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
billion NOK in 2023
Excluding Business Support and Frontier Facility
Climate Mandate
billion NOK in 2023
Total commitments
Development Mandate
billion NOK in portfolio
Climate Mandate
billion NOK in portfolio
Investments
Development Mandate
New/follow-on investments in 2023
Climate Mandate
New/follow-on investments in 2023
Companies
Development Mandate
total direct/indirect investees in the portfolio
Climate Mandate
total direct investees in the portfolio
Committed investments per year (MNOK)
Jobs
Jobs
in Norfund portfolio companies under Development Mandate
Jobs created
new jobs created (net) in portfolio companies under Development Mandate
Female employees
in Norfund portfolio companies under Development Mandate
Avoided emissions
Development Mandate
CO2e emissions avoided annually from greenfield projects in 2023 portfolio
Climate Mandate
CO2e emissions avoided annually from greenfield projects in 2023 portfolio
Climate Mandate
CO2e expected annual avoided emissions from projects financed in 2023
New electricity capacity
Development Mandate
financed in 2023
Climate Mandate
financed in 2023
Development Mandate
electricity produced in portfolio companies
Climate Mandate
electricity produced in portfolio companies
Access to finance
New clients
offered financial services in 2023
under the Development Mandate
Total clients
offered financial services in 2023
under the Development Mandate
Increased lending
increase in total lending volume
under the Development Mandate
Internal rate of return
IRR in 2023
in investment currency (4.1 % in NOK)
Development Mandate
IRR since inception
in investment currency (7.8 % in NOK)
Development Mandate
IRR in 2023
In investment currency (17.8% in NOK)
Climate Mandate
IRR since inception
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 figures | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|---|---|
| Climate and Development Mandates | ||||||||
| Committed portfolio (MNOK) | 16 762 | 20 439 | 22 253 | 24 944 | 28 352 | 26 924 | 31 650 | 36 225 |
| New investments (MNOK) | 2 784 | 3 600 | 3 511 | 4 015 | 4 839 | 5 320 | 6 513 | 6 487 |
| Number of direct investments in portfolio | 124 | 136 | 149 | 163 | 170 | 198 | 226 | 230 |
| Capital allocated by the owner (MNOK) | 1 478 | 1 500 | 1 690 | 1 905 | 1 820 | 1 680 | 2678 | 2 678 |
| Number of employees in Norfund | 69 | 71 | 75 | 82 | 96 | 111 | 113 | 134 |
| Development Mandate | ||||||||
| Committed portfolio (MNOK) | 16 762 | 20 439 | 22 253 | 24 944 | 28 352 | 26 924 | 29 516 | 32 468 |
| New investments (MNOK) | 2 784 | 3 600 | 3 511 | 4 015 | 4 839 | 5 320 | 4 540 | 4 873 |
| 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 portfolio | 124 | 136 | 149 | 163 | 170 | 195 | 219 | 219 |
| KPI: Share of investments in least developed countries | 33% | 36% | 41% | 40% | 39% | 40% | 37% | 38% |
| KPI: Share of investments in Sub Saharan Africa | 52% | 50% | 55% | 53% | 53% | 65% | 63% | 64% |
| KPI: Share of equity and indirect equity | 85% | 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 companies | 276 000 | 292 000 | 304 000 | 380 000 | 377 000 | 452 000 | 514 000 | 625 000 |
| Taxes paid by portfolio companies (BNOK) | 10.9 | 9.3 | 13.9 | 14.1 | 16.9 | 16.9 | 23.2 | 33 |
| Climate Mandate | ||||||||
| Committed portfolio (MNOK) | - | - | - | - | - | - | 2 135 | 3 757 |
| New investments (MNOK) | - | - | - | - | - | - | 2135 | 1 614 |
| Number of direct investments in portfolio | - | - | - | - | - | - | 7 | 12 |