Key figures

While total foreign direct investment to developing countries fell last year, Norfund committed almost NOK 6.5 billion, mirroring our record investment from the previous year.  

2023 is the second year Norfund reports on both the Development Mandate and the Climate Mandate. For some key figures such as commitments and investments, we present both here, while on others such as certain development effects we report only on the Development Mandate, due to the current relatively small size of the Climate Mandate.

For more detailed reporting on each mandate refer to their individual sections in the content menu above.

New commitments

Development Mandate

4.9

billion NOK in 2023
Excluding Business Support and Frontier Facility

Climate Mandate

1.6

billion NOK in 2023

Total commitments

Development Mandate

32.5

billion NOK in portfolio

Climate Mandate

3.8

billion NOK in portfolio

Investments

Development Mandate

21/18

New/follow-on investments in 2023

Climate Mandate

5/1

New/follow-on investments in 2023

Companies

Development Mandate

219/1030

total direct/indirect investees in the portfolio

Climate Mandate

12

total direct investees in the portfolio

Committed investments per year (MNOK)

Jobs

Jobs

625,000

in Norfund portfolio companies under Development Mandate

Jobs created

37,200

new jobs created (net) in portfolio companies under Development Mandate

Female employees

38%

in Norfund portfolio companies under Development Mandate

Avoided emissions

Development Mandate

6.2 million tons

CO2e emissions avoided annually from greenfield projects in 2023 portfolio

Climate Mandate

2.2 million tons

CO2e emissions avoided annually from greenfield projects in 2023 portfolio

Climate Mandate

8.5 million tons

CO2e expected annual avoided emissions from projects financed in 2023

New electricity capacity

Development Mandate

557 MW

financed in 2023

Climate Mandate

4,244 MW

financed in 2023

Development Mandate

17.9 TWh

electricity produced in portfolio companies

Climate Mandate

5.7 TWh

electricity produced in portfolio companies

Access to finance

New clients

11.5 million

offered financial services in 2023
under the Development Mandate

Total clients

121 million

offered financial services in 2023
under the Development Mandate

Increased lending

56 BNOK

increase in total lending volume
under the Development Mandate

Internal rate of return

IRR in 2023

1.8%

in investment currency (4.1 % in NOK)
Development Mandate

IRR since inception

4.8%

in investment currency (7.8 % in NOK)
Development Mandate

IRR in 2023

21.9%

In investment currency (17.8% in NOK)
Climate Mandate

IRR since inception

24.5%

In investment currency (20.4% in NOK)
Climate Mandate

Commitments per investment area

Total portfolio (MNOK)

In 2023 (MNOK)

Commitments per region

Total portfolio (MNOK)

In 2023 (MNOK)

Portfolio since inception

Norfund Key Performance Indicators

Development Mandate

Four key performance indicators (KPIs) are developed as a tool to secure that the portfolio develops according to Norfund's mandate. The KPIs are all measured at the portfolio level, though also monitored year by year (see table below).

*The RE KPI was new for 2022 and is different from the other portfolio KPI’s. The RE KPI is defined as total RE-commitments (at commitment date fx-rate) divided by total allocation from MFA, starting from 2022. This should over time be at least 60%.

Gender equality in Norfund's investees 2023

Gender equality in Norfund 2023

Key figures per year

Key figures20162017201820192020202120222023
Climate and Development Mandates
Committed portfolio (MNOK)16 76220 439 22 253 24 944 28 352 26 92431 65036 225
New investments (MNOK)2 784 3 600 3 511 4 015 4 839 5 3206 5136 487
Number of direct investments in portfolio124136149163170198226230
Capital allocated by the owner (MNOK)1 478 1 500 1 690 1 905 1 820 1 68026782 678
Number of employees in Norfund6971758296111113138
Development Mandate
Committed portfolio (MNOK)16 76220 439 22 253 24 944 28 352 26 92429 51632 468
New investments (MNOK)2 784 3 600 3 511 4 015 4 839 5 3204 5404 873
Return on invested capital (IRR) (inv. currency)*2.9%14%4.6%6.3%-0.1%5.2%5.1%1.8%
Number of direct investments in portfolio124136149163170195219219
KPI: Share of investments in least developed countries33% 36% 41% 40% 39% 40%37%38%
KPI: Share of investments in Sub Saharan Africa52%50% 55% 53% 53% 65%63%64%
KPI: Share of equity and indirect equity85% 85% 81% 79% 79% 75%74%71%
KPI: Renewable energy share of allocated capital >50% (ended 2021)62% 145% 60% 55% 54% 40%--
KPI: Renewable energy share of allocated capital >60%64%68%
Number of jobs in portfolio companies276 000 292 000 304 000 380 000 377 000 452 000514 000625 000
Taxes paid by portfolio companies (BNOK)10.99.313.914.116.916.923.233
Climate Mandate
Committed portfolio (MNOK)------2 1353 757
New investments (MNOK)------21351 614
Number of direct investments in portfolio------712