All investments

Norfund has defined 30 core countries where we are actively building pipeline and have deep country knowledge. The countries were selected based on Norfund’s ability to be additional, have an impact and make successful investments. Norfund may also invest directly in other countries in Sub-Saharan Africa or LDCs in Norfund’s regions together with partners on a selective basis.

For the Climate Investment Fund, Norfund has chosen to prioritize 8 core countries, based on the climate impact, our ability to be additional and feasibility to execute successful investments.

The Norwegian Government is the funding source of all of Norfund’s investments, both under the Development Mandate and the Climate Mandate.

Core–Climate Mandate Core–Development Mandate Core–Development and Climate Mandate
Filters:
Investment Country Sector Year** Instrument Status Mandate MNOK*
Abler Frontier Fund Global Financial Inclusion 2008 Funds Active Development 39.8
Abler Fund III Global Financial Inclusion 2013 Funds Active Development 139.0
Abler Global Fund Global Financial Inclusion 2008 Funds Active Development 15.9
Abler Nordic AS Global Financial Inclusion 2008 Equity Active Development 24.2
Abler Nordic Fund IV Global Financial Inclusion 2018 Funds Active Development 216.0
Abler Nordic GP IV AS Global Financial Inclusion 2018 Equity Active Development 24.0
Abler Norwegian AS Global Financial Inclusion 2008 Equity Active Development 10.0
Access Bank Ghana Ghana Financial Inclusion 2022 Loans Active Development 187.7
Accion Quona Inclusion Fund Global Financial Inclusion 2019 Funds Active Development 84.5
ACI Motors Ltd Bangladesh SME Funds 2021 Equity Active Development 41.7
Adenia Capital V Regional SME Funds 2022 Funds Active Development 210.3
Advans MFI Myanmar Financial Inclusion 2015 Equity and Loans Active Development 58.9
AFMF: ASEAN Frontier Markets Fund Regional SME Funds 2021 Funds Active Development 106.3
Africa Health Fund (Aureos) Regional SME Funds 2011 Funds Active Development 43.4
Africado Ltd. Tanzania, United Republic Of Scalable enterprises 2009 Equity Active Development 4.5
African Century Infrastructure Services Ltd. Regional Scalable enterprises 2014 Equity and Loans Active Development 36.4
African Century Nampula Mozambique Scalable enterprises 2017 Equity and Loans Active Development 6.1
African Century Real Estates Ltd. Mozambique Scalable enterprises 2015 Equity and Loans Active Development 33.1
African Forestry Impact Platform (AFIP) Regional Scalable enterprises 2023 Funds Active Development 755.7
African Rivers Fund III Regional SME Funds 2021 Funds Active Development 145.4
AfriCap Microfinance Regional Financial Inclusion 2007 Funds Active Development 9.4
AfricInvest FIVE Regional Financial Inclusion 2018 Equity Active Development 279.8
AfricInvest Fund IV Regional SME Funds 2020 Funds Active Development 302.3
Afrinord Hotel Investments Regional Scalable enterprises 2005 Equity and Loans Active Development 22.1
AgDevCo Regional Scalable enterprises 2022 Equity Active Development 211.1
Agri-Vie Regional SME Funds 2010 Funds Active Development 20.2
Agri-Vie II Regional SME Funds 2017 Funds Active Development 138.8
Agrivision Zambia Scalable enterprises 2012 Equity Active Development 161.6
Agua Imara Global Renewable Energy 2021 Equity and Loans Active Development 824.7
AktivCo Regional Renewable Energy 2021 Loans Active Development 213.4
Alterra Africa Accelerator Fund Regional SME Funds 2022 Funds Active Development 211.5
Amartha Indonesia Financial Inclusion 2021 Loans Active Development 23.8
Amret Cambodia Financial Inclusion 2013 Loans Active Development 263.9
ANB South Africa Scalable enterprises 2023 Equity Active Development 106.6
Angola Capital Partners LLC Angola SME Funds 2009 Equity Active Development 1.4
Antler East Africa Fund I Regional SME Funds 2020 Funds Active Development 15.3
APIDC Biotech Fund India SME Funds 2005 Funds Active Development 16.0
