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. In 2023, the Storting granted NOK 23 million for the scheme. This is included under equity. At the end of 2023, 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 15 million in 2022) 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 2023, NOK 6.2 million remained to be allocated to projects, while NOK 46.71 million of allocated capital had not yet been disbursed.

The grant facility earmarked for Balkan projects has invested EUR 2.5 million in a fund in the region. The outstanding amount below is to be used as a capital buffer for management of the fund.