Core countries
Fragile states
Extended reach
Filters:
| Investment | Country | Sector | Year | Instrument | Status | Commitment (MNOK) |
|---|---|---|---|---|---|---|
| AB Bank | Vietnam | Financial Institutions | 2017 | Loans | Active | 66.4 |
| Access Bank Plc. | Nigeria | Financial Institutions | 2017 | Loans | Active | 37.4 |
| Accion Quona Inclusion Fund LP | Global | Financial Institutions | 2019 | Funds | Active | 84.2 |
| ACI Motors Ltd | Bangladesh | Scalable Enterprises | 2021 | Equity | Active | 41.5 |
| Across Forest AS | Nicaragua | Scalable enterprises | 2012 | Loans | Active | 0.6 |
| Adenia Capital Ltd II | Regional | Scalable Enterprises | 2007 | Funds | Active | 2.7 |
| Advans MFI Myanmar Company Limited | Myanmar | Financial Institutions | 2015 | Equity & Loans | Active | 57.7 |
| AFMF: ASEAN Frontier Markets Fund | Regional | Scalable Enterprises | 2021 | Funds | Active | 99.6 |
| Africa Health Fund (Aureos) | Regional | Scalable Enterprises | 2011 | Funds | Active | 46.5 |
| Africado Ltd. | Tanzania | Scalable enterprises | 2009 | Equity & Loans | Active | 7.1 |
| African Century Infrastructure Services Ltd. | Regional | Scalable enterprises | 2014 | Equity & Loans | Active | 90.1 |
| African Century Nampula | Mozambique | Scalable enterprises | 2017 | Equity | Active | 5.1 |
| African Century Real Estates Ltd. | Mozambique | Scalable enterprises | 2015 | Equity & Loans | Active | 33.9 |
| African Rivers Fund III | Regional | Scalable Enterprises | 2021 | Funds | Active | 140.6 |
| AfriCap Microfinance Investment Company Ltd. | Regional | Financial Institutions | 2007 | Funds | Active | 19.7 |
| AfricInvest Financial Inclusion Vehicle (FIVE) | Regional | Financial Institutions | 2018 | Equity | Active | 282.1 |
| AfricInvest Fund IV | Regional | Scalable Enterprises | 2020 | Funds | Active | 289.3 |
| Afrinord Hotel Investments | Regional | Scalable enterprises | 2005 | Equity & Loans | Active | 24.2 |
| AgDevCo | Regional | Scalable enterprises | 2022 | Equity | Active | 199.3 |
| Agri-Vie | Regional | Scalable Enterprises | 2010 | Funds | Active | 22.7 |
| Agri-Vie II | Regional | Scalable Enterprises | 2017 | Funds | Active | 136.5 |
| Agrivision | Zambia | Scalable enterprises | 2012 | Equity | Active | 161.6 |
| Agua Imara | Global | Clean Energy | 2021 | Equity & Loans | Active | 823.3 |
| AktivCo | Regional | Clean Energy | 2021 | Loans | Active | 107.6 |
| Amartha | Indonesia | Financial Institutions | 2021 | Loans | Active | 70.4 |
| Amret Plc. | Cambodia | Financial Institutions | 2013 | Loans | Active | 49.8 |
| Angola Capital Partners LLC | Angola | Scalable Enterprises | 2009 | Equity | Active | 1.4 |
| Antler East Africa Fund I | Regional | Scalable Enterprises | 2020 | Funds | Active | 14.6 |
| APIDC Biotech Fund | India | Scalable Enterprises | 2005 | Funds | Active | 16.0 |
| Arise (incl. Norfinance) | Regional | Financial Institutions | 2016 | Equity | Active | 3332.3 |
| ARREND Central America | Regional | Financial Institutions | 2015 | Equity & Loans | Active | 84.7 |
| Ascent Rift Valley Fund II | Regional | Scalable Enterprises | 2020 | Funds | Active | 97.0 |
| Ascent Rift Valley Fund Ltd | Regional | Scalable Enterprises | 2013 | Funds | Active | 85.1 |
| ASILIA (African Spirit Group Limited) | Regional | Scalable enterprises | 2013 | Equity & Loans | Active | 141.2 |
