IP/C/R/TTI/NOR/4  
16 de octubre  de 2023 
(23-6965) Página: 1/29 
Consejo de los Aspectos de los Derechos de Propiedad 
Intelectual relacionados con el Comercio  Original:  inglés  
 
  
INFORME SOBRE LA APLICACIÓN DEL ARTÍC ULO 66.2 
DEL ACUERDO SOBRE LOS ADPIC  
NORUEGA  
La siguiente comunicación de la delegación de Noruega, de fecha 28 de septiembre de 2023, se 
distribuye de conformidad con el párrafo 1 de la Decisión relativa a la aplicación del artículo 66.2 del 
Acuerdo sobre los ADPIC (documento IP/C/28 ). 
 
_______________  
 
 
1  INTRODUCCIÓN  
1.  El artículo 66.2 del Acuerdo sobre los ADPIC estipula que los países desarrollados  Miembros 
ofrecerán a las empresas e instituciones de su territorio incentivos destinados a fomentar y propiciar 
la transferencia de tecnología a los países menos adelantados (PMA) Miembros, con el fin de que 
estos puedan establecer una base tecnológica só lida y viable . En la presente nota se proporciona 
información actualizada sobre los mecanismos pertinentes que ofrecen la Agencia Noruega de 
Cooperación para el Desarrollo (Norad) y el Fondo Noruego de Inversión en favor de los Países en 
Desarrollo (Norfun d). 
2.  Los PMA pueden ser beneficiarios de los planes de incentivos de la Norad y el Norfund, al igual 
que los demás países en desarrollo.  
2  AGENCIA NORUEGA DE COOPERACIÓN PARA EL DESARROLLO (NORAD)  
3.  La Norad es una dirección general que depende del Ministerio d e Relaciones Exteriores de 
Noruega y se encarga de garantizar la calidad de la cooperación para el desarrollo del país . También 
administra varios programas de donaciones para fines específicos, por ejemplo, el desarrollo del 
sector privado . Ofrece incentiv os para la transferencia de tecnología a los PMA a través de sus 
mecanismos de apoyo a la preinversión, asociaciones estratégicas, el banco de conocimientos de la 
Norad y su cooperación técnica por medio de programas de conocimientos como los siguientes : 
Petróleo para el Desarrollo , Pesca para el Desarrollo , Océanos para el Desarrollo, Impuestos para el 
Desarrollo, Digitalización para el Desarrollo, Cooperación en materia de Estadísticas y Registros, 
Agricultura para el Desarrollo y Energía para el Desarro llo. En el marco de estos Programas se han 
concluido más de un centenar de acuerdos con Gobiernos, instituciones de investigación, ONG y 
organizaciones multilaterales . Muchos otros programas que cuentan con el respaldo de la Norad 
integran asimismo element os de transferencia de tecnología.  
4.  Para beneficiarse de los mecanismos de apoyo a la preinversión, que no están vinculados, es 
necesario presentar previamente una solicitud . Los principales usuarios son empresas noruegas, 
pero también se aceptan solicitude s de empresas extranjeras . Los planes están abiertos a todo tipo 
de transferencia de tecnología, aunque desde 2022 se da prioridad a las inversiones en las energías 
renovables . La asistencia técnica es la principal forma de transferencia de tecnología, per o los planes 
también incluyen inversiones en infraestructura básica . La financiación disponible se utiliza en su 
totalidad cada año.  IP/C/R/TTI/NOR/4  
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  5.  El propósito de los mecanismos de apoyo a la preinversión de la Norad es animar a las empresas 
a invertir en los países en desarrollo y PMA . Los programas de ayuda tienen por objeto preparar el 
terreno para que se puedan realizar inversiones a largo plazo que sean viables desde un punto de 
vista comercial, prestando apoyo financiero para la adopción de medidas destin adas a reducir el 
riesgo y/o de medidas que favorezcan la sostenibilidad y viabilidad de los proyectos de inversión 
privada . Esos mecanismos fomentan la cooperación, incluida la relacionada con la transferencia de 
tecnología, apoyando la realización de est udios de viabilidad con miras a crear empresas conjuntas 
o filiales en el extranjero, la formación destinada a fortalecer el personal y la gestión locales de las 
empresas conjuntas o de las sociedades que pertenecen total o parcialmente a una o varias 
empresas extranjeras y las inversiones en infraestructura ambiental básica y en infraestructura 
básica (carreteras, agua/alcantarillado, electricidad y telecomunicaciones) . El valor añadido de la 
ayuda prestada por la Norad a empresas concretas radica en haber  contribuido a orientar las 
inversiones hacia países y regiones en los que, de otro modo, las empresas no habrían invertido 
necesariamente, debido, entre otras cosas, a la falta de contactos que faciliten la realización de 
inversiones y la asunción de ries gos. El objetivo del mecanismo es también facilitar y promover la 
creación de empleo, en particular para las mujeres y los jóvenes . Por lo general, los proyectos objeto 
de apoyo se llevan a término en un plazo de entre uno y tres años . En el cuadro 1 figur an los 
desembolsos a los PMA realizados en  2021 en el marco de este mecanismo . Los mecanismos de 
apoyo a la preinversión de la Norad incluyen una ventanilla especial para las inversiones en energías 
renovables, que también figuran en el cuadro  1. 
