IP/C/R/TTI/NOR/4  
 
16 October 2023  
(23-6965) Page: 1/29 
Council for Trade -Related Aspects of  
Intellectual Property Rights  Original: English  
 
REPORT ON THE IMPLEMENTATION OF ARTICLE 66.2  
OF THE TRIPS AGREEMENT  
NORWAY  
The following communication, dated 28 September 2023 , from the delegation of Norway , is being  
circulated pursuant to paragraph 1 of the Decision on Implementation of Article 66.2 of the TRIPS 
Agreement ( document  IP/C/28 ). 
 
_______________  
 
 
1  INTRODUCTION  
1.  Article 66.2 of the TRIPS Agreement requires developed country Members to provide incentives 
to enterprises and institutions in their territories for the purpose of promoting and encouraging 
technology transfer to least developed country (LDC) Members in order to enable them to create a 
sound and viable technological base. The present note provides a n overview of the relevant facilities 
provided by the Norwegian Agency for Development Cooperation (Norad) and the Norwegian 
Investment Fund for Developing Countries (Norfund).  
2.  LDCs are eligible for Norad and Norfund incentive schemes along with other deve loping countries.  
2  THE NORWEGIAN AGENCY FOR DEVELOPMENT COOPERATION (NORAD)  
3.  Norad is a directorate under the Norwegian Ministry of Foreign Affairs and is responsible for 
quality assurance of Norwegian development cooperation. Norad also administers several grant 
programmes for specific purposes, among them is private sector development. Norad provides 
incentives for technology transfer to LDCs through its facilities for pre -investment support, the 
Strategic partnerships, and The Knowledge  Bank of Norad and its technical cooperation through 
knowledge programs like the Oil for Development, the Fish for Development, Oceans for 
Development, Tax for Development, Digitalization for Development, Statistics and register 
cooperation, Agriculture fo r Development, Energy for Development programs. Within these 
programmes are over a hundred agreements with both governments, research institutions NGOs 
and multilateral organizations. Many other programs supported by Norad also include elements of 
technolo gy transfer.  
4.  The facilities for  pre-investment support are application -based and untied. The main users are 
Norwegian enterprises, but foreign enterprises are welcome to apply. The schemes are open for all 
kinds of technology transfer, but from 2022 priori ty is given to investments in renewable energy. 
Technical assistance is the main mode of technology transfer, but the schemes also include 
investments in basic infrastructure.  The financing facilities are fully utilized every year.  
5.  The purpose of the Norad  facilities for pre -investment support is to encourage firms to invest in 
developing countries and LDCs. The support schemes intend to pave the way for long -term 
commercially viable investments through financial support for risk -reducing measures and/or 
measures that promote the sustainability and feasibility of private investment projects. The facilities 
promote cooperation, including cooperation relating to transfer of technology, through the support 
of feasibility studies for establishing joint ventures or foreign subsidiaries; training to strengthen the 
local staff and management of joint ventures or companies that are owned wholly or partially by one IP/C/R/TTI/NOR/4  
 
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  or more foreign companies; and investments in basic environmental infrastructure and basic 
infrastructur e (road, water/sanitation, electricity, and telecommunication). The additionality of 
Norad 's support to individual companies has been in helping direct investment towards countries 
and regions where companies would not necessarily have invested otherwise, due to lack of contact 
to facilitate implementation and risk, among other reasons. The purpose of the facility is also to 
facilitate and promote job creation, in particular for women and youths. Supported projects are 
usually completed between one to three  years. Disbursements to LDCs for this facility in 2021 are 
listed in Table 1. The Norad facilities for pre -investment support have a special window for renewable 
energy investments, also listed in Table 1.  
Table 1 : Disbursements to pre -investment support to firms to invest in developing countries and LDCs.   
Figures in NOK  
Recipient country  DAC Main sector  DAC Sub sector  2022  
Colombia  140 Water and sanitation  21 Water supply - large systems  8 790  
Colombia  220 Communications  40 Information and communication 
technology (ICT)  1 500 000  
Colombia  160 Other social infrastructure and 
services  20 Employment creation  750 000  
Colombia  311 Agriculture  62 Industrial crops/export crops  1 000 000  
Ethiopia  321 Industry  62 Forest industries  261 044  
Ghana  313 Fishing  20 Fishery development  181 500  
India  321 Industry  67 Energy manufacturing  379 150  
India  140 Water and sanitation  22 Sanitation - large systems  641 227  
Indonesia  220 Communications  40 Information and communication 
technology (ICT)  043 059  
Sri Lanka  220 Communications  40 Information and communication 
technology (ICT)  439 015  
Myanmar  313 Fishing  20 Fishery development  587 008  
Myanmar  321 Industry  61 Agro -industries  77 845  
Nigeria  220 Communications  40 Information and communication 
technology (ICT)  930 242  
South Africa  140 Water and sanitation  21 Water supply - large systems  118 593  
Rwanda  313 Fishing  20 Fishery development  332 491  
Viet Nam  220 Communications  40 Information and communication 
technology (ICT)  1 036 024 
Uganda  311 Agriculture  93 Agricultural financial services  512 033  
Cameroon  232 Energy generation, renewable 
sources  31 Solar energy for isolated grids and 
standalone systems  469 008  
Ghana  321 Industry  74 Clean cooking appliances 
manufacturing  1 847 189  
Indonesia  232 Energy generation, renewable 
sources  20 Hydro -electric power plants  3 181 210  
Kenya  321 Industry  73 Modern biofuels manufacturing  240 683  
Madagascar  232 Energy generation, renewable 
sources  20 Hydro -electric power plants  4 517 868  
Malawi  232 Energy generation, renewable 
sources  20 Hydro -electric power plants  4 444 074  
Myanmar  232 Energy generation, renewable 
sources  20 Hydro -electric power plants  361 251  
Rwanda Total  232 Energy generation, renewable 
sources  20 Hydro -electric power plants  34 843 128  IP/C/R/TTI/NOR/4  
 
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  Recipient country  DAC Main sector  DAC Sub sector  2022  
South Sudan  232 Energy generation, renewable 
sources  31 Solar energy for isolated grids and 
standalone systems  715 595  
Tanzania  232 Energy generation, renewable 
sources  40 Wind energy  583 446  
Viet Nam  232 Energy generation, renewable 
sources  40 Wind energy  5 000 000  
Grand Total    
67 001 472  
 
6.  Within Norad 's support to Renewable Energy the aim is to increase access to renewable energy 
in developing countries, contribute to private sector development, and create jobs. Norad 's support 
to renewable energy focuses on areas where Norway has a special expertise to offer and mobilizes 
private capital and competence in areas such as hydropower, solar, wind and bioenerg y. 
7.  Norad has also introduced an instrument called strategic partnerships. The grant scheme aims 
to stimulate a business climate that promotes private sector development in developing countries, 
including strategic partnerships with private enterprises and non-commercial organizations. Private 
enterprises and noncommercial organizations that jointly address specific weaknesses in value 
chains in developing countries are particularly prioritized, but vocational training is also a focus area. 
The facility is a pplication -based and untied. In the most recent application round, projects in 
Ethiopia, Tanzania, and Uganda were granted support. The sectors prioritised for technology transfer 
are agriculture and agro -processing, information and communication technolog y (ICT), and fish and 
marine resources. The supported projects are multi -year, usually between three and five years. 
Disbursements to LDCs for this facility in 2022 are listed in Table 2.  
Table 2 : Disbursements to strategic partnership grant scheme.  Figure s in NOK.  
Recipient country  DAC Main sector  DAC Sub sector  2022  
Ethiopia  321 Industry  30 SME development  5 600 000  
Ethiopia  311 Agriculture  50 Agricultural inputs  3 398 000  
Ethiopia  311 Agriculture  20 Agricultural development  8 701 716  
Ghana  311 Agriculture  62 Food crop production  6 253 049  
Kenya  321 Industry  73 Modern biofuels manufacturing  835 288  
Kenya  311 Agriculture  20 Agricultural development  5 200 000  
Mozambique  311 Agriculture  20 Agricultural development  2 762 371  
Kenya  410 General env ironmental protection  30 Bio -diversity  3 231 242  
Tanzania  311 Agriculture  20 Agricultural development  1 586 011  
Uganda  311 Agriculture  20 Agricultural development  1 290 000  
Uganda  311 Agriculture  20 Agricultural development  3 928 900  
 