| Associated Foods Zimbabwe (AFZ) | Zimbabwe | Scalable enterprises | 2016 | Loans | Active | 17.4 |
| Aureos East Africa Fund | Regional | Scalable Enterprises | 2003 | Funds | Active | 3.9 |
| Aureos Latin America Fund (ALAF) | Regional | Scalable Enterprises | 2007 | Funds | Active | 40.5 |
| Aureos South Asia Fund (Holdings) | Regional | Scalable Enterprises | 2006 | Funds | Active | 42.1 |
| Aureos Southern Africa Fund | Regional | Scalable Enterprises | 2003 | Funds | Active | 7.5 |
| Aureos West Africa Fund | Regional | Scalable Enterprises | 2003 | Funds | Active | 2.2 |
| Banco BCT | Costa Rica | Financial Institutions | 2019 | Loans | Active | 83.0 |
| Banco BDF | Nicaragua | Financial Institutions | 2017 | Loans & OTHER | Active | 138.8 |
| Banco Cuscatlan El Salvador | El Salvador | Financial Institutions | 2022 | Loans | Active | 199.3 |
| Banco Promerica Costa Rica | Costa Rica | Financial Institutions | 2018 | Loans & OTHER | Active | 237.8 |
| Banco Promerica El Salvador | El Salvador | Financial Institutions | 2015 | Loans | Active | 199.3 |
| Banco Promerica Guatemala | Guatemala | Financial Institutions | 2016 | Loans | Active | 239.1 |
| Baobab+ | Regional | Clean Energy | 2021 | Equity | Active | 100.2 |
| Basecamp Explorer | Kenya | Scalable enterprises | 2010 | Equity & Loans | Active | 36.4 |
| Bayport Mozambique | Mozambique | Financial Institutions | 2022 | Loans | Active | 97.8 |
| Berkeley Energy Commercial & Industrial Solutions | Regional | Clean Energy | 2020 | Equity | Active | 259.6 |
| Bio2Watt Cape Dairy | South Africa | Clean Energy | 2014 | Loans | Active | 6.3 |
| BPI East Africa LLC | Regional | Scalable Enterprises | 2015 | Funds | Active | 51.0 |
| BRAC Bank Limited | Bangladesh | Financial Institutions | 2010 | Equity & Loans | Active | 11.6 |
| Brighter Life Kenya 1 | Kenya | Clean Energy | 2020 | Loans | Active | 65.6 |
| Brighter Life Kenya 2 | Kenya | Clean Energy | 2022 | Loans | Active | 191.6 |
| Bronkhorstspruit Biogas Plant | South Africa | Clean Energy | 2011 | Equity & Loans | Active | 25.5 |
| Cambodia Laos Myanmar Development Fund II | Regional | Scalable Enterprises | 2015 | Funds | Active | 94.4 |
| Cambodia-Laos Development Fund | Cambodia | Scalable Enterprises | 2009 | Funds | Active | 14.6 |
| CASEIF II | Regional | Scalable Enterprises | 2007 | Funds | Active | 4.1 |
| CASEIF III | Regional | Scalable Enterprises | 2014 | Funds | Active | 81.9 |
| CASEIF IV | Regional | Scalable Enterprises | 2020 | Funds | Active | 146.8 |
| Cepheus Growth Capital Fund | Ethiopia | Scalable Enterprises | 2018 | Funds | Active | 143.6 |
| CIFI | Regional | Financial Institutions | 2004 | Equity & Loans | Active | 116.2 |
| CN Green Roof Asia | Regional | Clean Energy | 2021 | Equity | Active | 400.6 |
| Cofina Senegal SA | Senegal | Financial Institutions | 2021 | Loans | Active | 51.4 |
| Continental Blue Investment (CBI) Ltd. | Ghana | Scalable enterprises | 2022 | Equity & OTHER | Active | 71.7 |
| CORECO | Regional | Scalable Enterprises | 2012 | Funds | Active | 73.1 |
| CRDB Bank DR Congo S.A. | Congo, Dem Rep Of | Financial Institutions | 2022 | Equity | Active | 67.1 |
| Credicomer | El Salvador | Financial Institutions | 2019 | Loans | Active | 34.9 |
| d.light | Global | Clean Energy | 2016 | Equity & OTHER | Active | 51.5 |
