“Norfund received NOK 10 million (NOK 15 million in 2023) of grants under the previously established Business Support scheme, which is to be used to enhance 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 project costs are covered from the resources, the liability is reduced by an equivalent amount. At the end of 2024, NOK 6.8 million remained to be allocated to projects, while NOK 36.0 million of allocated capital had not yet been disbursed.
In 2023, resources associated with the Frontier Facility scheme included some debt to the Foreign Office. In 2024 we reclassified resources earmarked for the scheme as reserve capital and investments.
The grant facility earmarked for Balkan projects has invested EUR 2.5 million in a fund in the region. The outstanding amount below is being used as a capital buffer for management of the fund.
| . | Business Support* | Balkan Trust Fund | Total | |||
|---|---|---|---|---|---|---|
| (Figures in 1000s of NOK) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Receipts | ||||||
| Carried over from previous year | 156,709 | 164,359 | 4,296 | 4,501 | 161,005 | 168,860 |
| Corrected against reserve capital and investments Frontier Facility | -110,008 | 0 | 0 | 0 | -110,008 | 0 |
| Transferred from NMFA | 10,000 | 15,000 | 0 | 0 | 10,000 | 183,860 |
| Total receipts | 56,701 | 179,359 | 4,296 | 4,501 | 60,998 | |
| Income | 1,928 | 0 | 254 | 162 | 2,182 | 162 |
| Disbursements | ||||||
| General costs | ||||||
| Fund management | 0 | 0 | -200 | -108 | -200 | -108 |
| General follow-up | 0 | 0 | 0 | -259 | 0 | -259 |
| Intervention | ||||||
| Project development: | 0 | -259 | 0 | 0 | 0 | -259 |
| Amplify and support project development effects | -14,819 | -20,453 | 0 | 0 | -14,819 | -20,453 |
| Promote social responsibility | -963 | -1,938 | 0 | 0 | -963 | -1,938 |
| Total disbursements | -15,782 | -22,650 | -200 | -367 | -15,982 | -23,017 |
| Resources received from the Ministry of Climate and the Environment, transferred to Nordic Micro Finance Initiative AS in 2024 | 0 | 14,500 | ||||
| Non-disbursed resources | 42,847 | 156,709 | 4,350 | 4,296 | 47,197 | 175,505 |
* In 2023 the amount also included a scheme associated with the Frontier Facility scheme. | ||||||