8.  The Norwegian Oil for Development Programme (OfD) aims at assisting developing countries and 
LDCs, upon their request, in their efforts to manage petroleum resources in a way that generates 
economic growth and promotes welfare of the whole population in an env ironmentally sustainable 
way. The Oil for Development Programme is engaged in several other initiatives, either directly or 
via other donors and implementing partners. the Government of Norway has decided to phase out 
the OfD programme within 2024, in orde r to give priority to greener development projects.  
9.  Within Norwegian development cooperation in fisheries and aquaculture, one aim is to introduce 
appropriate technology and systems, and over time ensure that these are operated as intended. 
Norway has supp orted the Nansen Programme for more than 40 years. One central element in the 
programme is the research vessel 'Dr. Fridtjof Nansen '. The programme aims at gathering IP/C/R/TTI/NOR/4  
 
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  information about the marine resources and environment, and supporting developing countrie s and 
LDCs in utilizing these data for improved management of their marine resources.  
10.  Since 1990 the programme has mainly been operating in the coastal states of Africa, including 
LDCs like Angola, Benin, Democratic Republic of Congo, The Gambia, Guinea, G uinea Bissau, Liberia, 
Madagascar, Mauritania, Mozambique, Senegal, Sierra Leone and Tanzania. The programme has 
also conducted surveys in Bay of Bengal, including LDCs like Myanmar and Bangladesh. Scientists 
and managers take part in the planning and oper ation of the surveys, as well as post -survey work. 
The participants learn about instruments and techniques to measure the size and composition of fish 
stocks as well as identification of other organisms in the ocean. Physical parameters of the marine 
environment are measured continuously. The results are analysed and formulated as basis for 
management decisions. With time series that are developed, information can be achieved about 
changes and trends in the marine environment and its resources. The data col lected are the property 
of the country in question. The Food and Agriculture Organization of the UN (FAO) manages the 
programme. The Institute of Marine Research in Norway provides scientific expertise.  
3  NORWEGIAN INVESTMENT FUND FOR DEVELOPING COUNTRIES (N ORFUND)  
3.1  About Norfund  
11.  The purpose of Norfund is to contribute to building sustainable commercial businesses in 
developing countries by providing risk capital and expertise. Norfund contributes to economic 
development and sustainable jobs in poor countries through the development of profitable 
enterprises, particularly within the fields of clean energy, the financial sector and agribusiness, 
coupled with transfer of knowledge and technology.  
12.  Norfund 's main priority investment region is Sub -Saharan Africa. We  also invest in selected 
countries in South -East Asia and Central America.  Norfund has a local presence with offices and 
staff in all the main geographic areas. We aim for a portfolio with at least 33% in LDCs and 50% in 
Sub-Saharan Africa as these are ar eas with a particular shortage of capital and expertise. Of new 
commitments in 2022, the LDC share amounted to NOK  1.00 billion. Of the total portfolio, our 
commitment in LDCs is 37%, well above our target of 33%.  
13.  Norfund concentrates investments in clean energy, agribusiness and manufacturing, green 
infrastructure, and financial institutions. These are sectors with high developmental returns and 
where Norfund 's prerequisites for mobilising expertise of international quality are good. Assistance 
from Norfun d is untied and does not have to be in cooperation with Norwegian enterprises.  
14.  Norfund provides capital in the form of equity and debt. Preference is given to equity 
investments because in most developing countries equity is the scarcest type of capital th at 
enterprises need. Our direct ownership enables us to be an influential investor and have direct impact 
on company governance. As an equity investor, we have a long -term perspective on our 
investments. Technology and competence transfers are an integral part of Norfund 's investment 
activities, both regarding operational and industrial management, as well as health, safety and 
environmental issues. The development of these elements is core to the organization 's mission.  
15.  Norfund exercises active ownership i n the companies and funds it invests in, and it often 
requires seats on the investees ' boards or other decision -making bodies. This gives Norfund 
proximity to operations and the possibility of influencing practices and standards over time. Given 
an ownersh ip horizon of 4 -10 years, Norfund works for the creation of a corporate culture that is 
engaged in continuous improvement of corporate governance, and environmental and social 
standards. Action plans are sometimes used to stake out a long -term course for h ow companies 
should shift from operating according to local standards to using international standards.  
16.  Norfund also has a business development and support facility, which is financed by the 
Norwegian Ministry of Foreign Affairs (MFA) to support sustainabl e investments. The facility was 
established in 2000 based on mutual recognition by MFA, Norad and Norfund of the need for technical 
and professional assistance (TA) in relation to investments in the private sector in developing 
countries. The grants contri bute to strengthening the developmental impacts of Norfund 's 
investment activities. In 2022, Norfund disbursed NOK 13.74 million to 48 active projects. 15 of 
these projects are exclusively in LDCs, with a commitment of NOK 13.4 million. 5 projects in the IP/C/R/TTI/NOR/4  
 
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  portfolio had a regional reach but included LDCs as part of their target countries. Capacity building 
on Environmental, Social and Governance has been one of the key priorities of the facility during 
2022 and there has been high demand from investees in LDC s. Through the facility Norfund has 
co-funded external expertise assisting companies in building their internal capacity on these issues.  
3.2  Investments in agribusiness and manufacturing  
17.  Within the agribusiness and manufacturing sector, Norfund had committed around 
NOK 185 million by year end 2022 to our direct investments in investees ' operations in LDCs.  
3.3  Investments in renewable energy  
18.  Within the field of clean energy, Norfund has several investments involving transfer of state -of-
the-art technologies to dev eloping countries. NOK 2.61 billion was committed to investees within 
clean energy in LDCs in 2022.  
3.4  Investments in financial inclusion  
19.  Financial inclusion is critical to support growth and job creation. When investing in banks, 
microfinance providers, and other financial institutions, Norfund focuses on locally -owned financial 
institutions with good growth potential that are suited to creating and delivering valuable services. 
Close to NOK 1.3 billion was committed to our direct investments in LDCs within t he financial sector 
in 2022.  
20.  In addition to direct investments, Norfund also invests in funds to reach more companies and 
other business areas. Norfund invests in private equity funds, small and medium -sized enterprises 
funds, and impact/venture funds. By investing through local and regional funds, Norfund can reach 
enterprises that often have trouble getting finance from formal banks. In 2022, Norfund committed 
close to NOK 235.8 million to funds in LDCs.  
  
  IP/C/R/TTI/NOR/4  
 
- 6 - ANNEX1 
Name of programme or project  Scalable Enterprises (Agribusiness and Manufacturing)  
Objective or purpose  Contribute to development of profitable enterprises. Within the agribusiness and manufacturing sector, Norfund 
disbursed around NOK 185 million in 2021 to our directs investments in investees ' operations in least developed 
countries.  
Entity making the incentive available  Norfund  
Eligible enterprises or institutions in developed 
count ry Member  Private Sector Enterprises  
Beneficiary Member(s)  Congo; Haiti; Malawi; Mozambique; Niger; Senegal; Tanzania; Uganda; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions  ASILIA (African Spirit Group Limited) European Financing Partners SA FES Green Resources USD Kagera Sugar 
Limited Lake Harvest Group Lilongwe Dairy (2001) Limited Neofresh Phatisa Food Fund 2  
Nature of incentive measure  Risk capital  and expertise Type of capital per project:  
ASILIA (African Spirit Group Limited: Loans Equity  
European Financing Partners SA: Loans Equity  
FES  Green Resources USD: Equity  
Kagera Sugar Limited: Loans  
Lake Harvest Group: Loans Equity  
Lilongwe Dairy (2001)  Limited: Loans  
Neofresh  Loans: Equity  
Phatisa Food Fund 2: Funds  
 
1 In English and French only.   
  IP/C/R/TTI/NOR/4  
 
- 7 - Name of programme or project  Scalable Enterprises (Agribusiness and Manufacturing)  
Financial implications  Totally  committed to each project in NOK:  
ASILIA (African Spirit Group Limited): 132 820 720  
European Financing Partners SA: 525 930 551 FES: 117 410 321  
Green Resources USD: 560 766 539  
Kagera Sugar Limited: 132 159 756  
Lake Harvest Group: 157 821 204  
Lilongwe Dairy (2001) Limited: 86 430 120  
Neofresh: 78 909 320  
Phatisa Food Fund 2: 172 786 938  
Total disbursed in 2021 per project in NOK:  
ASILIA (African Spirit Group Limited)  13 269 843 European Financing Partners SA  20 591 396 FES  8 731 401 
Green Resources USD 302  
Kagera Sugar Limited  50 102 140  
Lake Harvest Group  20 781 065  
Lilongwe Dairy (2001) Limited  49 456 785  
Neofresh  6 318 369  
Phatisa Food Fund 2  16 057 469  
Field of technology  Scalable Enterprises (Agribusiness and Manufacturing)  
Category of technology  Food and agriculture  
Output or impact  Description by project : 
ASILIA (African Spirit Group Limited): Asilia is a  fully-integrated luxury eco -lodge and safari operator in East 
Africa. The company offers safari experiences that contribute to the conservation of the environment and the 
development of local communities. Norfund provided financing for ASILIA to expand it s footprint in the region.  
 
