Fund for Developing Countries). The scheme enables Norfund to make risk capital available in the most demanding markets, which are especially vulnerable states and 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 2022, NOK 12.63 million remained to be allocated, while NOK 65.37 million of allocated capital had not yet been disbursed.

Norfund additionally received NOK 15 million (NOK 32 million in 2021) 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 2022, NOK 8.4 million remained to be allocated to projects, while NOK 41.3 million of allocated capital had not yet been disbursed.

In 2022 the grant facility earmarked for Balkan projects was restructured and three loans were repaid, freeing up EUR 2.5 million for investment in a fund in the region.