Annual Report




billion NOK total commitments



in the portfolio companies



IRR since inception

Letter from the CEO

At the onset of 2022, none of us could have imagined the year that was to come. The war that is ravaging not only Ukraine, but the world economy, is far from over. Foreign direct investment flows are retracting from emerging markets, as the reverberations of war and the lasting impact of COVID-19 are being felt in the markets we operate in.

Norfund makes a difference

Norfund contributes to establishing viable, profitable undertakings that would not otherwise be initiated because of the high risk involved.

As of end 2022, there were 514,000 jobs in the portfolio companies under the Development Mandate. In total, the companies provided 1.8 million new households with access to electricity, over 32 million clients received financial services and 6.3 million tonnes of CO2 emissions were avoided.

Our Investment Areas

Norfund prioritises investments in four investment areas under the Development Mandate that are aligned with the UN’s Sustainable Development Goals. Here you can read about the financial results and development effects in each investment area.

The Climate Mandate

In 2022 the Climate Investment Fund managed by Norfund became operational. 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.