Apr 3, 2024

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Norfund matched record for investing in developing countries

Norfund maintained its robust investment in developing countries in 2023, matching the record level of 6.5 billion NOK from 2022 despite a global decrease in foreign direct investment. CEO, Tellef Thorleifsson highlighted the organisation’s commitment to job creation in challenging markets.

Total foreign direct investment to developing countries dropped by 9% to $841 billion last year, with significant declines in Asia and Africa, according to UNCTAD. However, Norfund’s investments have shown consistent growth despite pandemic challenges. With a committed portfolio of 36.2 billion NOK by year-end 2023, Norfund received significant funding for its development and Climate Investment Fund mandates.

He emphasised Norfund’s strategy of mobilising private capital to address poverty and climate change, with investments totalling 2.5 times the state budget allocation. In 2023, Norfund allocated 1.6 billion NOK to renewable energy projects in fossil-dependent markets, recognising the growing need for capital in this sector.

In addition to its development mandate, Norfund invested in renewable energy, financial inclusion, agriculture, industry, and regional funds, totalling 5.9 billion NOK. Africa received the majority of Norfund’s investments, with 51% directed to the continent.

Through strategic investments in energy access, capital, and direct ownership in companies, Norfund aims to combat poverty effectively, sustainably, and at scale.

For more information on Norfund visit www.norfund.no

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