| Desyfin | Costa Rica | Financial Institutions | 2011 | Equity & Loans & OTHER | Active | 90.4 |
| Development Partners International III | Regional | Scalable Enterprises | 2019 | Funds | Active | 386.9 |
| Eco-Nor | Regional | Clean Energy | 2019 | Equity | Active | 8.1 |
| Ecobank Transnational Incorporated (ETI) | Regional | Financial Institutions | 2021 | Loans | Active | 149.4 |
| EcoEnterprises Partners III, LP | Regional | Scalable Enterprises | 2018 | Funds | Active | 57.2 |
| ECP Africa Fund IV | Regional | Scalable Enterprises | 2018 | Funds | Active | 242.1 |
| Equity Bank | Regional | Financial Institutions | 2019 | Loans | Active | 149.4 |
| ESCOTEL | Regional | Clean Energy | 2020 | Equity & OTHER | Active | 96.2 |
| European Financing Partners SA | Global | Scalable enterprises | 2006 | Equity & Loans | Active | 544.1 |
| Evolution Credit Limited | South Africa | Financial Institutions | 2009 | Equity & Loans | Active | 102.6 |
| Evolution Fund II (Through KNI) | Global | Clean Energy | 2019 | Funds | Active | 141.7 |
| Evolution One Fund | Regional | Scalable Enterprises | 2009 | Funds | Active | 1.2 |
| Excelsior Vietnam | Vietnam | Scalable Enterprises | 2020 | Funds | Active | 141.0 |
| Fanisi Capital Fund II | Regional | Scalable Enterprises | 2017 | Funds | Active | 116.6 |
| Fanisi Venture Management Company | Regional | Scalable Enterprises | 2009 | Equity & Loans | Active | 3.4 |
| FCMB | Nigeria | Financial Institutions | 2019 | Loans | Active | 99.6 |
| FDL | Nicaragua | Financial Institutions | 2013 | Equity & Loans | Active | 82.3 |
| Fedecredito | El Salvador | Financial Institutions | 2016 | Loans | Active | 174.4 |
| FEI – Facility for Energy Inclusion | Regional | Clean Energy | 2019 | Funds | Active | 197.6 |
| FES Limited | Regional | Scalable enterprises | 2020 | Equity & Loans | Active | 123.1 |
| Ficohsa Honduras | Honduras | Financial Institutions | 2012 | Loans | Active | 199.3 |
| FIPA II | Regional | Scalable Enterprises | 2016 | Funds | Active | 169.5 |
| First Finance Plc. | Cambodia | Financial Institutions | 2013 | Equity & Loans | Active | 23.4 |
| First National Bank Ghana | Ghana | Financial Institutions | 2020 | Loans | Active | 149.4 |
| Freight in Time | Regional | Scalable enterprises | 2015 | Equity & Loans | Active | 73.0 |
| Frontier Fund | Bangladesh | Scalable Enterprises | 2010 | Funds | Active | 49.5 |
| Frontier Fund II | Bangladesh | Scalable Enterprises | 2016 | Funds | Active | 30.5 |
| Frontiir Co. Ltd. | Myanmar | Scalable Enterprises | 2019 | Equity | Active | 26.9 |
| Fundo de Investimento Privado-Angol | Angola | Scalable Enterprises | 2009 | Funds | Active | 62.0 |
| Globeleq | Regional | Clean Energy | 2014 | Equity & Loans | Active | 2074.9 |
| Green Resources USD | Regional | Scalable enterprises | 2009 | Equity & Loans | Active | 559.0 |
| Greenlight Planet | Kenya | Clean Energy | 2019 | Loans | Active | 138.0 |
| GroFin Africa Fund | Regional | Scalable Enterprises | 2008 | Funds | Active | 40.2 |
| GroFin SGB Fund Limited Partnership | Regional | Scalable Enterprises | 2015 | Funds | Active | 125.6 |
| H1 Pele SPV | South Africa | Clean Energy | 2021 | Loans | Active | 434.9 |
| Hattha Kaksekar Ltd (HKL) | Cambodia | Financial Institutions | 2007 | Equity & Loans | Active | 199.3 |
| HEFF | Regional | Financial Institutions | 2011 | Funds | Active | 4.6 |
