Annual report

Key figures

Development Mandate

625,000

jobs in the portfolio companies

Climate Mandate

8.5 million tons

expected annual CO2e emissions avoided

Development Mandate

4.8 %

IRR since inception (investment currency)

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CEO Letter

Last year, while traveling through some of our markets, I had the opportunity to spend time with investees, partners, and local team members. Beyond the insights and knowledge I gain from such travels, I find it particularly inspiring to meet entrepreneurs. The resilience and optimism they demonstrate give me hope and renew my drive as CEO of Norfund.

Norfund makes a
difference

Norfund invests to create jobs, improve lives and support the transition to net zero.

Throughout 2023, we continued to invest in regions where access to capital was notably scarce. We maximize developmental impact and additionality in our investments by focusing on select countries and sectors, thereby significantly contributing to economic growth in these regions. Our approach includes prioritizing equity investments, mobilizing and circulating capital for greater impact, and meeting high ESG standards.

Our investments areas

Norfund prioritizes investments in four investment areas that are aligned with the UN’s Sustainable Development Goals.

The Climate Mandate

The Climate Investment Fund managed by Norfund became operational in 2022. The fund is Norway’s most important tool in accelerating the global energy transition by investing in renewable energy in developing countries with large emissions from coal and other fossil power production.

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Impact