OMEGA SmartBuild

Housing development. In 2010, Norfund provided a loan to this project through the Small Enterprise Loan mechanism. Omega Smartbuild are, together with German partner Omega, architects and project managers of housing and construction projects in Sub-Saharan Africa.

Omega Smartbuild’s construction technology should allow the company to build environmentally friendly housing at a lower cost and at a faster pace than the traditional method of using bricks. The first project was set up in Uganda, and the company is in the process of introducing new projects to other markets in the region.

Pride AS went bankrupt (the Norwegian architect company, which was the promoter), and since taking pledge in the shares were hindered, the key promoter, Frithjof Wiese, has offered to transfer the loan agreement to himself (might be transferred to his investment company, Wiese Invest). The loan will be serviced through dividends of the project, and since the success of the project is still uncertain, it is uncertain how much or any of Norfund's loan will be retrieved.

Capital base and expansion opportunities is strengthened by KLP's participation in the project (NOK20m as a starting point)