| Helios IV | Regional | Scalable Enterprises | 2021 | Funds | Active | 240.5 |
| ICCF | Global | Clean Energy | 2010 | Equity & Loans | Active | 337.3 |
| Kagera Sugar Limited | Tanzania | Scalable enterprises | 2020 | Loans | Active | 146.9 |
| Kandeo Fund 3 Debt | Regional | Financial Institutions | 2021 | Funds | Active | 149.0 |
| Kiangan | Philippines | Clean Energy | 2021 | Loans | Active | 88.7 |
| Kinangop | Kenya | Clean Energy | 2013 | Equity | Active | 94.3 |
| Kinyeti Capital Ltd | South Sudan | Scalable Enterprises | 2012 | Equity & Loans | Active | 32.1 |
| Klinchenberg | Regional | Clean Energy | 2021 | Equity & Loans | Active | 784.6 |
| LAAD | Regional | Financial Institutions | 2004 | Loans | Active | 249.1 |
| Lafise Investment Management | Bahamas | Scalable Enterprises | 1999 | Equity | Active | 0.0 |
| LAFISE NICARAGUA | Nicaragua | Financial Institutions | 2014 | Loans | Active | 199.3 |
| Lake Harvest Group | Regional | Scalable enterprises | 2013 | Equity & Loans | Active | 146.1 |
| Lilongwe Dairy (2001) Limited | Malawi | Scalable enterprises | 2020 | Loans | Active | 97.6 |
| Lobu Dolom HPP | Indonesia | Clean Energy | 2021 | Loans | Active | 10.0 |
| LOCFUND II | Regional | Financial Institutions | 2013 | Funds | Active | 18.2 |
| LOCFUND NEXT, L.P. | Regional | Financial Institutions | 2020 | Funds | Active | 93.0 |
| LOLC (Cambodia) PLC. | Cambodia | Financial Institutions | 2020 | Loans | Active | 39.9 |
| Lona Group | South Africa | Scalable enterprises | 2022 | Equity | Active | 48.6 |
| Lula Lend Proprietary Limited | South Africa | Financial Institutions | 2021 | Loans | Active | 44.4 |
| M-Kopa | Regional | Clean Energy | 2017 | Loans | Active | 134.5 |
| Marginpar Group | Regional | Scalable enterprises | 2018 | Equity & Loans | Active | 93.3 |
| Mars Investment Holdings | Mozambique | Scalable enterprises | 2022 | Equity | Active | 58.2 |
| Meridiam Africa Fund II | Regional | Scalable Enterprises | 2021 | Funds | Active | 206.4 |
| Metier Sustainable Capital Fund II | Regional | Clean Energy | 2019 | Funds | Active | 191.2 |
| MI BANCO | El Salvador | Financial Institutions | 2022 | Loans | Active | 99.6 |
| Mutual Trust Bank Limited | Bangladesh | Financial Institutions | 2019 | Equity & Loans | Active | 284.9 |
| Myanmar Finance International Limited | Myanmar | Financial Institutions | 2015 | Equity & Loans | Active | 21.6 |
| Myanmar Opportunities Fund II | Myanmar | Scalable Enterprises | 2018 | Funds | Active | 73.4 |
| Nam Sim | Laos | Clean Energy | 2011 | Loans | Active | 36.8 |
| National Development Bank | Sri Lanka | Financial Institutions | 2021 | Equity | Active | 120.6 |
| Navis CLMV | Regional | Scalable Enterprises | 2020 | Funds | Active | 237.4 |
| Neo1 Solar Plant | Lesotho | Clean Energy | 2018 | Equity | Active | 8.5 |
| Neofresh | Regional | Scalable enterprises | 2017 | Equity & Loans | Active | 83.5 |
| Neoma Africa Fund | Regional | Scalable Enterprises | 2008 | Funds | Active | 71.9 |
| Neoma South-East Asia Fund II | Regional | Scalable Enterprises | 2010 | Funds | Active | 28.8 |
| New Africa Power | Zambia | Clean Energy | 2017 | Equity | Active | 17.0 |
| NMBZ Bank | Zimbabwe | Financial Institutions | 2013 | Equity & Loans | Active | 13.9 |
| NMI Frontier Fund | Global | Financial Institutions | 2008 | Funds | Active | 54.6 |
| NMI Fund III | Global | Financial Institutions | 2013 | Funds | Active | 241.1 |
| NMI Fund IV | Global | Financial Institutions | 2018 | Funds | Active | 216.0 |
| NMI Global Fund | Global | Financial Institutions | 2008 | Funds | Active | 47.0 |
| NMI GP IV AS | Global | Financial Institutions | 2018 | Equity | Active | 24.0 |
| Nordic Horn of Africa Opportunities Fund | Somalia | Scalable Enterprises | 2018 | Funds | Active | 35.1 |
| Nordic Microfinance Initiative AS | Global | Financial Institutions | 2008 | Equity | Active | 31.7 |
| Norsad | Regional | Financial Institutions | 2011 | Equity | Active | 56.8 |
| Norsk Solar Vietnam Limited | Vietnam | Clean Energy | 2022 | Equity | Active | 38.9 |
| Norwegian Microfinance Initiative AS | Global | Financial Institutions | 2008 | Equity | Active | 30.0 |
| Novastar Ventures Africa Fund II | Regional | Scalable Enterprises | 2020 | Funds | Active | 74.9 |
| Novastar Ventures East Africa Fund | Regional | Scalable Enterprises | 2013 | Funds | Active | 83.3 |
| Nyama World Malawi Ltd | Malawi | Scalable enterprises | 2017 | Loans | Active | 32.9 |
| Oasis Africa Fund | Regional | Scalable Enterprises | 2017 | Funds | Active | 43.4 |
| ONE Bank Limited | Bangladesh | Financial Institutions | 2018 | Loans | Active | 37.4 |
| Openspace Ventures III | Regional | Scalable Enterprises | 2020 | Funds | Active | 143.7 |
| Optima Servicios Financieros SA de CV | El Salvador | Financial Institutions | 2019 | Equity | Active | 57.2 |
| Phatisa Food Fund 2 | Regional | Scalable enterprises | 2021 | Funds | Active | 188.7 |
| Prasac Microfinance Institution Plc. | Cambodia | Financial Institutions | 2013 | Loans | Active | 179.3 |
| Prime Road Solar | Cambodia | Clean Energy | 2021 | Loans | Active | 40.6 |
| Prospero | Regional | Financial Institutions | 2011 | Funds | Active | 15.1 |
| PT Bina Artha Ventura | Indonesia | Financial Institutions | 2021 | Loans | Active | 47.5 |
| Quona Inclusion Fund III | Global | Financial Institutions | 2021 | Funds | Active | 144.8 |
| Redsun Raisins and Nuts | South Africa | Scalable enterprises | 2022 | Equity | Active | 70.0 |
| Renewable Energy Holdings | South Africa | Clean Energy | 2014 | Loans | Active | 15.8 |
| responsAbility ACPF | Global | Clean Energy | 2019 | Funds | Active | 112.1 |
| Rwimi | Uganda | Clean Energy | 2015 | Loans | Active | 14.0 |
| Sathapana | Cambodia | Financial Institutions | 2008 | Loans & OTHER | Active | 137.0 |
| Scatec Agua Fria | Honduras | Clean Energy | 2014 | Equity & Loans | Active | 198.5 |
| Scatec ASYV | Rwanda | Clean Energy | 2014 | Equity & Loans | Active | 38.0 |
| Scatec Benban | Egypt | Clean Energy | 2015 | Equity & Loans | Active | 39.1 |
| Scatec Los Prados | Honduras | Clean Energy | 2015 | Equity | Active | 96.4 |
| Scatec Mocuba | Mozambique | Clean Energy | 2016 | Equity & Loans | Active | 53.3 |
| Scatec Upington | South Africa | Clean Energy | 2015 | Equity & Loans | Active | 53.3 |
| Schneider Electric Energy Access Asia | Regional | Clean Energy | 2019 | Funds | Active | 64.8 |
| Seba Foods | Zambia | Scalable enterprises | 2021 | Loans | Active | 49.8 |
| Serengeti Energy | Regional | Clean Energy | 2017 | Equity & Loans | Active | 482.9 |
| Softlogic Life | Sri Lanka | Financial Institutions | 2020 | Loans | Active | 74.7 |
| Solon Capital Holdings | Regional | Scalable Enterprises | 2020 | Funds | Active | 35.7 |