European Financing Partners SA: European Financing Partners (EFP) is a co financing mechanism (mainly 
lending) where several of Norfunds European sister organizations participate along with the European Investment 
Bank (EIB). T he objective is to promote the development of the private sector in the ACP countries (African, 
Caribbean and Pacific Group of States), and more than 60 per cent of the investments made to date are in the 
LDCs. In addition to ensuring access to financing l arge projects in developing countries, EFP also facilitates 
European cooperation and transfer of competence between the European DFIs in a unique manner. Norfund has 
committed respectively EUR 5 mill ion, EUR 10 mill ion, EUR 10 mill ion, EUR 10 mill ion and EUR 20 million in EFPII, 
EFPIII, EFPIV, EFPV and EFPVI. FES: FES caters for a broad customer base of commercial and emerging farmers. 
It is the single largest investor in Malawi 's agricultural equipment industry and the sole distributor of several 
well-know n and trusted brands. The company provides a wide range of high -tech agricultural solutions including 
precision and low -till farming; drone technology for crop analysis and crop protection; irrigation systems 
including water management solutions; and contr acting services. AgriLab, an FES initiative, is Malawi 's first 
independent soil - and leaf -testing facility which allows farmers to test, manage and control their soil, leaf and 
water quality. This initiative contributes to improved yields and crop quality,  increased revenue and reduced 
input costs. Green Resources USD  "Green Resources is the largest forest development and wood processing 
company in East Africa. The company manages approximately 38,000 ha of plantation forest in Mozambique, 
Tanzania and Ugan da. It operates industrial facilities including two sawmills, three pole treatment plants and a  
  IP/C/R/TTI/NOR/4  
 
- 8 - Name of programme or project  Scalable Enterprises (Agribusiness and Manufacturing)  
briquetting plant. The company was established in 1995. Norfund has been an investor in Green Resources and 
Sao Hill for many years. In 2018, due to financial c hallenges in the company, Norfund used its rights to become 
a shareholder. Norfund, with Finnish DFI Finnfund, supports the company to meet its financial and sustainability 
goals. "  
 
Kagera Sugar Limited: Kagera Sugar Limited is a sugar manufacturing compa ny situated in North -Western 
Tanzania. It was incorporated in 2002 and is involved in growing sugar cane, processing and distribution of 
sugar. Norfund provided funding to Kagera Sugar to expand its production capacity.  
 
Lake Harvest Group: African Century  Foods is an integrated producer of fish, tilapia, with operations in 
Zimbabwe, Zambia and Uganda. Norfund provided financing for African Century Foodsto expand its operations 
in the region with significant positive impact expected on jobs and on protein n utrition.  
 
Lilongwe Dairy (2001) Limited: Lilongwe Dairy is the largest dairy processor in Malawi. It produces UHT milk, 
Yoghurt, juice blends, butter, cheese and cream.  
 
Neofresh : "Neofresh is a South African company that specializes in the production, packing and marketing of 
papaya and other sub -tropical fruits.  The company 's core activity is papaya production (supplying the major 
supermarket chains in South Africa). The company also produces litchies, lemons and mangos, and has recently 
planted new ma ngos, litchies and macadamia. Neofresh has six established farms, two pack houses and employs 
about 400 permanent workers. It uses highly advanced skills and technology in their sub -tropical fruit production. 
In 2017, the company became the key commercial partner to Carthage - a 400 Ha papaya farm in the Moamba 
region, which also employs circa 400 people. With this partnership, Neofresh can replicate its technology and 
skills to Mozambique and contribute to a more efficient production line and value chain ( with higher yields). 
Approximately 90% of the papayas produced at Carthage are exported to South Africa. Norfund 's investment 
contributes to skills development, increased export revenues and tax revenues, job creation and reduced rural 
poverty in Mozambique. Approximately 90% ofthe papayas produced at Carthage will be exported to South 
Africa. Norfund 's investment will thereby contribute to skills development, increased export revenues and tax 
revenues, job creation and reduced rural poverty in Moz ambique. " 
 
Phatisa Food Fund 2  "PFF 2  will invest across the African food value chain, considering investments in 
mechanisation, inputs, poultry and meat production, food processing and manufacturing, logistics, aggregation 
and distribution across Sub -Saharan Africa. The investment will strengthen and increase food supply, local 
production and distribution across the region. The Fund, via its investment in companies in the food value chain, 
targets over 90,000 small -holder farmers and micro -entrepreneurs an d aims to create over 2,000 permanent 
jobs and sustain another 10,000  jobs". 
Status of the programme or project  Current or in progress   
  IP/C/R/TTI/NOR/4  
 
- 9 - Name of programme or project  Scalable Enterprises (Agribusiness and Manufacturing)  
Duration and timing  Year of initial commitment by project:  
ASILIA (African Spirit Group Limited): 2013  
European Financing Partners SA: 2006  
FES: 2020  
Green Resources USD: 2009  
Kagera Sugar Limited: 2020  
Lake Harvest Group: 2013  
Lilongwe Dairy (2001) Limited: 2020  
Neofresh: 2017  
Phatisa Food Fund 2: 2021  
Website for further information   
Contact point for further information   
 
   
  IP/C/R/TTI/NOR/4  
 
- 10 - Name of programme or project  Clean Energy projects (Norfund)  
Objective or purpose  Policy objective/purpose: Contribute to development of profitable enterprises. Within the field of clean energy, 
Norfund has several investments involving transfer of state -of-the-art technologies to developing countries. 
NOK 2.45 billion were disbursed to investees within clean energy in LDCs in 2021.  
Entity making the incentive available  Norfund  
Eligible enterprises or institutions in developed 
country Member  Private Sector Enterprises  
Beneficiary Member(s)  Bangladesh; Benin; Burkina Faso; Burundi; Cambodia; Chad; Congo; The Gambia; Guinea; Guinea -Bissau; 
Lao People 's Democratic Republic; Lesotho; Madagascar; Malawi; Mali; Mauritani a; Mozambique; Myanmar; 
Niger; Rwanda; Senegal; Sierra Leone; Tanzania; Uganda; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions  Agua Imara AktivCo Baobab+ Eco -Nor Evolution Fund II (Through KNI) FEI - Facility for Energy Inclusion 
Globeleq Greenlight Planet ICCF Klinchenberg Metier Sustainable Capital Fund II M -Kopa Nam Sim New Africa 
Power responsAbility ACPF Schneider Electric Energy Access Asia Serengeti Energy SUSI Asia Energy Transition 
Fund (Through KNI)  
Nature of i ncentive measure  Risk capit al and expertise . By project:  
Agua Imara  Loans Equity  
AktivCo  Loans  
Baobab+  Equity  
Eco-Nor Equity Evolution Fund II (Through KNI)  Funds  
FEI - Facility for Energy Inclusion  Funds  
Globeleq  Loans Equity  
Greenlight Planet  Loans ICCF  Loans  
Klinchenberg  Loans  
Equity  Metier Sustainable Capital Fund II  Funds  
M-Kopa Loans  
Nam Sim  Loans  
New Africa Power  Equity  
responsAbility ACPF  Funds  
Schneider Electric Energy Access Asia  Funds  
Serengeti Energy  Loans  
Equity SUSI Asia Energy Transition Fund (Through KNI)  Funds  
Financial implications  Total commitment in NOK per project:  
Agua Imara  996 835 586  
AktivCo  86 295 341  
Baobab+  99 338 250  
Eco-Nor 8 101 752  
Evolution Fund II (Through KNI)  132 028 866  
FEI - Facility for Energy Inclusion  176 515 019   
  IP/C/R/TTI/NOR/4  
 
