Investments in renewable energy account for 46 per cent of Norfund’s committed portfolio. Investment funds and fund structures (excluding microfinance funds) follow with approximately 26 per cent of the portfolio. These funds invest in a number of different sectors (see chart at the bottom right).

The third largest sector is microfinance. Norfund has invested NOK 651 million (11 per cent of committed capital) in microfinance, either in the form of equity or loans to microfinance institutions or indirectly through funds that invest in microfinance institutions. The biggest microfinance investment is in NMI, to which Norfund contributes half the capital of NOK 600 million.

Norfund has additionally entered into investment agreements for NOK 527 million in other financial institutions, which accounts for 9 per cent of the portfolio. In recent years, Norfund has also made a number of investments in agriculture, which is a new target area. The five projects account for close to 4 per cent of the portfolio.

Sectoral breakdown of portfolio as of 31 December 2010