Our investments

As a publicly-owned body, Norfund is accountable to a wide range of stakeholders, including the Government and the public. Norfund, therefore, aims to provide accurate information to all its stakeholders and other interested parties about its activities and investments. 

How to use the investment table: 

The green filter can only be used to search investments that Norfund has made directly.

If you want to see investments that Norfund has made indirectly (through funds or platform companies), please click on the relevant country within the table (ex Kenya) or on the relevant fund/ company (ex Arise).

Original commitment is defined as the value of Norfund's total commitment in NOK.

Commitment as of 31.03.2017 is for loans defined as the value of the remaining balance. For equity investments, it is defined as the sum of the disbursements (historical cost) + today's value of the remaining commitment.

More information about the forms of capital provided by Norfund is available here.

 

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Investment Country Sector Year Domicile Instrument Original commitment (MNOK)
ACAF Regional Investment funds 2002 Mauritius 64.3
AMRET Cambodia Microfinance 2008 None 15.9
AMSCO Regional Financial services 2001 Netherlands 1.8
Abacus Regional Financial services 2007 None 11.9
African Century Nampula Mozambique Other industrial partnerships 0 Mozambique Equity 5.1
Agri-Vie II Regional Food and agribusiness 0 Mauritius Fund 128.6
Agua Imara Regional Energy 2008 Norway 126.2
Arise B.V. Regional Banking 2016 Netherlands Equity 2 656.3
Associated Foods Zimbabwe (Pvt) Ltd Zimbabwe Manufacturing 2016 Zimbabwe Loan 17.0
Aureos Capital Global Investment funds 2001 None 34.2
Aureos South Asia Fund 1 Regional Investment funds 2004 Mauritius 34.3
BRAC Bangladesh Microfinance 2007 Bangladesh 54.2
Banco Promerica Guatemala Guatemala Banking 2016 Guatemala Loan 81.8
Banco Terra Mozambique Banking 2006 Mozambique 100.7
Biotherm Solar Zambia Zambia Energy - solar 2014 Zambia 0.0
Brac Africa Microfinance Ltd None Microfinance 2008 Cayman Islands 15.7
Bugoye HPP Uganda Energy 2008 Uganda 66.9
Business Partners Madagascar SME Fu Madagascar Investment funds 2006 Mauritius 10.3
CAIF Regional Investment funds 1999 British Virgin Islands 8.2
CASEIF Regional Investment funds 2000 Bahamas 40.4
Capitec Bank South Africa Financial services 2009 South Africa 121.0
Carifin Cuba Financial services 2003 None 20.7
Central Solar de Mocuba S.A. Mozambique Energy - solar 2016 Mozambique Loan 121.8
Corporacion Interfin S.A. Costa Rica Financial services 2005 None 33.4
Craft Silicon Kenya Communication 2009 None 16.4
DFCU Limited Uganda Banking 2004 Uganda Loan 251.5
DFCU Limited - USD Uganda Banking 2007 Uganda 16.3
Desyfin Costa Rica Financial services 2011 Costa Rica Equity and loan 63.3
ECP Africa Fund (Afr Infr Fnd) Regional Investment funds 1999 Mauritius 38.2
EXIM Bank (Tanzania) Ltd. Tanzania Banking 2007 Tanzania 51.1
Equity Bank Ltd Kenya Microfinance 2008 None 31.4
Euro TechBridge Kenya Communication 2008 Norway 2.5
European Financing Partners SA Regional Investment funds 2006 None Equity and loan 355.3
Evolution One Fund Regional Energy 2009 South Africa Fund 35.5
FDL Nicaragua Microfinance 2013 Nicaragua Equity and loan 59.5
FEDHA Fund Tanzania Investment funds 1998 None 12.4
FINARCA Nicaragua Financial services 1999 None 52.1
FIPA II Regional Investment funds 2016 Luxembourg Fund 154.4
Family Bank Limited Kenya Kenya Microfinance 2010 None 18.0
Fanisi Venture Capital Fund Regional Investment funds 2009 Luxembourg Fund 101.6
Fanisi Venture Management Company Regional Investment funds 2009 Luxembourg Equity and loan 3.0
Fedecredito El Salvador Microfinance 2016 El Salvador Loan 87.2
Ficohsa Honduras Financial services 2012 Honduras Loan 72.7
Ficohsa Gua Guatemala Banking 2013 Guatemala Loan 17.9
First Finance Plc. Cambodia Microfinance 2013 Cambodia Equity and loan 35.2
Fjord Marine Tyrkia Turkey Food and agribusiness 2003 None 66.5