Cuadro 1 : Desembolsos realizados en el marco del apoyo a la preinversión para que las 
empresas inviertan en países en desarrollo y PMA (en NOK)  
País beneficiario  Sector del CAD  Subsector del CAD  2022 
Colombia  140 Abastecimiento de agua y 
saneamiento  21 - Suministro de agua -sistema 
de envergadura  8.790  
Colombia  220 Com unicaciones  40 - Tecnologías de la información 
y de la comunicación (TIC)  1.500.000  
Colombia  160 Ot ros servicios e 
infraestructuras sociales  20 - Política de empleo y gestión 
administrativa  750.000 
Colombia  311 Agricultur a 62 - Cultivos industriales 
destinados a la exportación  1.000.000 
Etiopía  321 - Industria  62 - Industrias forestales  261.044  
Ghana  313 - Pesca  20 - Desarrollo pesquero  181.500  
India  321 Industria  67 - Fabricación de productos 
energéticos  379.150  
India  140 Abastecimiento de agua y 
saneamiento  22 - Depuración de agua -sistema 
de envergadura  641.227  
Indonesia  220 Comunicaciones  40 - Tecnologías de la información 
y de la comunicación (TIC)  043.059  
Sri Lanka  220 Comunicaciones  40 - Tecnologías de la información 
y de la comunicación (TIC)  439.015  
Myanmar  313 Pesca  20 - Desarrollo pesquero  587.008  
Myanmar  321 Industria  61 - Agroindustrias  77.845  
Nigeria  220 Comunicaciones  40 - Tecnologías de la información 
y de la comunicación (TIC)  930.242  
Sudáfrica  140 Abastecimiento de agua y 
saneamiento  21 - Suministro de agua -sistema 
de envergadura  118.593  
Rwanda  313 Pesca  20 - Desarrollo pesquero  332.491  
Viet Nam  220 Comunicaciones  40 - Tecnologías de la información 
y de la comunicación (TIC)  1.036.024  
Uganda  311 Agricultura  93 - Servicios financieros agrícolas  512.033  
Camer ún 232 Generación de energía,  
fuentes  renovables  31 - Energía  solar para redes 
aisladas y sistemas autónomos  469.008  
Ghana  321 Industria  74 - Fabricación de aparatos de 
cocina limpios  1.847.189  
Indonesia  232 Generación de energía,  
fuentes  renovables  20 - Centrales hidroeléctricas  3.181.210  
Kenya  321 Industria  73 - Fabricación moderna de 
biocombustibles  240.683  
Madagascar  232 Generación de energía,  
fuentes  renovable s 20 - Centrales hidroeléctricas  4.517.868  
Malawi  232 - Generación de energía, 
fuentes renovables  20 - Centrales hidroeléctricas  4.444.074  
Myanmar  232 - Generación de energía, 
fuentes renovables  20 - Centrales hidroeléctricas  361.251  IP/C/R/TTI/NOR/4  
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  País beneficiario  Sector del CAD  Subsector del CAD  2022 
Rwanda, total  232 - Generación de energía, 
fuentes renovables  20 - Centrales hidroeléctricas  34.843.128  
Sudán del Sur  232 - Generación de energía, 
fuentes renovables  31 - Energía  solar para redes 
aisladas y sistemas autónomos  715.595  
Tanzanía  232 - Generación de energía, 
fuentes renovables  40 - Energía eólica  583.446  
Viet Nam  232 - Generación de energía, 
fuentes renovables  40 - Energía eólica  5.000.000  
Total    67.001.472  
6.  El apoyo de la Norad en la esfera de las energías renovables tiene el propósito de mejorar el 
acceso a estas energías en los países en desarrollo, contribuir al desarrollo del sector privado y crear 
empleo . Se centra en áreas en las que Noruega  puede ofrecer conocimientos especializados y 
moviliza capital privado y competencias en esferas como la energía hidroeléctrica, la energía solar, 
la energía eólica y la bioenergía.  