Arise (incl. Norfinance) Regional Financial Inclusion 2016 Equity Active Development 3355.1
ARREND Regional Financial Inclusion 2015 Equity and Loans Active Development 72.1
Ascent Rift Valley Fund II Regional SME Funds 2020 Funds Active Development 100.7
Ascent Rift Valley Fund Ltd Regional SME Funds 2013 Funds Active Development 71.6
Associated Foods Zimbabwe (AFZ) Zimbabwe Scalable enterprises 2016 Loans Active Development 15.8
Aureos East Africa Fund Regional SME Funds 2003 Funds Active Development 3.9
Aureos South Asia Fund (Holdings) Regional SME Funds 2006 Funds Active Development 42.1
Aureos Southern Africa Fund Regional SME Funds 2003 Funds Active Development 7.5
Aureos West Africa Fund Regional SME Funds 2003 Funds Active Development 2.2
BAC El Salvador El Salvador Financial Inclusion 2023 Loans Active Development 211.1
Balaji EPZ Limited Kenya Scalable enterprises 2023 Loans Active Development 132.2
Banco Atlantida Honduras Financial Inclusion 2022 Loans Active Development 141.4
Banco BCT Costa Rica Financial Inclusion 2019 Loans Active Development 61.6
Banco BDF Nicaragua Financial Inclusion 2017 Loans Active Development 118.8
Banco BDI Dominican Republic Financial Inclusion 2022 Equity Active Development 184.3
Banco Cuscatlan El Salvador Financial Inclusion 2022 Loans Active Development 184.7
Banco Ficohsa Honduras Honduras Financial Inclusion 2012 Loans Active Development 211.1
Banco Ficohsa Nicaragua Regional Financial Inclusion 2022 Loans Active Development 105.6
Banco Multiple Ademi Dominican Republic Financial Inclusion 2023 Loans Active Development 102.7
Banco Promerica Costa Rica Costa Rica Financial Inclusion 2018 Loans Active Development 174.2
Banco Promerica El Salvador El Salvador Financial Inclusion 2015 Loans Active Development 179.5
Banco Promerica Guatemala Guatemala Financial Inclusion 2016 Loans Active Development 138.6
Baobab+ Regional Renewable Energy 2021 Equity and Loans Active Development 108.7
Basecamp Explorer Kenya Scalable enterprises 2010 Equity Active Development 36.4
Bayport Mozambique Mozambique Financial Inclusion 2022 Loans Active Development 71.0
Bayport Zambia Zambia Financial Inclusion 2023 Loans Active Development 94.7
Berkeley Energy Commercial & Industrial Solutions Regional Renewable Energy 2020 Equity and Loans Active Development 395.8
Bina Artha Indonesia Financial Inclusion 2021 Loans Active Development 19.2
Bio2Watt Cape Dairy South Africa Renewable Energy 2014 Loans Active Development 5.7
BPI Africa LLC Regional SME Funds 2015 Funds Active Development 51.0
Brighter Life Kenya 2 Kenya Renewable Energy 2022 Loans Active Development 150.6
Cambodia Laos Myanmar Development Fund II Regional SME Funds 2015 Funds Active Development 94.9
Cambodia-Laos Development Fund Regional SME Funds 2009 Funds Active Development 8.6
CASEIF II Regional SME Funds 2007 Funds Active Development 4.0
CASEIF III Regional SME Funds 2014 Funds Active Development 73.8
CASEIF IV Regional SME Funds 2020 Funds Active Development 154.0
Cepheus Growth Capital Fund Ethiopia SME Funds 2018 Funds Active Development 148.2
CIFI Regional Financial Inclusion 2004 Equity Active Development 116.2
CIFI Sustainable Fund Regional Financial Inclusion 2023 Funds Active Development 216.5
City Bank Limited Bangladesh Financial Inclusion 2023 Loans Active Development 211.1
CN Green Roof Asia Vietnam Renewable Energy 2021 Equity Active Development 417.6
Continental Blue Investment (CBI) Ltd. Ghana Scalable enterprises 2022 Equity Active Development 70.3
CORECO Regional SME Funds 2012 Funds Active Development 69.1
CRDB – AfDB CRP Tanzania, United Republic Of Financial Inclusion 2022 Loans Active Development 158.4
CRDB Bank DRC Congo, Democratic Republic Of The Financial Inclusion 2022 Equity Active Development 120.2
CrossBoundary Energy Regional Renewable Energy 2022 Equity Active Development 205.6
d.light Global Renewable Energy 2016 Equity and Loans Active Development 79.9
Desyfin Costa Rica Financial Inclusion 2011 Equity and Loans Active Development 68.4
Development Partners International III Regional SME Funds 2019 Funds Active Development 398.8
Eco-Nor Regional Renewable Energy 2019 Equity Active Development 8.1
Ecobank Regional Financial Inclusion 2021 Loans Active Development 422.3
EcoEnterprises Partners III, LP Regional SME Funds 2018 Funds Active Development 58.7
ECP Africa Fund IV Regional SME Funds 2018 Funds Active Development 225.1
Empower Regional Renewable Energy 2022 Equity and Loans Active Development 158.4
Enel Coral India Renewable Energy 2022 Equity and Loans Active Climate 441.1
Enel Thar Solar India Renewable Energy 2022 Equity and Loans Active Climate 282.2
Equity Bank Regional Financial Inclusion 2019 Loans Active Development 158.4
ERCO Energia Colombia Renewable Energy 2022 Equity Active Development 310.8
ESCOTEL Regional Renewable Energy 2020 Equity and Loans Active Development 107.3
European Financing Partners SA Global Scalable enterprises 2006 Equity and Loans Active Development 272.1
Evolution Credit South Africa Financial Inclusion 2009 Equity Active Development 93.3
Evolution Fund II (Through KNI) Global Renewable Energy 2019 Funds Active Development 143.1
Evolution One Fund Regional SME Funds 2009 Funds Active Development 1.2
Excelsior Vietnam Vietnam SME Funds 2020 Funds Active Development 113.2
Fanisi Capital Fund II Regional SME Funds 2017 Funds Active Development 119.7
FCMB Nigeria Financial Inclusion 2019 Loans Active Development 105.6
FDL Nicaragua Financial Inclusion 2013 Equity and Loans Active Development 54.3
Fedecredito El Salvador Financial Inclusion 2016 Loans Active Development 110.8
FEI – Facility for Energy Inclusion Regional Renewable Energy 2019 Funds Active Development 208.3
FES Limited Regional Scalable enterprises 2020 Equity and Loans Active Development 124.1
Finsocial Colombia Financial Inclusion 2022 Loans Active Development 104.4
FIPA II Regional SME Funds 2016 Funds Active Development 174.1
First Finance Cambodia Financial Inclusion 2013 Loans Active Development 4.0
First National Bank Ghana Financial Inclusion 2020 Loans Active Development 110.8
Fourth Partner Energy India Renewable Energy 2023 Equity Active Climate 1336.7
Freight in Time Regional Scalable enterprises 2015 Equity Active Development 53.1
Frontier Fund Bangladesh SME Funds 2010 Funds Active Development 50.9
Frontier Fund II Bangladesh SME Funds 2016 Funds Active Development 30.7
Frontiir Co. Ltd. Myanmar SME Funds 2019 Equity Active Development 26.9
Funding Societies Indonesia Financial Inclusion 2023 Loans Active Development 79.2
Fundo de Investimento Privado-Angol Angola SME Funds 2009 Funds Active Development 53.1
Gadag Transmission India Renewable Energy 2023 Equity and Loans Active Climate 191.9
Globeleq Regional Renewable Energy 2014 Equity and Loans Active Development 2111.8
GroFin Africa Fund Regional SME Funds 2008 Funds Active Development 40.2
GroFin SGB Fund Limited Partnership Regional SME Funds 2015 Funds Active Development 125.6
H1 Capital South Africa Renewable Energy 2021 Equity Active Climate 212.7
H1 EDF NFBII South Africa Renewable Energy 2022 Loans Active Climate 174.5
H1 Kenhardt South Africa Renewable Energy 2022 Loans Active Climate 393.2
H1 Pele SPV South Africa Renewable Energy 2021 Loans Active Development 493.5
Hattha Bank Cambodia Financial Inclusion 2007 Loans Active Development 168.9
Hela Investment Holdings Regional Scalable enterprises 2022 Loans Active Development 147.8
Helios IV Regional SME Funds 2021 Funds Active Development 249.3
ICCF Global Renewable Energy 2010 Equity and Loans Active Development 156.0
InfraImpact Mid-Market Infrastructure Fund 1 South Africa Green Infrastructure 2022 Funds Active Development 83.8
Integra Partners Fund II Singapore Financial Inclusion 2022 Funds Active Development 84.4
Kagera Sugar Limited Tanzania, United Republic Of Scalable enterprises 2020 Loans Active Development 129.7
