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.

We are currently having some issues with the system showing our investments here, and as a result some investments might wrongly show as “exit”.

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 164.6
Accion Quona Inclusion Fund Global Financial Inclusion 2019 Funds Active Development 85.0
ACI Motors Ltd Bangladesh SME Funds 2021 Equity Active Development 41.7
Adenia Capital V Regional SME Funds 2022 Funds Active Development 210.7
Advans MFI Myanmar Financial Inclusion 2015 Equity Active Development 58.9
AFMF: ASEAN Frontier Markets Fund Regional SME Funds 2021 Funds Active Development 106.5
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 Active Development 36.5
African Century Nampula Mozambique Scalable enterprises 2017 Equity Active Development 6.1
African Century Real Estates Ltd. Mozambique Scalable enterprises 2015 Equity Active Development 33.1
African Forestry Impact Platform (AFIP) Regional Scalable enterprises 2023 Funds Active Development 756.5
African Rivers Fund III Regional SME Funds 2021 Funds Active Development 146.4
African Rivers Fund IV Regional SME Funds 2023 Funds Active Development 159.2
AfriCap Microfinance Regional Financial Inclusion 2007 Funds Active Development 9.4
AfricInvest FIVE Regional Financial Inclusion 2018 Equity Active Development 282.6
AfricInvest Fund IV Regional SME Funds 2020 Funds Active Development 303.2
Afrinord Hotel Investments Regional Scalable enterprises 2005 Equity Active Development 22.7
AgDevCo Regional Scalable enterprises 2022 Equity Active Development 211.7
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 172.2
Agua Imara Global Renewable Energy 2021 Equity Active Development 824.8
AktivCo Regional Renewable Energy 2021 Loans Active Development 201.7
Alterra Africa Accelerator Fund Regional SME Funds 2022 Funds Active Development 212.0
Amret Cambodia Financial Inclusion 2013 Loans Active Development 264.6
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
Apis Growth Markets Fund III SCSp Global Financial Inclusion 2024 Funds Active Development 212.1
Arise (incl. Norfinance) Regional Financial Inclusion 2016 Equity Active Development 3355.5
ARREND Regional Financial Inclusion 2015 Equity Active Development 40.3
Ascent Rift Valley Fund II Regional SME Funds 2020 Funds Active Development 98.3
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 15.9
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
AwanTunai Indonesia Financial Inclusion 2024 Equity Active Development 96.9
BAC El Salvador El Salvador Financial Inclusion 2023 Loans Active Development 211.7
Balaji EPZ Limited Kenya Scalable enterprises 2023 Loans Active Development 134.2
Banco Atlantida Honduras Financial Inclusion 2022 Loans Active Development 141.8
Banco BCT Costa Rica Financial Inclusion 2019 Loans Active Development 52.9
Banco BDF Nicaragua Financial Inclusion 2017 Loans Active Development 105.8
Banco BDI Dominican Republic Financial Inclusion 2022 Equity Active Development 184.3
Banco Cuscatlan El Salvador Financial Inclusion 2022 Loans Active Development 158.7
Banco Ficohsa Honduras Honduras Financial Inclusion 2012 Loans Active Development 211.7
Banco Ficohsa Nicaragua Regional Financial Inclusion 2022 Loans Active Development 105.8
Banco Multiple Ademi Dominican Republic Financial Inclusion 2023 Loans Active Development 88.2
Banco Popular Honduras Honduras Financial Inclusion 2024 Loans Active Development 106.0
Banco Promerica Costa Rica Costa Rica Financial Inclusion 2018 Loans Active Development 156.1
Banco Promerica El Salvador El Salvador Financial Inclusion 2015 Loans Active Development 169.3
Banco Promerica Guatemala Guatemala Financial Inclusion 2016 Loans Active Development 119.1
Baobab+ Regional Renewable Energy 2021 Equity Active Development 109.6
Basecamp Explorer Kenya Scalable enterprises 2010 Equity Active Development 36.4
Bayport Mozambique Mozambique Financial Inclusion 2022 Loans Active Development 57.4
Bayport Zambia Zambia Financial Inclusion 2023 Loans Active Development 108.5
Berkeley Energy Commercial & Industrial Solutions Regional Renewable Energy 2020 Equity Active Development 409.4
Bina Artha Indonesia Financial Inclusion 2021 Loans Active Development 9.9
Bio2Watt Cape Dairy South Africa Renewable Energy 2014 Loans Active Development 6.2
BPI Africa LLC Regional SME Funds 2015 Funds Active Development 51.0
Brighter Life Kenya 2 Kenya Renewable Energy 2022 Loans Active Development 54.3
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 8.5
Candi Solar Global Renewable Energy 2024 Equity Active Climate 213.9
CASEIF II Regional SME Funds 2007 Funds Active Development 3.8
CASEIF III Regional SME Funds 2014 Funds Active Development 73.8
CASEIF IV Regional SME Funds 2020 Funds Active Development 153.3
Cepheus Growth Capital Fund Ethiopia SME Funds 2018 Funds Active Development 148.1
CIFI Regional Financial Inclusion 2004 Equity Active Development 116.2
CIFI Sustainable Fund Regional Financial Inclusion 2023 Funds Active Development 215.9
City Bank Limited Bangladesh Financial Inclusion 2023 Loans Active Development 211.7
CN Green Roof Asia Vietnam Renewable Energy 2021 Equity Active Development 418.1
Continental Blue Investment (CBI) Ltd. Ghana Scalable enterprises 2022 Equity Active Development 72.4
Copperbelt Energy Corporation Zambia Renewable Energy 2023 Equity Active Development 737.0
CORECO Regional SME Funds 2012 Funds Active Development 67.0
CRDB – AfDB CRP Tanzania, United Republic Of Financial Inclusion 2022 Loans Active Development 158.7
CRDB Bank DRC Congo, Democratic Republic Of The Financial Inclusion 2022 Equity Active Development 119.4
CrossBoundary Energy Regional Renewable Energy 2022 Equity Active Development 205.6
d.light Global Renewable Energy 2016 Equity Active Development 78.2
Desyfin Costa Rica Financial Inclusion 2011 Equity Active Development 68.5
Development Partners International III Regional SME Funds 2019 Funds Active Development 399.8
Eco-Nor Regional Renewable Energy 2019 Equity Active Development 8.1
Ecobank Regional Financial Inclusion 2021 Loans Active Development 370.4
EcoEnterprises Partners III, LP Regional SME Funds 2018 Funds Active Development 58.8
ECP Africa Fund IV Regional SME Funds 2018 Funds Active Development 225.1
Empower Regional Renewable Energy 2022 Equity Active Development 158.6
Enel Coral India Renewable Energy 2022 Equity Active Climate 439.1
Enel Thar Solar India Renewable Energy 2022 Equity Active Climate 281.0
ERCO Energia Colombia Renewable Energy 2022 Equity Active Development 310.8
ESCOTEL Regional Renewable Energy 2020 Equity Active Development 99.2
European Financing Partners SA Global Scalable enterprises 2006 Equity Active Development 188.6
Evolution Credit South Africa Financial Inclusion 2009 Equity Active Development 93.3
Evolution Fund II (Through KNI) Global Renewable Energy 2019 Funds Active Development 143.2
Evolution One Fund Regional SME Funds 2009 Funds Active Development 1.2
Excelsior Vietnam Vietnam SME Funds 2020 Funds Active Development 113.1
Fanisi Capital Fund II Regional SME Funds 2017 Funds Active Development 119.6
FCMB Nigeria Financial Inclusion 2019 Loans Active Development 105.8
FDL Nicaragua Financial Inclusion 2013 Equity Active Development 41.1
Fedecredito El Salvador Financial Inclusion 2016 Loans Active Development 95.2
FEI – Facility for Energy Inclusion Regional Renewable Energy 2019 Funds Active Development 208.6
FES Limited Regional Scalable enterprises 2020 Equity Active Development 124.2
Finsocial Colombia Financial Inclusion 2022 Loans Active Development 86.5
FIPA II Regional SME Funds 2016 Funds Active Development 174.3
First Finance Cambodia Financial Inclusion 2013 Loans Active Development 0.0
First National Bank Ghana Financial Inclusion 2020 Loans Active Development 95.2
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 30.4
Frontiir Co. Ltd. Myanmar SME Funds 2019 Equity Active Development 26.9
Funding Societies Indonesia Financial Inclusion 2023 Loans Active Development 52.9
Fundo de Investimento Privado-Angol Angola SME Funds 2009 Funds Active Development 53.1
Gadag Transmission India Renewable Energy 2023 Equity Active Climate 201.6
Genesis Guatemala Financial Inclusion 2024 Loans Active Development 213.3
Globeleq Regional Renewable Energy 2014 Equity Active Development 2139.6
Green Guarantee Company Global Renewable Energy 2024 Equity Active Development 52.8
GroFin Africa Fund Regional SME Funds 2008 Funds Active Development 39.8
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 187.6
H1 Kenhardt South Africa Renewable Energy 2022 Loans Active Climate 434.4
H1 Pele SPV South Africa Renewable Energy 2021 Loans Active Development 538.7
Hattha Bank Cambodia Financial Inclusion 2007 Loans Active Development 127.0
Hela Investment Holdings Regional Scalable enterprises 2022 Loans Active Development 148.2
Helios IV Regional SME Funds 2021 Funds Active Development 249.7
ICCF Global Renewable Energy 2010 Equity Active Development 218.2
InfraImpact Mid-Market Infrastructure Fund 1 South Africa Green Infrastructure 2022 Funds Active Development 87.4
Integra Partners Fund II Regional Financial Inclusion 2022 Funds Active Development 84.5
Kagera Sugar Limited Tanzania, United Republic Of Scalable enterprises 2020 Loans Active Development 108.4
Katapult Africa Regional SME Funds 2022 Funds Active Development 2.5
Kiangan Philippines Renewable Energy 2021 Loans Active Development 106.3
Kinyeti Capital Ltd South Sudan SME Funds 2012 Equity Active Development 64.5
Klinchenberg Regional Renewable Energy 2021 Equity Active Development 784.6
Koppal Narendra India Renewable Energy 2022 Equity Active Climate 69.2
KREDIT PLUS Colombia Financial Inclusion 2023 Loans Active Development 82.7
KV Asia Fund II Regional SME Funds 2022 Funds Active Development 161.4
LAAD Regional Financial Inclusion 2004 Loans Active Development 306.9
LAFISE Nicaragua Financial Inclusion 2014 Loans Active Development 8.1
Lafise Investment Management Bahamas SME Funds 1999 Equity Active Development 0.0
Lake Harvest Group Regional Scalable enterprises 2013 Equity Active Development 174.4
Lilongwe Dairy (2001) Limited Malawi Scalable enterprises 2020 Equity Active Development 117.1
Lobu Dolom HPP Indonesia Renewable Energy 2021 Loans Active Development 10.6
LOCFUND NEXT Regional Financial Inclusion 2020 Funds Active Development 106.6
Lona Group South Africa Scalable enterprises 2022 Equity Active Development 48.9
Lula Lend South Africa Financial Inclusion 2021 Loans Active Development 113.6
Marginpar Group Regional Scalable enterprises 2018 Equity Active Development 103.3
Meridiam Africa Fund II Regional SME Funds 2021 Funds Active Development 227.0
Metier Sustainable Capital Fund II Regional Renewable Energy 2019 Funds Active Development 186.5
MI BANCO El Salvador Financial Inclusion 2022 Loans Active Development 66.1
Miniplast Limited Ghana Scalable enterprises 2023 Loans Active Development 111.1
MOF II Myanmar SME Funds 2018 Funds Active Development 85.6
Mutual Trust Bank Bangladesh Financial Inclusion 2019 Equity Active Development 185.3
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 Active Development 124.7
Neo1 Solar Plant Lesotho Renewable Energy 2018 Equity Active Development 23.1
Neofresh Regional Scalable enterprises 2017 Equity Active Development 85.9
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 11.6
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 79.1
Norrsken22 Fund Regional SME Funds 2023 Funds Active Development 105.7
Norsad Regional Financial Inclusion 2011 Equity Active Development 56.8
Nouvelle Mici Embaci (NME) Cote D'Ivoire Scalable enterprises 2023 Equity Active Development 133.3
Novastar Ventures Africa Fund II Regional SME Funds 2020 Funds Active Development 74.9
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 34.9
Oasis Africa Fund Regional SME Funds 2017 Funds Active Development 39.7
OH Ecosystems Nigeria Scalable enterprises 2023 Loans Active Development 127.0
Openspace Venture Fund IV Regional SME Funds 2024 Funds Active Development 132.9