- 11 - Name of programme or project  Clean Energy projects (Norfund)  
Globeleq  2 086 652 644  
Greenlight Planet  128 528 932  
ICCF 328 287 244  
Klinchenberg  1 566 204 138  
Metier Sustainable Capital Fund II  175 280 400  
M-Kopa 124 142 906  
Nam Sim  32 588 124  
New Africa Power 16 014 962  
responsAbility ACPF  105 357 598  
Schneider Electric Energy Access Asia  63 214 572  
Serengeti Energy  423 627 905  
SUSI Asia Energy Transition Fund (Through KNI)  67 396 423  
Total disbursed in 2021 per project:  
Agua Imara  505 607 183  
AktivCo  43 292 427  
Baobab+  50 569 048  
Eco-Nor 8 101 752  
Evolution Fund II (Through KNI)  462 082  
FEI - Facility for Energy Inclusion  4 916 054  
Globeleq  3 702 258  
Greenlight Planet 18 054 203  
ICCF 6 843 470  
Klinchenberg  1 566 198 188  
Metier Sustainable Capital Fund II  7 039 266 
M-Kopa 3 676 705  
Nam Sim  498 565  
New Africa Power  67 406  
responsAbility ACPF  3 542 291  
Schneider Electric Energy Access Asia  5 247 156  
Serengeti Energy 226 149 749  
SUSI Asia Energy Transition Fund (Through KNI) 447 170  
Field of technology   
Category of technology  Environmentally friendly or sustainable technology  
Output or impact  Description per project:  
Agua Imara . Agua Imara is a 100% subsidiary of Norfund which owns stakes in two hydropower companies: 
51% of Lunsemfwa Hydropower Company ( LHPC) in Zambia and 50.1% of Fountaintrade Hydropower Company 
(FHPC) in Panama. LHPC operates two hydropower plants totalling 56 MW and FHPC operates the 58 MW Bajo 
Frio hydropower plant. Both companies have energy projects under development.  
 
AktivCo  AktivCo is a subsidiary of Camusat Holding which provides energy service solutions to telecom 
towers owned by mobile network operators. AktivCo has incorporated five subsidiaries in Niger, Chad, Cote  
  IP/C/R/TTI/NOR/4  
 
- 12 - Name of programme or project  Clean Energy projects (Norfund)  
d'Ivoire, Cameroon, and Burkina Faso where the energy servic es are being provided. Norfund is providing loans 
to these subsidiaries together with the debt funds Facility for Energy Inclusion (FEI) and Africa Go Green (AGG) 
and the development finance institution Proparco.  
 
Baobab+  Baobab+ sells and finances a range  of energy and digital access solutions benefitting off -grid 
households and microentrepreneurs in West Africa and Madagascar. The company was founded in 2015 by the 
Baobab Group, a well -known MFI. Baobab+ currently has operations in Senegal, Côte d 'Ivoire,  Mali and 
Madagascar and has sold 200,000 solar home systems (SHS) and 60,000 smartphones and tablets to date. 
Baobab+ has recently started operations in DRC and Nigeria. Eco -Nor Eco-Nor is a subsidiary of EcoPower of Sri 
Lanka to own and operate small hyd ropower in developing countries. At establishment, the company has one 
asset under operation - the 5 MW Rwimi hydropower plant in Uganda with a pipeline of potential projects in 
several countries. Norfund has provided equity capital to finance the growth o f the company.  
 
Evolution Fund II (Through KNI)  Evolution II Fund is a fund managed by Inspired Evolution focusing on 
renewable energy generation as well as energy and resource efficiency in Sub -Saharan Africa. The fund is 
managed by Inspired Evolution. No rfund in a limited partner in the fund.  
 
FEI - Facility for Energy Inclusion  The Facility for Energy Inclusion (FEI) On -Grid Fund is a fund for providing 
debt to small -scale renewable energy projects in Africa. FEI On -Grid will support small -scale Independ ent Power 
Producers, captive power projects and mini -grids by providing a range of debt products. Norfund is an LP in the 
fund. 
 
Globeleq  Globeleq is a leading independent power producer in Africa. It develops, owns and operates power 
plants utilising vari ous technologies across the African continent. The company is head quartered in London and 
has operations in South Africa, Tanzania, Kenya, Cote d 'Ivoire and Cameroon. Norfund has a 30% ownership in 
Globeleq, CDC the remaining 70%. The company expects to d evelop, build and operate additional power plants 
across Sub -Saharan Africa.  
 
Greenlight Planet  Greenlight Planet is a pay -as-you-go energy provider to off -grid homes in Africa under the 
brand Sun King. The company provides electricity from solar systems t hrough mobile phone payments. Norfund 
has participated in a loan syndicate to finance the expansion of the business. ICCF  ICCF is a debt syndication 
facility providing debt finance to renewable energy and energy effeciency projects in developing countries.  
Members of the group include a number of European DFIs as well as EIB and AFD. The fund has successfully 
financed a number of power projects and has been through several rounds of increased capital commitments by 
its members. Norfund was a founding member  in 2010 and has contributed to each capital increase.  
 
Klinchenberg  Klinchenberg is a subsidiary of Norfund that is the vehicle for Norfund 's joint venture with Scatec 
for hydropower development in Africa. Together with Scatec the company owns a stake in the Bujagali 
hydropower asset in Uganda, and has a number of hydropower projects under development with local partners 
in Africa, including the 150 MW Ruzizi hydropower project in Rwanda/DRC, the 310 MW Mpatamanga hydropower 
project in Malawi and the 120 MW Volobe hydropower project in Madagascar.  
  
  IP/C/R/TTI/NOR/4  
 
- 13 - Name of programme or project  Clean Energy projects (Norfund)  
Metier Sustainable Capital Fund II  Metier Sustainable Capital Fund II is a fund focusing on renewable energy 
generation as well as energy and resource efficiency investments in Sub Saharan Africa. Norfun d is a limited 
partner in the Fund.  
 
M-Kopa M-KOPA Solar is a pay -as-you-go energy provider to off -grid homes in East Africa. The company, 
which is headquartered in Nairobi, provides electricity from solar systems through mobile phone payments. 
Norfund has  participated in a loan syndicate to finance the expansion of the business.  
 
Nam Sim  Nam Sim is a 9 MW hydropower project in Lao  PDR. Norfund has provided a senior loan to part 
finance the construction of the project. The project is under construction. Nor fund and Finnfund has taken over 
the shares from the original Sponsor and we now own 75% of the project.  
 
New Africa Power  Norfund has provided project development funding towards the development of a set of 
small hydropower projects in Zambia. This is a c o-operation between Norfund, ResponsAbility Renewable Energy 
Holdings (Kenya), and REH Group (South Africa). The aim is to develop a set of hydropower projects for 
submission to the GET FiT program being planned for Zambia.  
 
responsAbility ACPF  responsAbil ity Access to Clean Power Fund provides debt to companies supporting increased 
access to energy with a strong focus on Sub -Saharan Africa and South and Southeast Asia. Norfund is a limited 
partner in the Fund, which is managed by responsAbility.  
 
Schneider  Electric Energy Access Asia  Schneider Electric Energy Access Asia is an investment fund dedicated 
to early and growth stage ventures in the energy access segment in South and Southeast Asia. It is managed 
by Schneider Electric. Norfund is a founding inves tor in the fund. Serengeti Energy  Serengeti Energy Limited is 
a company with the aim to develop, construct and operate small -scale renewable energy projects in Africa. To 
date the company has invested in a number of hydropower and solar projects and has a number of projects 
under development. Norfund provided equity financing to fund the company 's growth as well as a bridge loan.  
SUSI Asia Energy Transition Fund (Through KNI)  SUSI Asia Energy Transition Fund is a private equity fund which 
invests in renewa ble energy projects primarily in the South East Asia region.  
Status of the programme or project  Current or in progress  
Duration and timing  Initial year of commitment per project:  
Agua Imara  2021 
AktivCo  2021 
Baobab+  2021 
Eco-Nor 2019 
Evolution Fund II (Through KNI)  2019 
FEI - Facility for Energy Inclusion  2019 
Globeleq  2014 
Greenlight  Planet  2019 
ICCF 2010 Klinchenberg  2021 
Metier Sustainable Capital Fund II  2019  
  IP/C/R/TTI/NOR/4  
 
- 14 - Name of programme or project  Clean Energy projects (Norfund)  
M-Kopa 2017 
Nam Sim  2011 
New Africa Power  2017 
responsAbility ACPF  2019 
Schneider Electric Energy Access Asia  2019 
Serengeti Energy  2017 
SUSI Asia Energy Transition Fund (Through KNI)  2021 
Website for further information   
Contact point for further information   
  
  IP/C/R/TTI/NOR/4  
 
- 15 - Name of programme or project  DFI - Development Finance Institution projects  
Objective or purpose  Contribute to development of profitable enterprises Financial inclusion is critical to support growth and job 
creation. When investing in banks, microfinance providers, and other financial institutions, Norfund focuses on 
locally owned financial institutions with good growth potential that are suited to creating and delivering valuable 
services. Close to NOK 390 million were disbursed to our direct investments in LDCs within the financial se ctor 
in 2021.  
Entity making the incentive available  Norfund  
Eligible enterprises or institutions in developed 
country Member  Private Sector Enterprises  
Beneficiary Member(s)  Angola; Benin; Burkina Faso; Burundi; Cambodia; Central African Republic; Chad; Congo; The Gambia; Guinea; 
Guinea -Bissau; Liberia; Madagascar; Malawi; Mozambique; Niger; Rwanda; Senegal; Sierra Leone; Tanzania; 
Togo; Uganda; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions  AfricInvest Financial  Inclusion Vehicle (FIVE) Arise B.V. Ecobank Transnational Incorporated (ETI) Hattha 
Kaksekar Ltd (HKL) NorFinance AS  
Nature of incentive measure  Risk capital  and expertise . Per project: AfricInvest Financial Inclusion Vehicle (FIVE)  Equity  Arise B.V. Equity 
Ecobank Transnational Incorporated (ETI)  Loans  Hattha Kaksekar Ltd (HKL)  Loans  NorFinance AS  Equity  
Financial implications  Total commitment in NOK:  
AfricInvest Financial Inclusion Vehicle (FIVE)  276 712 404  
Arise B.V.  2 813 875 508  
Ecobank Transnational Incorporated (ETI)  132 291 000  
Hattha Kaksekar Ltd (HKL)  198 436 500  
NorFinance AS  495 097 136  
Disbursed in 2021:  
AfricInvest Financial Inclusion Vehicle (FIVE)  21 406 155  
Arise B.V.  122 734 444  
Ecobank Transnational Incorporated (ETI ) 37 452 944  
Hattha Kaksekar Ltd (HKL)  179 670 000  
NorFinance AS  28 400 67  
Field of technology   
Category of technology  Other (Financial Institutions  )  
  IP/C/R/TTI/NOR/4  
 
- 16 - Name of programme or project  DFI - Development Finance Institution projects  
Output or impact  Description per project:  
AfricInvest Financial Inclusion Vehicle (FIVE) : AfricInvest Financial Inclusion Vehicle (FIVE) is a company 
targeting equity investments in Tier II and Tier III financial institutions in Africa. It is established and will be 
managed by AfricInvest, one of the leading private equity players in Africa. FI VE has by the fourth closing in May 
2019 raised EUR 82.5 million and in addition has received conditional commitments of another EUR 10 million 
each from FMO and Norfund. FIVE is seeking to raise EUR 120 million, with a long -term goal of raising a total of  
EUR 200 million. The company is structured as an Evergreen.  
 
Arise B.V.  "Arise is an investment and development company (banking platform): Arise takes and manages 
strategic minority stakes in Financial Service Providers in Sub Saharan Africa with the goal to develop these 
institutions into strong, operationally stable Financial Service Providers. The mission of the company is: To 
contribute to the economic growth in Sub -Saharan Africa and the prosperity of its people by increasing financial 
inclusion a nd employment, strengthening rural development and alleviating poverty. "  
 
Ecobank Transnational Incorporated (ETI)  ETI was founded in 1985 and progressively expanded its presence 
across 33 sub -Saharan Africa countries. The Group is organized around four g eographical regions: Francophone 
West Africa (UEMOA) where its has 38% of Group assets, Central, East, and Southern Africa (CESA) where it 
has 23% of Group assets, Nigeria (21%) and Anglophone West Africa (AWA) where it has 17% of Group assets. 
The Group r anks among the top -three banks, by assets, in 16 countries, with particularly strong franchises in its 
core West -African markets of UEMOA and AWA (mainly Ghana). Ecobank has a strong brand recognition through 
a substantial network of over 24 million custom ers served by some 14,000 employees and 690 branches across 
the continent.  
 
Hattha Kaksekar Ltd (HKL) : Founded  in 1994 as an NGO food project, HKL has grown into a leading mid -size 
microfinance institution ( "MFI") in Cambodia ( "the country "). HKL is Norfund 's equity investment in the 
microfinance sector in Cambodia. It is currently the 4th largest MFI in the count ry. We have sold our equity 
position in August 2016.  
 
NorFinance AS  NorFinance AS is a specialised investment company investing in the Financial Services 
sector in Africa. Norfund owns 49%in NorFinance along with KLP and Solbakken AS. NorFinance 's sole ass et is a 
shareholding of 15% in Arise B.V.  
Status of the programme or project  Current or in progress  
Duration and timing  Year of initial commitment per project:  
AfricInvest Financial Inclusion Vehicle (FIVE)  2018 
Arise B.V.  2016 
Ecobank Transnational Inco rporated (ETI)      2021 
Hattha Kaksekar Ltd (HKL)  2007 
NorFinance AS  2013 
Website for further information   
Contact point for further information    
  IP/C/R/TTI/NOR/4  
 
- 17 -  
Name of programme or project  DFI - Development Finance Institution projects  
Objective or purpose  Contribute to development of profitable enterprises  
In addition to direct investments, Norfund also invests in funds to reach more companies and other business 
areas. Norfund invests in private equity funds, small and medium -sized enterprises funds, and im pact/venture 
funds. By investing through local and regional funds, Norfund can reach enterprises that often have trouble 
getting finance from formal banks. In 2021, Norfund disbursed close to NOK 223 million to funds in LDCs.  
Entity making the incentive available  Norfund  
Eligible enterprises or institutions in developed 
country Member  Private Sector Enterprises  
Beneficiary Member(s)  Angola; Bangladesh; Cambodia; Congo; Lao People 's Democratic Republic; Liberia; Malawi; Myanmar; Rwanda; 
Senegal; Sierra Leone; Tanzania; Togo; Uganda; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions  ACI Motors Ltd Africa Health Fund (Aureos) African Rivers Fund III Agri -Vie II Ascent Rift Valley Fund II Ascent 
Rift Valley Fund Ltd Cambodia L ao PDR Myanmar Development Fund II Cambodia -Lao PDR Development Fund 
Cepheus Growth Capital Fund Fanisi Capital Fund II Frontier Fund II Myanmar Opportunities Fund II Navis CLMV 
Neoma Africa Fund Nordic Horn of Africa Opportunities Fund Novastar Ventures E ast Africa Fund Solon Capital 
Holdings Spear Africa Holding II Vantage Mezzanine Fund IV - USD Vantage Mezzanine Fund IV - ZAR 
Nature of incentive measure  Risk capital  and expertise  Per project:  
ACI Motors Ltd  Equity Africa Health Fund (Aureos)  Funds  
African Rivers Fund III  Funds  
Agri-Vie II  Funds  
Ascent Rift Valley Fund II  Funds  
Ascent Rift Valley Fund Ltd  Funds 
Cambodia Lao  PDR Myanmar Development Fund II  Funds  
Cambodia -Lao PDR Development Fund  Funds  
Cepheus Growth Capital Fund  Funds  
Fanisi Capital F und II  Funds  
Frontier Fund II  Funds  
Myanmar Opportunities Fund II  Funds  
Navis CLMV  Funds  
Neoma Africa Fund  Funds  
Nordic Horn of Africa Opportunities Fund  Funds  
Novastar Ventures East Africa Fund  Funds  
Solon Capital Holdings  Funds  
Spear Africa Holding II  Funds 
Vantage Mezzanine Fund IV - USD Funds  
Vantage Mezzanine Fund IV - ZAR Funds   
  IP/C/R/TTI/NOR/4  
 