Kandeo Fund 3 Debt Regional Financial Inclusion 2021 Funds Active Development 5.3
Katapult Africa Regional SME Funds 2022 Funds Active Development 2.5
Kiangan Philippines Renewable Energy 2021 Loans Active Development 106.0
Kinyeti Capital Ltd South Sudan SME Funds 2012 Equity Active Development 64.3
Klinchenberg Regional Renewable Energy 2021 Equity Active Development 784.6
Koppal Narendra India Renewable Energy 2022 Equity and Loans Active Climate 63.7
KREDIT PLUS Colombia Financial Inclusion 2023 Loans Active Development 97.2
KV Asia Fund II Regional SME Funds 2022 Funds Active Development 161.4
LAAD Regional Financial Inclusion 2004 Loans Active Development 380.0
LAFISE Nicaragua Financial Inclusion 2014 Loans Active Development 190.0
Lafise Investment Management Bahamas SME Funds 1999 Equity Active Development 0.0
Lake Harvest Group Regional Scalable enterprises 2013 Equity and Loans Active Development 170.2
Lilongwe Dairy (2001) Limited Malawi Scalable enterprises 2020 Loans Active Development 117.2
Lobu Dolom HPP Indonesia Renewable Energy 2021 Loans Active Development 10.6
LOCFUND NEXT Regional Financial Inclusion 2020 Funds Active Development 93.0
Lona Group South Africa Scalable enterprises 2022 Equity Active Development 48.9
Lula Lend South Africa Financial Inclusion 2021 Loans Active Development 13.0
Marginpar Group Regional Scalable enterprises 2018 Equity Active Development 110.4
Meridiam Africa Fund II Regional SME Funds 2021 Funds Active Development 223.8
Metier Sustainable Capital Fund II Regional Renewable Energy 2019 Funds Active Development 188.1
MI BANCO El Salvador Financial Inclusion 2022 Loans Active Development 92.4
Miniplast Limited Ghana Scalable enterprises 2023 Loans Active Development 110.8
MOF II Myanmar SME Funds 2018 Funds Active Development 80.8
Mutual Trust Bank Bangladesh Financial Inclusion 2019 Equity and Loans Active Development 227.5
Myanmar Finance Myanmar Financial Inclusion 2015 Equity Active Development 16.7
National Development Bank Sri Lanka Financial Inclusion 2021 Equity Active Development 120.6
Navis CLMV Regional SME Funds 2020 Funds Active Development 247.6
Nawiri Group Ltd. Regional Scalable enterprises 2013 Equity and Loans Active Development 143.4
Neo1 Solar Plant Lesotho Renewable Energy 2018 Equity Active Development 22.0
Neofresh Regional Scalable enterprises 2017 Equity and Loans Active Development 85.8
Neoma Africa Fund Regional SME Funds 2008 Funds Active Development 67.8
Neoma South-East Asia Fund II Regional SME Funds 2010 Funds Active Development 19.9
NMBZ Zimbabwe Financial Inclusion 2013 Loans Active Development 12.4
Nordic Horn of Africa Opportunities Fund Somalia SME Funds 2018 Funds Active Development 35.3
Nordic Impact Cooperation (NIC) Global Renewable Energy 2022 Equity Active Development 80.2
Norrsken22 Fund Regional SME Funds 2023 Funds Active Development 105.3
Norsad Regional Financial Inclusion 2011 Equity Active Development 56.8
Nouvelle Mici Embaci (NME) Cote D'Ivoire Scalable enterprises 2023 Equity Active Development 86.3
Novastar Ventures Africa Fund II Regional SME Funds 2020 Funds Active Development 75.5
Novastar Ventures East Africa Fund Regional SME Funds 2013 Funds Active Development 83.3
Nyama World Malawi Ltd Malawi Scalable enterprises 2017 Loans Active Development 34.8
Oasis Africa Fund Regional SME Funds 2017 Funds Active Development 39.6
OH Ecosystems Nigeria Scalable enterprises 2023 Loans Active Development 126.7
Openspace Ventures III Regional SME Funds 2020 Funds Active Development 148.1
Optima El Salvador Financial Inclusion 2019 Equity Active Development 30.4
Pele Green Energy South Africa Renewable Energy 2023 Equity and Loans Active Climate 367.7
Phatisa Food Fund 2 Regional Scalable enterprises 2021 Funds Active Development 195.9
Prime Road Solar Cambodia Renewable Energy 2021 Loans Active Development 41.9
