Norfund’s Business Support facility aims to enhance the sustainability and development effects of our investments
By leveraging Business Support we can exercise responsible ownership and create value additionality for our investments in high-risk sectors and segments.
Business Support projects actively target the cross-cutting issues human rights, anti-corruption, climate and environment, and gender equality.
Business Support projects in 2023
In 2023, Norfund received 15 million NOK from the Norwegian MFA to provide technical assistance to our portfolio companies.
The Business Support portfolio consisted of 53 active projects, including 17 new projects in 2023, with a committed amount of 72.1 million NOK. During 2023, 19.7 million NOK in new projects was committed.
We saw an increase in Business Support projects focusing on climate, diversity and gender equality and continued to support the Technical Assistance Facilities of some of our fund managers.
Check out our case studies below for more details.
Our work in 2023
There was a high level of activity in the Business Support portfolio during 2023, and a record amount of funding was disbursed and put in use. The demand for the facility is increasing with Norfund’s growing investment portfolio and increasing demand for climate related technical assistance projects. The Facility reaches around a quarter of Norfund’s investment portfolio, and the focus is on equity investment, and investments in the most challenging markets and sectors.
During 2023, we continued to develop and implement the new Monitoring and Evaluation Framework for the Business Support Facility – a tool that guides our work on project implementation and evaluation of Business Support projects. The Theory of Change for Business Support is a key component.
Highlights from 2023
- 15 investees received assistance to develop and implement Environmental and Social Management Systems in line with IFC Performance Standards
- > 1100 employees of Norfund’s investees were trained in ESG, in particular the IFC Performance Standards.
- > 18 4700 smallholder farmers linked to Norfund investees were reached with capacity building, training, and other inputs. These farmers have increased their productivity and income.
- 25 assessments and new procedures linked to climate and environment were developed ranging from carbon footprint measurements, net-zero strategies and botanical surveys to assist investees on climate adaptation
For more information about the outcome of Norfund’s Business Support:
