Making predictions is always difficult, and we often rely on linear projections from the past. However, these days, looking in the rearview mirror simply doesn’t work. With a rapid dismantling of multilateral cooperation, the pace of change is unprecedented, and we find ourselves navigating uncharted territory.
Yet, despite the global turbulence, I keep on being impressed by the entrepreneurs in our investee companies. They seem to have a black belt in managing rapid changes, volatile markets and action-oriented politicians. As such, Norfund has kept going steady across Norfunds five regions, three mandates and four investment areas.
Among many deals, meetings and happenings, here are a few of my highlights from 2025:
A defining moment for me was visiting Kyiv and later making our first investments through the Ukraine Investment Fund, entrusted to us by the Norwegian government in late 2024. Meeting entrepreneurs and officials under repeated air raid alerts was humbling. Their courage and determination to rebuild in the face of war, left a deep impression on me.
In Central America, I was inspired from meetings with courageous founders. Like the weaving factory founder and illiterate mother of nine in Guatemala, that now employs 10 people enabled from a microfinance loan from Genesis, and the Erco Energia founders, who started building their company with the help of friends and family during university.
In West Africa, I was also encouraged by meeting Nigerian clients of our fintech investment in OmniRetail. Some 150,000 small-scale shopkeepers have been able to boost their productivity by getting access to credit and digital tools.
I am also proud to know that we can support the production of menstrual pads in Uganda through Kensta. It will generate new employment opportunities and improve access to affordable period products for women and girls, that hinders education and dignity for millions of girls and women.
With our investment in Langenberg, we supported a local farmer-led takeover of a major canned fruit producer in South Africa, saving jobs that are vital for the local community.
An independent evaluation of our renewable energy investments between 2015-2023 was also completed in 2025. It was reassuring to see that it confirmed that Norfund’s energy portfolio delivers strong and sustainable results, emphasizing that profitable projects produce better results in the long run.
The Climate Investment Fund made its first exits, recycling capital for new investments. Through our new investments in the renewable platforms Mulilo and Anthem, we will be supporting large-scale renewable energy projects in South Africa that can accelerate the transition away from coal. We also made the fund’s first Northern Africa investment, with Scatec in Egypt. As such, we are thankful that the Norwegian Parliament in December granted a further equity injection of NOK 2 billion to the Climate Fund.
As we enter 2026, we remain committed to scaling our efforts and mobilizing capital where it is needed most. It is an honour to lead this organisation and to see the difference we make together.