Quona Inclusion Fund III Global Financial Inclusion 2021 Funds Active Development 132.6
Redsun Raisins and Nuts South Africa Scalable enterprises 2022 Equity Active Development 70.0
Renewable Energy Holdings South Africa Renewable Energy 2014 Loans Active Development 4.6
responsAbility ACPF Global Renewable Energy 2019 Funds Active Development 112.2
Rwimi Uganda Renewable Energy 2015 Loans Active Development 9.9
SAEL India Renewable Energy 2022 Equity Active Climate 1147.2
SAMANU Ethiopia Scalable enterprises 2022 Equity Active Development 111.4
Sathapana Cambodia Financial Inclusion 2008 Loans Active Development 126.7
Scatec Agua Fria Honduras Renewable Energy 2014 Equity and Loans Active Development 225.2
Scatec ASYV Rwanda Renewable Energy 2014 Equity and Loans Active Development 39.7
Scatec Benban Egypt Renewable Energy 2015 Equity and Loans Active Development 101.8
Scatec Los Prados Honduras Renewable Energy 2015 Equity Active Development 75.5
Schneider Electric Energy Access Asia Regional Renewable Energy 2019 Funds Active Development 69.1
SEACEF II Regional Renewable Energy 2023 Funds Active Climate 105.5
Seba Foods Zambia Scalable enterprises 2021 Loans Active Development 63.3
Serengeti Energy Regional Renewable Energy 2017 Equity Active Development 273.7
Softlogic Life Sri Lanka Financial Inclusion 2020 Loans Active Development 79.2
Solon Capital Holdings Regional SME Funds 2020 Funds Active Development 35.8
Spear Africa Holding II Regional SME Funds 2017 Funds Active Development 70.4
Sun King Financing Limited Kenya Renewable Energy 2023 Loans Active Development 180.4
Sundry Foods Nigeria Scalable enterprises 2019 Equity Active Development 80.8
Sunshine Regional Renewable Energy 2017 Equity and Loans Active Development 18.6
SUSI Asia Energy Transition Fund (Through KNI) Regional Renewable Energy 2021 Funds Active Development 71.0
Synercore Holdings Proprietary Limited South Africa Scalable enterprises 2022 Loans Active Development 55.2
Terramar Mozambique Scalable enterprises 2022 Equity Active Development 58.4
The Co-operative Bank of Kenya Kenya Financial Inclusion 2022 Loans Active Development 168.9
TNB Aura Fund II Regional SME Funds 2022 Funds Active Development 74.4
Transafrica Water Systems Limited Regional Green Infrastructure 2021 Loans Active Development 21.1
Valency International Trading SARL Cote D'Ivoire Scalable enterprises 2022 Loans Active Development 105.6
Vantage Mezzanine Fund II Regional SME Funds 2011 Funds Active Development 21.6
Vantage Mezzanine Fund IV – USD Regional SME Funds 2021 Funds Active Development 251.0
Vantage Mezzanine Fund IV – ZAR Regional SME Funds 2021 Funds Active Development 49.2
Verod Capital Growth Fund III Regional SME Funds 2019 Funds Active Development 199.3
Vertical Agro (Sunripe & Serengeti Fresh) Regional Scalable enterprises 2014 Loans Active Development 64.1
Vietnam Investments Fund IV Vietnam SME Funds 2021 Funds Active Development 157.4
Vietnam Prosperity Joint Stock Commercial Bank Vietnam Financial Inclusion 2023 Loans Active Development 211.1
Volta INTL Sri Lanka Renewable Energy 2023 Equity Active Climate 83.1
Voxtra East Africa Agribusiness Ini Regional SME Funds 2011 Funds Active Development 20.6
Water Access Accelerator Fund Global Green Infrastructure 2022 Funds Active Development 56.7
Wave Mobile Money Regional Financial Inclusion 2022 Loans Active Development 136.5
WeLight Regional Renewable Energy 2019 Equity and Loans Active Development 134.1
Yoma Bank Myanmar Financial Inclusion 2019 Equity Active Development 295.0
Yoma Micro Power Myanmar Renewable Energy 2017 Equity and Loans Active Development 96.3

Hover over the map to see all countries we invest in.

*Million NOK committed

**H1 Capital was committed over the Development Mandate in December 2021 and moved to the Climate Mandate in 2022.

Activity level data

Activity level data are accessible for download from the OECD Creditor Reporting System (CRS) here.