Norfund

We are investing $20 million in Apis Partners' new fund! The Apis Growth Markets Fund III continues to focus on pivotal trends such as cashless payments and embedded finance, to increase financial inclusion and enhance livelihoods in Africa and South/Southeast Asia🧑💻📱 Read more about the investment, and our FinTech strategy: https://lnkd.in/dHU29362 👈

Three exiting news for the Climate Investment Fund in Indonesia! This morning we had the honor of having the Energy Minister of Norway, Terje Aasland, and of Indonesia, Arifin Tasrif present as we signed three agreements: 🌞 🏢 25 million USD equity investment in Xurya Daya Indonesia, for rooftop solar rental  🔋 🌞 Partnership with EMITS - Empat Mitra Indika Tenaga Surya on integrated solar- and battery facilities on remote islands  💧 ⚡ Partnership with Tinfos AS on small scale hydro “Norway and Indonesia have had close energy cooperation over the past thirty years. The Climate Investment Fund contributes to further strengthening this collaboration", said Terje Aasland. Norway was one of the countries that contributed on a Just Energy Transition Partnership with Indonesia in 2022, where Norways pledge was that up to 280 million USD could be invested by the Climate Investment Fund in the Country.

"Achieving a just transition, means investing in sectors that are key to development including sectors with potentially high emissions, with the aim of decarbonising those over time", said Karoline Teien Blystad, our Senior Manager for Climate and Impact to AsianInvestor during the Norfund Conference. Read more about our work towards net-zero, reflections on energy transition from Norway's Foreign Minister, and insights from Clara Barby of Just Climate on impactful capital allocation: https://lnkd.in/dyz-TGmG 👈 All sessions from the Norfund Conference are available https://lnkd.in/dcStQyH3 👈

Norfund has granted a US$30 million convertible loan to SeABank with the aim to increase financial access for SMEs in Vietnam, driving sustainable development and creating jobs. “The partnership between SeABank and Norfund shares the joint purpose of impacting Vietnamese economy growth in general, while enhancing financial access for SeABank’s SMEs and retail banking customers in particular. The loan also support the Bank’s sustainable development strategy to the utmost in the upcoming period”, says Ms. Le Thu Thuy – Vice Chairwoman of the BOD, SeABank. The investment will contribute to the Bank’s strategic goals of improving financial access for SMEs, individual customers, and microenterprises in Vietnam; to be the additional sources of finance to fulfill their long-term capital demands. The loan can be converted into common shares of SeABank within a 4-year term. “Financial inclusion is Norfund’s core mandate and is aligned with SeABank’s strong commitment to finance and support retail banking customers and SMEs in Vietnam. Norfund and SeABank’s partnership will look to be a catalyst to help uplift the unbanked and underbanked in the country,” says Ms. Fay Chetnakarnkul, Regional Director Asia in Norfund.

The annual report for 2023 shows that Norfund’s investees are delivering record results in terms of new jobs, avoided emissions, and increased tax revenues 👏    Our investees provided: 👷♂️  37,200 new jobs 💳 11.5 million new clients with access to financial services and 🔌420,000 new households with access to electricity 🧾 NOK 32.7 billion in taxes paid   We are proud to report: 📈 An IRR of 4.8% since inception. 🏭That projects financed by the Climate Investment Fund in 2023 are expected to avoid 8.5 million tons CO2e   Explore the report: https://lnkd.in/dqTXsB_q 👈

🌿 Transforming the Cashew Industry in Cote d’Ivoire! 🌿 Traditionally, cashews from Cote d’Ivoire are exported raw for processing in Vietnam and India before being shipped to end markets in Europe and the US, making for a lengthy and costly journey 🌍 🚢 With a €9 million investment from Norfund investee AgDevCo, Cashew Coast is set to double its processing capacity to 19,000 tonnes annually. This expansion will not only boost local employment, benefiting the 750 employees and over 7,000 smallholder farmers, but also ensure higher prices for fully traceable, organic cashew nuts. Norfund is already invested directly in local cashew processing in Cote d’Ivoire since 2022 through Valency International Trading SARL, a subsidiary of Valency International Pte Ltd. which will soon commission a 45000 tons RCN processing plant on the outskirts of Abidjan. These consecutive investments, continue to demonstrate Norfund commitment to its development mandate - creating value at origin in our respective markets in West Africa.

🌞 Norfund invests USD 20 million in candi solar! 🌞 We're excited to announce that the Climate Investment Fund is investing in candi solar to bring affordable and clean solar energy to SMEs in India and South Africa 🔌 “There is great untapped potential in these countries for giving smaller businesses access to affordable and clean energy from solar power,” says Sofie Kamsvåg, Investment Manager at Norfund. This investment is part of a USD 38 million funding round to deliver innovative solar and financial solutions, aiming to build an additional 200 MW in solar projects. The total expected energy production of 571 GWh will avoid 493,000 tons of CO2 annually 🏭

21.1 % of our investments were done in Latin America last year 🌎 The Norwegian minister for International Development, Anne Beate Tvinnereim met with our team in San Jose to learn more about financial inclusion and renewable energy projects in the region, such as: 👨🌾 LAAD - Contributing to agricultural employment and food security in Latin America 🏦 LOCFUND - Funding in local currency, more than 80 micro finance institutions across 14 countries 🪙 Fundación Génesis Empresarial - eliminating poverty through financial inclusion, 81% of clients in rural communities ⚙️How our Business Support program enhances sustainability and impact in our investments, for instance by empowering rural farmers for climate resilience and growth with FDL in Nicaragua

Buckle up!🚏 The Norwegian Minister of Foreign Affairs, Espen Barth Eide visited our investee BasiGo to learn about e-mobility and test one of the electrical busses in Nairobi🚌 Currently there are 24 electric buses driving with different bus operators in Nairobi. The aim is to reach 1,000 locally assembled E-buses in Kenya over the next three years, creating 300 jobs. We are invested in BasiGo through Novastar Ventures and will co-invest with BasiGo with our grant scheme Business Support, for a road safety project🚍 🛣

🌟It was inspiring to listen to David Mithika, CEO of kinyeti venture capital, share his insights on the Norfund Conference stage. He discussed the importance of supporting local businesses in South Sudan to create jobs and provide essential goods and services. 📰 For our Norwegian readers, Panorama has published an insightful article highlighting the risks and challenges involved in investing in South Sudan. Tim Lund from Norfund emphasizes that despite the high risk, these investments are crucial for economic growth and stability. See link in the comment.