- 18 - Name of programme or project  DFI - Development Finance Institution projects  
Financial implications  Commitment in NOK per project:  
ACI Motors Ltd  40 979 410  
Africa Health Fund (Aureos)  44 521 350  
African Rivers Fund III  132 158 928  
Agri-Vie II  130 424 468  
Ascent Rift Valley Fund II  87 869 220  
Ascent Rift Valley Fund Ltd  84 382 017  
Cambodia Lao  PDR Myanmar Development Fund II  93 341 881  
Cambodia -Lao PDR Development Fund  14 413 903  
Cepheus Growth Capital Fund  135 342 522  
Fanisi Capital Fund II  08 981 117 
Frontier Fund II  29 400 665  
Myanmar Opportunities Fund II  72 787 711  
Navis CLMV  216 821 160  
Neoma Africa Fund  71 936 021  
Nordic Horn of Africa Opportunities Fund  34 298 587  
Novastar Ventures East Africa Fund  83 096 109  
Solon Capital Holdings  35 030 000  
Spear Africa Holding II  66 664 068  
Vantage Mezzanine Fund IV - USD 211 687 789  
Vantage Mezzanine Fund IV - ZAR 49 833 174  
Disbursed in 2021 per project:  
ACI Motors Ltd  36 707 416  
Africa Health Fund (Aureos)  363 837  
African Rivers Fund III  74 605 789  
Agri-Vie II  5 504 359  
Ascent Rift Valley Fund II  2 511 018  
Ascent Rift Valley Fund Ltd  4 649 431  
Cambodia Laos Myanmar Development Fund II  6 388 033  
Cambodia -Lao PDR Development Fund  347 562  
Cepheus Growth Capital Fund  11 681 086  
Fanisi Capital Fund II  4 741 794  
Frontier Fund II  425 176  
Myanmar Opportunities Fund II  23 460 696  
Navis CLMV  28 989 206  
Neoma Africa Fund  183 325  
Nordic Horn of Africa Opportunities Fund  14 422 551  
Novastar Ventures East Africa Fund  497 654  
Solon Capital Holdings  2 133 450  
Spear Africa Holding II  4 690 450  
Vantage Mezzanine Fund IV - USD 118 149  
Vantage Mezzanine Fund IV - ZAR 174 410   
  IP/C/R/TTI/NOR/4  
 
- 19 - Name of programme or project  DFI - Development Finance Institution projects  
Field of technology  Funds  
Category of technology  Other (Funds)  
Output or impact  Description per project:  
 
ACI Motors Ltd : ACI Motors Limited is a Bangladesh -based agricultural equipment distributor and the sole 
manufacturer/distributor of Yamaha motorcycles in the country.  
Africa Health Fund (Aureos) : Africa Health Fund provides long term risk capital to private health -related 
businesse s in Africa. The fund has a specific bottom -of-the-pyramid orientation. The investment period has 
ended.  
 
African Rivers Fund III  The African River Fund III is an SME fund making debt investments in about 40 small 
companies in Uganda, DRC and Angola.  
 
Agri-Vie II  "Agri-Vie Fund II is an agri -business fund with a total size of USD 139,077,000 managed by Exeo 
capital. The geographical scope for the fund is Sub Saharan Africa and the investments are in the whole value 
chain of the agricultural and aquaculture sectors. " Ascent Rift Valley Fund II  Ascent Rift Valley Fund II is an 
East-African private equity fund operating in Kenya, Ethiopia & Uganda. The fund aims to invest between USD 
5-15m in SMEs with the potential of becoming regional champions.  
 
Ascent Rift  Valley Fund Ltd  "The Ascent Rift Valley Fund is an SME fund that is operating in East Africa and 
managed by Ascent Capital. The fund has a hands on approach with presence in Ethiopia, Kenya and Uganda, 
and is targeting an average deal size of approximatel y USD 3.5 million NORFUND is investor NO. 1 " 
 
Cambodia Lao  PDR Myanmar Development Fund II  Cambodia -Lao PDR-Myanmar Development Fund II 
(CLMDF II) is the successor fund to the Cambodia -Lao PDR Development Fund (CLDF) where Norfund was an 
anchor investor. T he fund is domiciled in Singapore and investing into Lao  DPR, Cambodia and Myanmar. Norfund 
is a key investor together with the Dutch Good Growth Fund (DGGF), FMO and Obviam. The fund manager will 
have on -the-ground presence in Cambodia and Myanmar, as wel l as Singapore  
 
Cambodia -Lao PDR Development Fund  Small PE fund for Cambodia and Lao  PDR, managed by EMI and 
launched in December 2009. Total capital of USD 19.6  million 
 
Cepheus Growth Capital Fund  Cepheus Growth Capital Fund is an investment fund founded by Ethiopian -
born partners with extensive local network and local PE experience. It targets export -oriented or import -
substituting SMEs, mainly within manufacturing, agro -processing and services.  
 
Fanisi Capital Fund II  The fund is the successor to Fanisi Venture Capital Fund, focusing on early -stage, 
growth and change -oriented SME opportunities in East Africa.  
  
  IP/C/R/TTI/NOR/4  
 
- 20 - Name of programme or project  DFI - Development Finance Institution projects  
Frontier Fund II  "Frontier II is the successor to Frontier Fund (Fund I), established in 2010. Norfund invested 
in Fund I along  with IFC, CDC, FMO, and Swedish private investors. Frontier Fund was the first PE fund in 
Bangladesh. Frontier II is an SME fund investing in small and medium enterprises in Bangladesh. " 
 
Myanmar Opportunities Fund II  Myanmar Opportunities Fund II (MOF I I) is a Yangon investment fund 
targeting SMEs in Myanmar. The fund is managed by Delta Capital, a manager backed by the SPA (Serge Pun 
Associates, part of the Yoma Group) and the Hong Kong based PE -firm Landmark Capital. The fund primarily 
focus on consume r products and services, technology and financial services.  
 
Navis CLMV  Navis CLMV is a fund set up to invest in Cambodia, Lao  PDR, Myanmar and Viet  Nam. 
 
Neoma Africa Fund  The fund has buillt a balanced portfolio of medium -sized enterprises across Africa and a 
variety of sectors, including several pan -African growth stories. Fund management was recently transferred to 
Actis.  
 
Nordic Horn of Africa Opportunities Fund  The Nordic Horn of Africa Opportunities Fund (the Fund) is an 
investment fund for Somalian SMEs. The Manager is Shuraako, a US -based fund manager and NGO with local 
presence across Somalia. Norfund is the initiator and anchor investor of the Fund and other investors will include 
Nordic DFIs. The Ministry of Foreign Affairs has funded a first los s component of USD 3 million.  
 
Novastar Ventures East Africa Fund  Novastar Ventures is a true venture fund of USD 80  million, targeting 
Ethiopia and Kenya.  
 
Solon Capital Holdings  Solon is a company investing in West -African markets with its main presence in 
Sierra Leone and Liberia. In addition, Solon has recently established itself in Ghana and the Ivory Coast. Solon 's 
portfolio includes four companies across transportation, education, property development and professional 
services.  
Spear Africa Holding I I "Spear Capital is a Norwegian PE -initiative with local African presence. The fund is 
targeting small and medium sized enterprises (SMEs) in Sub Saharan Africa. Spear Capital is almost fully funded 
by Norwegian investors. The first fund as closed in 2013.  The second fund, Spear Africa Fund II, is set up as a 
traditional PE fund with a term of 10 +1+1 years. Norfund is one of the key investors of this fund together with 
Holta Invest, Gjensidige Foundation and the Dutch Treasury Development Fund Triple Jump.  In total, these four 
investors have invested USD 37,5 million in Fund II. Spear 's total capital target for Fund II is USD 75 million. 
Fund II will be focused on SMEs in the fast -moving consumer goods sector. Primary geographic focus will be 
Zambia, Zimbab we, Malawi and South Africa. Norfund 's investment in Spear Capital Fund II will thereby 
contribute to supporting viable and commercially -driven SMEs in a market where the access to risk capital is 
scarce and the demand for capital is high. This investment is additional in the sense that it gives the fund 
opportunity to deploy capital to countries where other fund managers do not have a strong footprint. On top of 
that, Norfund 's support to Spear Capital has the potential to create increased interest from ev en more Nordic 
private investors.  
  
  IP/C/R/TTI/NOR/4  
 
- 21 - Name of programme or project  DFI - Development Finance Institution projects  
Vantage Mezzanine Fund IV - USD Vantage Mezzanine Fund IV is an investment Fund targeting high growth, 
mid-sized companies across Africa through mezzanine investment structures. The Manager, Vantage Capital, is 
an establi shed Fund Manager based in South Africa. Vantage 's first Mezzanine Fund was established in 2006 and 
Norfund has invested in Fund II.  
 
Vantage Mezzanine Fund IV - ZAR Vantage Mezzanine Fund IV is an investment Fund targeting high growth, 
mid-sized companies  across Africa through mezzanine investment structures. The Manager, Vantage Capital, is 
an established Fund Manager based in South Africa. Vantage 's first Mezzanine Fund was established in 2006 and 
Norfund has invested in Fund II.  
Status of the programme or project  Current or in progress  
Duration and timing  Initial year of commitment per project:  
ACI Motors Ltd  2021 
Africa Health Fund (Aureos)  2011 
African Rivers Fund III  2021 
Agri-Vie II  2017 
Ascent Rift Valley Fund II  2020 
Ascent Rift Valley Fund Ltd  2013 
Cambodia Lao  DPR Myanmar Development Fund II  2015 
Cambodia -Lao DPR Development Fund  2009 
Cepheus Growth Capital Fund  2018 
Fanisi Capital Fund II  2017 
Frontier Fund II  2016 
Myanmar Opportunities Fund II  2018 
Navis CLMV  2020 
Neoma Africa  Fund 2008 
Nordic Horn of Africa Opportunities Fund  2018 
Novastar Ventures East Africa Fund  2013 
Solon Capital Holdings  2020 
Spear Africa Holding II  2017 
Vantage Mezzanine Fund IV - USD 2021 
Vantage Mezzanine Fund IV - ZAR 2021 
Website for further information   
Contact point for further information   
  
  IP/C/R/TTI/NOR/4  
 
- 22 - Name of programme or project  Business development and support facility  
Objective or purpose  Norfund has a business development and support facility, which is financed by the Norwegian Ministry of Foreign 
Affairs (MFA) to support sustainable investments. The facility was established in 2000 based on a mutual 
recognition by MFA, Norad and Norfund of the need for technical and professional assistance (TA) in relation to 
investments in the private sect or in developing countries. The grants contribute to strengthening the 
developmental impacts of Norfund 's investment activities. In 2021, Norfund disbursed NOK 8.8 million to 45 
active projects. 12 of these projects are exclusively in LDCs, with a commitme nt of NOK 9.8 million. 5 projects 
in the portfolio had a regional reach but included LDCs as part of their target countries  
Entity making the incentive available  Norfund  
Eligible enterprises or institutions in developed 
country Member  Private sector enti ties 
Beneficiary Member(s)  Afghanistan; Angola; Bangladesh; Benin; Burkina Faso; Burundi; Cambodia; Central African Republic; Chad; 
Democratic Republic of the Congo; Djibouti; Guinea -Bissau; Lao People 's Democratic Republic; Lesotho; Liberia; 
Madagascar; Malawi; Mali; Mauritania; Mozambique; Myanmar; Nepal; Niger; Rwanda; Senegal; Sierra Leone; 
Solomon Islands; Togo; Uganda; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions  Marginpar Group Agri Vie Neo1 PVnoe Neo1 PVnoe Lilongwe Dairy (2001) Limited FES African Century Infrastructure Services 
Ltd. African Century Real Estates Ltd. Arise B.V. Advans MFI Myanmar Company Limited Yoma Bank Limited Scatec  
Nature of incentive measure  business development and support facility  
Financial implications  Total committed in NOK per project : 
Marginpar Group  1 237 000  
Agri Vie  102 000  
Neo1 PVnoe  255 000  
Neo1 PVnoe  474 000  
Lilongwe Dairy (2001) Limited  196 000  
FES 1 266 000  
African Century Infrastructure Services Ltd.  289 000  
African Century Real Estates Ltd.  724 000  
Arise B.V.  2 172 000  
Advans MFI Myanmar Company Limited  1 422 000  
Yoma Bank Limited  924 000  
Scatec  745 000  
Field of technology   
Category of technology  Other (business development)   
  IP/C/R/TTI/NOR/4  
 
- 23 - Name of programme or project  Business development and support facility  
Output or impact  Digitisation is one of the priorities for Business Support and as a result of the pandemic, 2021 continued to see 
an increase for these kinds of projects. Capacity building on Environmental, Social and Governance has also 
been one of the key priorities of the facility during 2021 and there has been high demand from investees in 
LDCs. Through the facility Norfund have co -funded external expertise assisting companies in building their 
internal capacity on these issues.  
Status of the programme or project  Current or in progress  
Duration and timing   
Website for further information   
Contact point for further information   
  
  IP/C/R/TTI/NOR/4  
 
- 24 - Name of programme or project  Pre-investment support  
Objective or purpose  The facilities for pre -investment support are application -based and untied. The main users are Norwegian 
enterprises, but foreign enterprises are welcome to apply. The schemes are open for all kinds of technology 
transfer, but priority is given to investments in renewable energy, agriculture (particul arly climate -resilient 
agriculture in Africa), information and communication technologies (ICT) as well as the marine and maritime 
sectors. Technical assistance is the main mode of technology transfer, but the schemes also include investments 
in basic infr astructure. The financing facilities are fully utilized every year. The purpose of the Norad facilities 
for pre -investment support is to encourage firms to invest in developing countries and LDCs. The support 
schemes intend to pave the way for long -term co mmercially viable investments through financial support for 
risk-reducing measures and/or measures that promote the sustainability and feasibility of private investment 
projects. The facilities promote cooperation, including cooperation relating to transfe r of technology, through 
the support of feasibility studies for establishing joint ventures or foreign subsidiaries, training to strengthen 
the local staff and management of joint ventures or companies that are owned wholly or partially by one or 
more fore ign companies, investments in basic environmental infrastructure and basic infrastructure (road, 
water/sanitation, electricity, and telecommunication). The additionality of Norad 's support to individual 
companies has been in helping direct investment towar ds countries and regions where companies would not 
necessarily have invested otherwise, due to lack of contact to facilitate implementation and risk, among other 
reasons. The purpose of the facility is also to facilitate and promote job creation, in partic ular for women and 
youths.  Supported projects are usually completed between one to three years. Disbursements to LDCs for this 
facility in 2020 are listed in Table 1. The Norad facilities for pre -investment support have a special window for 
renewable ener gy investments, also listed in Table 1.  
Entity making the incentive available  Norad  
Eligible enterprises or institutions in developed 
country Member  The main users are Norwegian enterprises, but foreign enterprises are welcome to apply.  
Beneficiary Member(s)  Afghanistan; Angola; Bangladesh; Benin; Burkina Faso; Burundi; Cambodia; Central African Republic; Chad; 
Democratic Republic of the Congo; Djibouti; The Gambia; Guinea; Guinea -Bissau; Haiti; Lao People 's 
Democratic Republic; Lesotho; Liberia; Madagascar; Malawi; Mali; Mauritania; Mozambique; Myanmar; Nepal; 
Niger; Rwanda; Senegal; Sierra Leone; Solomon Islands; Tanzania; Togo; Uganda; Yemen; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions   
Nature of incentive measure  The purpose of the Norad facilities for pre -investment support is to encourage firms to invest in developing 
countries and LDCs. The support schemes intend to pave the way for long -term commercially viable investments 
through financial su pport for risk -reducing measures and/or measures that promote the sustainability and 
feasibility of private investment projects. The facilities promote cooperation, including cooperation relating to 
transfer of technology, through the support of feasibilit y studies for establishing joint ventures or foreign 
subsidiaries, training to strengthen the local staff and management of joint ventures or companies that are 
owned wholly or partially by one or more foreign companies, investments in basic environmental infrastructure 
and basic infrastructure (road, water/sanitation, electricity, and telecommunication).  
Financial implications    
  IP/C/R/TTI/NOR/4  
 
- 25 - Name of programme or project  Pre-investment support  
Field of technology   
Category of technology  Other  
Output or impact   
Status of the programme or project  Current or in progress  
Duration and timing   
Website for further information  https://www.norad.no/en/front/  
Contact point for further information   
  
  IP/C/R/TTI/NOR/4  
 
- 26 - Name of programme or project  Renewable Energy (Norad)  
Objective or purpose  Within Norad 's support to Renewable Energy the aim is to increase access to renewable energy in developing 
countries, contribute to private sector development, and create jobs. Norad 's support to renewable energy 
focuses on areas where Norway has a special expertise to offer and mobilizes private capital and competence in 
areas such as hydropower, so lar, wind and bioenergy.  
Entity making the incentive available  Norad  
Eligible enterprises or institutions in developed 
country Member   
Beneficiary Member(s)  Afghanistan; Angola; Bangladesh; Benin; Burkina Faso; Burundi; Cambodia; Central African Republi c; Chad; 
Democratic Republic of the Congo; Djibouti; The Gambia; Guinea; Guinea -Bissau; Haiti; Lao People 's Democratic 
Republic; Lesotho; Liberia; Madagascar; Malawi; Mali; Mauritania; Mozambique; Myanmar; Nepal; Niger; 
Rwanda; Senegal; Sierra Leone; Solom on Islands; Tanzania; Togo; Uganda; Yemen; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions   
Nature of incentive measure  Within Norad 's support to Renewable Energy the aim is to increase access to renewable energy in developing 
countries, contribute to private sector development, and create jobs. Norad 's support to renewable energy 
focuses on areas where Norway has a special expertise to offer and mobilizes private capital and competence in 
areas such as hydropower, so lar, wind and bioenergy.  
Financial implications   
Field of technology   
Category of technology  Environmentally friendly or sustainable technology  
Output or impact   
Status of the programme or project  Current or in progress  
Duration and timing   
Website for further information  https://www.norad.no/en/front/  
Contact point for further information   
  
  IP/C/R/TTI/NOR/4  
 
- 27 - Name of programme or project  Strategic partnerships  
Objective or purpose  Norad has introduced an instrument called strategic partnerships. The grant scheme aims to stimulate to a 
business climate that promotes private sector development in the developing countries, including strategic 
partnerships with private enterprises and non -commercial organizations. Private enterprises and noncommercial 
organizations that joint ly address specific weaknesses in value chains in developing countries are particularly 
prioritized, but vocational training is also a focus area. The facility is application -based and untied. In the most 
recent application round, projects in Ethiopia, Tan zania, and Uganda were granted support. The sectors 
prioritised for technology transfer are agriculture and agro -processing, information and communication 
technology (ICT), and fish and marine resources. The supported projects are multi -year, usually betwe en three 
and five years. Disbursements to LDCs for this facility in 2021 are listed in Table 2.  
Entity making the incentive available  Norad  
Eligible enterprises or institutions in developed 
country Member   
Beneficiary Member(s)  Afghanistan; Angola; Bang ladesh; Benin; Burkina Faso; Burundi; Cambodia; Central African Republic; Chad; 
Democratic Republic of the Congo; Djibouti; The Gambia; Guinea; Guinea -Bissau; Haiti; Lao People 's Democratic 
Republic; Lesotho; Liberia; Madagascar; Malawi; Mali; Mauritania; Mozambique; Myanmar; Nepal; Niger; 
Rwanda; Senegal; Sierra Leone; Solomon Islands; Tanzania; Togo; Uganda; Yemen; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions   
Nature of incentive measure   
Financial implications   
Field of technology   
Category of technology  Food and agriculture; Information and communications technology  
Output or impact   
Status of the programme or project  Current or in progress  
Duration and timing   
Website for further information  https://www.norad.no/en/front/  
Contact point for further information   
  
  IP/C/R/TTI/NOR/4  
 
- 28 - Name of programme or project  The Norwegian Oil for Development Programme (OfD)  
Objective or purpose  The Norwegian Oil for Development Programme (OfD) aimed at assisting developing countries and LDCs, upon 
their request, in their efforts to manage petroleum resources in a way that ge nerates economic growth and 
promotes welfare of the whole population in an environmentally sustainable way. The Oil for Development 
Programme is engaged in several other initiatives, either directly or via other donors and implementing partners. 
The Govern ment of Norway has decided to phase out the OfD programme within 2024, in order to give priority 
to greener development projects.  
Entity making the incentive available  Norad  
Eligible enterprises or institutions in developed 
country Member   
Beneficiary Member(s)  Afghanistan; Angola; Bangladesh; Benin; Burkina Faso; Burundi; Cambodia; Central African Republic; Chad; 
Democratic Republic of the Congo; Djibouti; The Gambia; Guinea; Guinea -Bissau; Haiti; Lao People 's Democratic 
Republic; Lesotho; Liberia; Mad agascar; Malawi; Mali; Mauritania; Mozambique; Myanmar; Nepal; Niger; 
Rwanda; Senegal; Sierra Leone; Solomon Islands; Tanzania; Togo; Uganda; Yemen; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions   
Nature of incentive measure   
Financial implications   
Field of technology   
Category of technology  Other (manage petroleum resources)  
Output or impact   
Status of the programme or project  Current or in progress  
Duration and timing  Project is set to phase out within 2024.  
Website for further information  https://www.norad.no/en/front/  
Contact point for further information   
  
  IP/C/R/TTI/NOR/4  
 
- 29 - Name of programme or project  Development cooperation in fisheries and aquaculture  
Objective or purpose  Within Norwegian development cooperation in fisheries and aquaculture, one aim is to introduce appropriate technology 
and systems, and over time ensure that these are operated as intended. Norway has supporte d the Nansen Programme 
for more than 40 years. One central element in the programme is the research vessel "Dr. Fridtjof Nansen ". The 
programme aims at gathering information about the marine resources and environment, and support developing 
countries and L DCs in utilizing these data for improved management of their marine resources.  
Entity making the incentive available  Norad  
Eligible enterprises or institutions in developed 
country Member   
Beneficiary Member(s)  Afghanistan; Angola; Bangladesh; Benin; Burkina Faso; Burundi; Cambodia; Central African Republic; Chad; 
Democratic Republic of the Congo; Djibouti; The Gambia; Guinea; Guinea -Bissau; Haiti; Lao People 's 
Democratic Republic; Lesotho; Liberia; Madagascar; Malawi; Mali; Mauritan ia; Mozambique; Myanmar; Nepal; 
Niger; Rwanda; Senegal; Sierra Leone; Solomon Islands; Tanzania; Togo; Uganda; Yemen; Zambia  
Beneficiary Observer(s)   
Beneficiary enterprises or institutions   
Nature of incentive measure   
Financial implications   
Field of technology   
Category of technology  Environmentally friendly or sustainable technology; Food and agriculture  
Output or impact  Since 1990 the programme has mainly been operating in the coastal states of Africa, including LDCs like Angola, 
Benin, Congo DRC, The Gambia, Guinea, Guinea Bissau, Liberia, Madagascar, Mauritania, Mozambique, Senegal, 
Sierra Leone and Tanzania. The programme has also conducted surveys in Bay of Bengal, including LDCs like 
Myanmar and Bangladesh. Scient ists and managers take part in the planning and operation of the surveys, as 
well as post -survey work. The participants learn about instruments and techniques to measure the size and 
composition of fish stocks as well as identification of other organisms i n the ocean. Physical parameters of the 
marine environment are measured continuously. The results are analysed and formulated as basis for 
management decisions. With time series that are developed, information can be achieved about changes and 
trends in th e marine environment and its resources. The data collected are the property of the country in 
question. The Food and Agriculture Organization of the UN (FAO) manages the programme. The Institute of 
Marine Research in Norway provides scientific expertise.  
Status of the programme or project  Current or in progress  
Duration and timing   
Website for further information  https://www.norad.no/en/front/  
Contact point for further information   
__________