Openspace Ventures III Regional SME Funds 2020 Funds Active Development 148.4
Optima El Salvador Financial Inclusion 2019 Equity Active Development 30.4
Orbital Energy Sri Lanka Renewable Energy 2024 Equity Active Climate 43.0
Pele Green Energy South Africa Renewable Energy 2023 Equity Active Climate 394.9
Phatisa Food Fund 2 Regional Scalable enterprises 2021 Funds Active Development 193.8
PRAC: Prime Road Solar Cambodia Renewable Energy 2021 Loans Active Development 39.8
Produbanco Ecuador Financial Inclusion 2023 Loans Active Development 174.6
Quona Inclusion Fund III Global Financial Inclusion 2021 Funds Active Development 133.0
Redsun Raisins and Nuts South Africa Scalable enterprises 2022 Equity Active Development 70.0
responsAbility ACPF Global Renewable Energy 2019 Funds Active Development 77.8
Rwimi Uganda Renewable Energy 2015 Loans Active Development 7.7
SAEL India Renewable Energy 2022 Equity Active Climate 1148.7
SAMANU Ethiopia Scalable enterprises 2022 Equity Active Development 112.1
Sathapana Cambodia Financial Inclusion 2008 Loans Active Development 127.0
Scatec Agua Fria Honduras Renewable Energy 2014 Equity Active Development 227.0
Scatec Benban Egypt Renewable Energy 2015 Equity Active Development 96.9
Scatec Los Prados Honduras Renewable Energy 2015 Equity Active Development 58.5
Schneider Electric Energy Access Asia Regional Renewable Energy 2019 Funds Active Development 69.8
SEACEF II Regional Renewable Energy 2023 Funds Active Climate 106.3
Seba Foods Zambia Scalable enterprises 2021 Loans Active Development 105.8
Serengeti Energy Regional Renewable Energy 2017 Equity Active Development 273.7
Softlogic Life Sri Lanka Financial Inclusion 2020 Loans Active Development 79.4
Solon Capital Holdings Regional SME Funds 2020 Funds Active Development 35.8
Southeast Asia Commercial Joint Stock Bank Vietnam Financial Inclusion 2024 Loans Active Development 317.5
Spear Africa Holding II Regional SME Funds 2017 Funds Active Development 70.4
Sun King Financing Limited Kenya Renewable Energy 2023 Loans Active Development 225.5
Sundry Foods Nigeria Scalable enterprises 2019 Equity Active Development 80.8
Sunshine Regional Renewable Energy 2017 Loans Active Development 3.9
SUSI Asia Energy Transition Fund (Through KNI) Regional Renewable Energy 2021 Funds Active Development 71.9
Synercore Holdings Proprietary Limited South Africa Scalable enterprises 2022 Equity Active Development 62.1
Terramar Mozambique Scalable enterprises 2022 Equity Active Development 90.3
The Co-operative Bank of Kenya Kenya Financial Inclusion 2022 Loans Active Development 169.3
TNB Aura Fund II Regional SME Funds 2022 Funds Active Development 74.5
Transafrica Water Systems Limited Regional Green Infrastructure 2021 Loans Active Development 21.2
Valency International Trading SARL Cote D'Ivoire Scalable enterprises 2022 Loans Active Development 105.8
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 252.3
Vantage Mezzanine Fund IV – ZAR Regional SME Funds 2021 Funds Active Development 51.9
Verod Capital Growth Fund III Regional SME Funds 2019 Funds Active Development 192.9
Vertical Agro (Sunripe & Serengeti Fresh) Regional Scalable enterprises 2014 Loans Active Development 64.3
Vietnam Investments Fund IV Vietnam SME Funds 2021 Funds Active Development 157.8
Vietnam Prosperity Joint Stock Commercial Bank Vietnam Financial Inclusion 2023 Loans Active Development 211.7
Volta INTL Sri Lanka Renewable Energy 2023 Equity Active Climate 126.8
Water Access Accelerator Fund Global Green Infrastructure 2022 Funds Active Development 58.3
Wave Mobile Money Regional Financial Inclusion 2022 Loans Active Development 70.7
WeLight Regional Renewable Energy 2019 Equity Active Development 143.1
Xurya Indonesia Renewable Energy 2024 Equity Active Climate 270.3
Yoma Bank Myanmar Financial Inclusion 2019 Equity Active Development 295.0
Yoma Micro Power Myanmar Renewable Energy 2017 Equity Active Development 96.4

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.