| Spear Africa Holding II | Regional | Scalable Enterprises | 2017 | Funds | Active | 69.5 |
| SPECIAL ICE COMPANY LIMITED | Ghana | Scalable enterprises | 2021 | Loans | Active | 69.7 |
| Sundry Foods | Nigeria | Scalable enterprises | 2019 | Equity | Active | 60.2 |
| Sunshine | Regional | Clean Energy | 2017 | Equity & Loans | Active | 18.8 |
| SUSI Asia Energy Transition Fund (Through KNI) | Regional | Clean Energy | 2021 | Funds | Active | 74.8 |
| TPS Dar es Salaam | Tanzania | Scalable enterprises | 2011 | Equity & Loans | Active | 6.1 |
| Transafrica Water Systems Limited | Regional | Green Infrastructure | 2021 | OTHER | Active | 18.8 |
| UAP Properties Limited | South Sudan | Scalable enterprises | 2013 | Loans | Active | 6.6 |
| Valency International Trading SARL | Ivory Coast | Scalable enterprises | 2022 | Loans | Active | 99.6 |
| Vantage Mezzanine Fund II | Regional | Scalable Enterprises | 2011 | Funds | Active | 23.2 |
| Vantage Mezzanine Fund IV – USD | Regional | Scalable Enterprises | 2021 | Funds | Active | 238.1 |
| Vantage Mezzanine Fund IV – ZAR | Regional | Scalable Enterprises | 2021 | Funds | Active | 54.4 |
| Verod Capital Growth Fund III | Regional | Scalable Enterprises | 2019 | Funds | Active | 191.9 |
| Vertical Agro (Sunripe & Serengeti Fresh) | Regional | Scalable enterprises | 2014 | Loans | Active | 60.5 |
| Vietnam Investments Fund IV | Vietnam | Scalable Enterprises | 2021 | Funds | Active | 149.4 |
| Voxtra East Africa Agribusiness Ini | Regional | Scalable Enterprises | 2011 | Funds | Active | 31.7 |
| Wave Mobile Money S.A./Wave Côte d'Ivoire S.A. | Regional | Financial Institutions | 2022 | Loans | Active | 124.2 |
| WeLight | Regional | Clean Energy | 2019 | Equity & Loans | Active | 55.1 |
| Yoma Bank Limited | Myanmar | Financial Institutions | 2019 | Equity | Active | 295.0 |
| Yoma Micro Power | Myanmar | Clean Energy | 2017 | Equity & Loans | Active | 101.4 |
The Project Development and Risk Mitigation Facility (PDRMF)
In addition to the above portfolio, Norfund is managing the Project Development and Risk Mitigation Facility (PDRMF). The facility is used for projects that have a risk level which is higher than other investments in Norfund’s core portfolio, and it has two purposes:
- Enabling early phase project development within Norfund’s investment areas
- Risk mitigation for commercial investors that wish to invest in Norfund funded projects, throughout the project cycle
The projects are managed as a separate facility, funded by the Norwegian Ministry of Foreign Affairs, and are not included in Norfund’s overall portfolio valuation.
| Investment | Country | Sector | Year committed | Instrument | Status | Commitment (MNOK) |
|---|---|---|---|---|---|---|
| NMI FLS valuta guarantee | Southeast Asia | Financial Institutions | 2021 | Foreign exchange guarantee | active | 20.0 |
| Lobu Dolum HPP | Indonesia | Clean Energy | 2021 | Loan | active | 8.52 |
| Antler East Africa Fund I | Africa | Scalable Enterprises – Funds | 2020 | Junior Equity | active | 13.37 |
| Empower | Africa | Clean Energy | 2019 | Seed capital | active | 17.04 |
| Arnergy Solar Ltd | Nigeria | Clean Energy | 2019 | Equity | active | 17.56 |
| Malthe Winje Maresi | Kenya | Clean Energy | 2019 | Loan | active | 1.74 |
| FEI – Facility for Energy Inclusion | Africa | Clean Energy | 2019 | Junior Equity | active | 27.54 |