Focus Financial Services Limited Zambia Financial services 2014 Zambia Loan 48.3
Fotovoltaica Los Prados SA Honduras Energy - solar 2015 Honduras 70.0
Freight in Time Regional Other industrial partnerships 2015 Mauritius Equity and loan 87.4
Frontier Fund Bangladesh Investment funds 2010 Cayman Islands Fund 62.3
Frontier Fund II Bangladesh Investment funds 2016 Cayman Islands Fund 68.6
Fula Rapids HPP PDF South Sudan Energy - hydro 2013 South Sudan 12.4
Fundo de Investimento Privado-Angol Angola Investment funds 2009 Luxembourg Fund 65.5
Future and Hope Global Manufacturing 2001 None 1.7
GLAD Ltd Uganda Food and agribusiness 2012 Uganda Loan 4.8
Genomar Philippines Food and agribusiness 2000 None 20.5
Gigawatt Global Rwanda Ltd Rwanda Energy - solar 2014 Rwanda Equity and loan 38.2
Globeleq Ltd Regional Energy 2014 Guernsey Equity 1 988.7
GrameenPhone Bangladesh Communication 2004 None 65.2
Green Resources AS Tanzania Food and agribusiness 2003 None 4.0
Green Resources USD Tanzania Food and agribusiness 2009 Norway Loan 153.0
GroFin Africa Fund Regional Investment funds 2008 Mauritius Fund 95.4
GroFin SGB Fund Limited Partnership Regional Investment funds 2015 Mauritius Fund 127.8
HEFF Regional Microfinance 2011 Delaware Fund 38.8
HFC Limited Kenya Banking 2014 Kenya Loan 71.3
Hattha Kaksekar Ltd (HKL) Cambodia Microfinance 2007 Cambodia Loan 125.2
Hattha Kaksekar Ltd - KHR Cambodia Microfinance 2010 None 11.7
Hidro Santa Cruz Guatemala Energy 2011 Guatemala 10.4
Horizon Equity Partners Fund III South Africa Investment funds 2007 South Africa Fund 18.4
Horizon TechVentures South Africa Investment funds 2001 South Africa 24.1
Horizonte BiH Enterprise Fund Bosnia and Herzegovina Investment funds 1998 Netherlands 3.9
Indian Ocean II Regional Investment funds 1999 None 26.2
Interact Climate Change Facility Regional Energy 2010 Luxembourg Equity and loan 301.2
Interkraft Nepal AS (BPC) Nepal Energy 2003 None 3.0
Jambo Roses Uganda Food and agribusiness 2002 None 0.4
Jiffy Kenya AS Kenya Manufacturing 2001 None 3.0
KLP Norfund Investments AS Regional Investment funds 2013 Norway Equity 329.5
Kabul Serena Hotel Afghanistan Tourism 2005 Afghanistan Equity 33.8
Kikagati Power Company Ltd Uganda Energy - hydro 2012 Uganda 10.0
Kinangop Wind Park Limited Kenya Energy - wind 2013 British Virgin Islands Equity 94.3
Kinangop Wind Park PDF Kenya Energy 2012 None 10.8
Kinyeti Capital Ltd South Sudan Financial services 2012 South Sudan Equity and loan 39.3
LAAD Regional Financial services 2004 Netherlands Antilles Loan 150.9
LAFISE NICARAGUA Nicaragua Banking 2014 Nicaragua Loan 69.7
LOCFUND Regional Microfinance 2007 Delaware 8.8
LOCFUND (loan) Regional Microfinance 2007 Delaware 9.0
LOCFUND II Regional Microfinance 2013 Delaware Fund 53.8
Lafise Investment Management Bahamas Investment funds 1999 Bahamas Equity 0.0
Lake Turkana Wind Power Limited Kenya Energy - wind 2013 Kenya Loan 107.5
Lake Turkana Wind Project PDF Kenya Energy 2011 Kenya 13.2
MINCO Mozambique Investment funds 1998 None 25.3
Matanuska Africa Mozambique Food and agribusiness 2008 Mauritius 173.5
Maxi Vigas Paraguay Manufacturing 0 None 12.8
Micro Africa Ltd. Kenya Microfinance 2006 None 4.9
Micro Africa Ltd_KES Kenya Microfinance 2011 Kenya 9.9
Micro Africa Ltd_UGX Uganda Microfinance 2011 Uganda 9.8
Micro Kenya Ltd Kenya Microfinance 2003 None 2.0
Msele Nedventures South Africa Investment funds 1999 None 15.9
Myanmar Finance International Limited Myanmar Microfinance 2015 Myanmar Equity 12.4
NMBZ Holdings Limited Zimbabwe Banking 2013 Zimbabwe Loan 36.9
NMI Frontier Fund Regional Microfinance 2008 Norway Fund 108.0
NMI Fund III Regional Microfinance 2013 0 Fund 184.0
NMI Global Fund Regional Microfinance 2008 Norway Fund 162.0
Nam Sim Power Company Ltd Laos Energy - hydro 2011 Laos Loan 33.3
Nicafish Nicaragua Food and agribusiness 2004 None 12.1
Nividhu Sri Lanka Energy 2001 None 1.1
Nordic Microfinance Initiative AS Global Microfinance 2008 Norway Equity 28.4
Norfinance AS Regional Financial services 2013 Norway Equity 419.9
Norfininvest Regional Banking 2014 Norway 1 373.6
Norfish Blagaj Bosnia and Herzegovina Food and agribusiness 2000 None 19.4
Norsad Regional Financial services 2011 Botswana Equity 56.8
Norwegian Microfinance Initiative AS Regional Microfinance 2008 Norway Equity 30.0
Novastar Ventures East Africa Fund Regional Investment funds 2013 Mauritius Fund 81.4
Nsongezi Power Company Ltd Uganda Energy - hydro 2012 Uganda 3.4
ODEF Honduras Microfinance 2012 Honduras 16.9
OMEGA SmartBuild Uganda Financial services 2010 Norway 2.0
Palnorec Ecuador Food and agribusiness 1998 None 3.5
Pan Fish Shanghai China Manufacturing 2003 None 0.5
Pan Marine Qingdao China Food and agribusiness 2002 None 20.9
Prasac Microfinance Institution Cambodia Microfinance 2013 Cambodia Loan 59.6
Prospero Regional Microfinance 2011 Cayman Islands Fund 31.9
Proximity Designs Myanmar Microfinance 2013 Myanmar Loan 12.1
Pure Power Ltd, Uni-Power Ltd, Young Power Ltd Kenya Energy - hydro 2011 Kenya Loan 8.4
Real People Investment Holdings (Pty) Limited Regional Financial services 2009 South Africa Equity and loan 498.9
Renewable Energy Holdings Pty Ltd South Africa Energy - hydro 2014 South Africa Equity and loan 30.8
SAMIC Ltd (CHC) Cambodia Microfinance 2008 None 2.5
SEAF Blue Waters Growth Fund Vietnam Investment funds 2008 Cayman Islands Fund 32.9
SEAF Sichuan Small Investment Fund China Investment funds 2000 Delaware Fund 20.0
SEAF Trans-Balkan Fund Regional Investment funds 2000 Delaware 37.2
SN Power AS Regional Energy - hydro 2013 Norway Equity and loan 2 643.7
Sacombank Vietnam Financial services 2011 Vietnam 139.0
Sacombank Leasing Limited Vietnam Financial services 2011 Vietnam 27.5
Safa Marine Industries Ltd India Manufacturing 2003 India 0.8
San Antonio Guatemala Energy - wind 2014 Guatemala 33.5
Sathapana Cambodia Banking 2008 Cambodia Loan 182.5
Scancement Bangladesh Manufacturing 1999 None 40.2
Scanwater AS Uganda Other industrial partnerships 2009 Norway 2.5
Scatec Egypt Egypt Energy - solar 2015 Egypt 77.2
Scatec Mocuba PDF Mozambique Energy - solar 2015 Mozambique 12.0
Scatec Norfund Investments Ltd Global Energy - solar 2015 United Kingdom Loan 21.4
Scatec Rumuturi PDF Kenya Energy - solar 2015 Kenya 12.3
Scatec Solar Kalkbult (RF) Pty Ltd South Africa Energy - solar 2012 South Africa Equity 72.3
Siam Investment Fund II Thailand Investment funds 2000 Cayman Islands 37.8
Sinor/Daiyoo China Manufacturing 1999 None 19.9
Socremo Mozambique Microfinance 2009 Mozambique 40.4
Solidus Investment Fund S.A. Regional Microfinance 2005 Panama 11.9
Statkraft International Hydro Invest AS Regional Energy - hydro 2002 Norway Equity 3 006.7
TC Trading China Food and agribusiness 2003 None 0.2
TMP (Telecom Management Partner) Namibia Communication 2006 None 93.6
TMP-NAD Namibia Communication 2007 None 8.4
TMP-NOK Namibia Communication 0 None 48.8
TPS Dar es Salaam Tanzania Tourism 2011 Kenya Equity and loan 55.6
TPS Pakistan Pakistan Tourism 2007 Pakistan 21.2
TPS Rwanda Rwanda Tourism 2010 Rwanda Equity 35.7
TTS China China Manufacturing 2005 None 10.0
Techcombank Vietnam Banking 2011 Vietnam 87.1
The Currency Exchange (TCX) Regional Financial services 2007 Netherlands 55.0
ToughStuff Regional Energy 2011 Jersey 31.4
Trustco Group Holdings Ltd Namibia Microfinance 2014 Namibia Loan 55.2
UAP Properties Limited South Sudan Other industrial partnerships 2013 South Sudan Loan 34.5
Uganda Microfinance Limited Uganda Microfinance 2005 None 13.3
Vantage Mezzanine Fund II Regional Investment funds 2011 South Africa Fund 65.7
Verde Beef Processing Ethiopia Food and agribusiness 2017 United Kingdom Equity 63.5
Vertical Agro (Sunripe & Serengeti Fresh) Regional Food and agribusiness 2014 Mauritius Equity 38.2
Vietnam Equity Fund Vietnam Investment funds 2005 Cayman Islands 22.0
Voxtra East Africa Agribusiness Ini Regional Food and agribusiness 2011 Norway Fund 33.1
Yara fertiliser terminal Dar Tanzania Manufacturing 2012 Tanzania Loan 36.6

Norfund - The Norwegian Investment Fund for Developing Countries

Fridtjof Nansens Plass 4
N-0160 Oslo