7.  La Norad ha introducido además un instrumento denominado "asociaciones est ratégicas" . 
El programa de donaciones tiene por objeto fomentar un entorno empresarial que promueva el 
desarrollo del sector privado en los países en desarrollo, entre otros medios, mediante asociaciones 
estratégicas con empresas privadas y organizaciones sin fines de lucro . Aunque se concede especial 
prioridad a las empresas privadas y organizaciones sin fines de lucro cuya finalidad es subsanar 
conjuntamente deficiencias específicas de las cadenas de valor en los países en desarrollo, la 
formación profesi onal también constituye un ámbito de interés . Para beneficiarse del mecanismo, 
que no está vinculado, es necesario presentar previamente una solicitud . En la última ronda de 
solicitudes se concedió apoyo a proyectos en Etiopía, Tanzanía y Uganda . Los secto res considerados 
prioritarios para la transferencia de tecnología son la agricultura y la elaboración de productos 
agrícolas, las TIC y los recursos pesqueros y marinos . Los proyectos objeto de apoyo son plurianuales 
y, por lo general, se desarrollan en un  plazo de entre tres y cinco años . En el cuadro 2 figuran los 
desembolsos a los PMA realizados en 202 2 en el marco de este mecanismo.  
Cuadro 2 : Desembolsos realizados en el marco del programa de donaciones para las 
asociaciones estratégicas (en NOK)  
País beneficiario  Sector del CAD  Subsector del CAD  2022 
Etiopía  321 - Industria  30 - Desarrollo de las pymes  5.600.000  
Etiopía  311 - Agricultura  50 - Insumos agrícolas  3.398.000  
Etiopía  311 - Agricultura  20 - Desarrollo agrícola  8.701.716  
Ghana  311 - Agricultura  62 - Cultivos industriales 
destinados a la exportación  6.253.049  
Kenya  321 - Industria  73 - Fabricación moderna de 
biocombustibles  835.288  
Kenya  311 - Agricultura  20 - Desarrollo agrícola  5.200.000  
Mozambique  311 - Agricultura  20 - Desarrollo agrícola  2.762.371  
Kenya  410 - Protección general del 
medio  ambiente  30 - Biodiversidad  3.231.242  
Tanzanía  311 - Agricultura  20 - Desarrollo agrícola  1.586.011  
Uganda  311 - Agricultura  20 - Desarrollo agrícola  1.290.000  
Uganda  311 - Agricultura  20 - Desarrollo agrícola  3.928.900  
8.  El programa noruego Petróleo para el Desarrollo tiene por objeto ayudar a los países en desarrollo 
y los PMA que lo soliciten a gestionar los recursos petroleros de tal forma que generen crecimiento 
económico  y promuevan el bienestar del conjunto de la población de manera ambientalmente 
sostenible . Este programa participa en otras iniciativas, ya sea directamente o a través de otros 
donantes y socios participantes en la aplicación . El Gobierno de Noruega ha decidido poner fin al 
programa Petróleo para el Desarrollo de manera gradual hasta 2024, con miras a dar prioridad a 
proyectos de desarrollo más ecológicos.  
9.  Una de las finalidades de las actividades de cooperación para el desarrollo de Noruega e n el 
sector de la pesca y la acuicultura es introducir la tecnología y los sistemas adecuados y lograr que 
se acaben utilizando de la manera prevista . Noruega lleva más de 40 años prestando apoyo 
al Programa Nansen, uno de cuyos elementos centrales es el b uque de investigación 
"Dr. Fridtjof  Nansen" . El objetivo del programa es recoger información sobre los recursos y el medio IP/C/R/TTI/NOR/4  
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  ambiente marinos y ayudar a los países en desarrollo y los PMA a utilizar esos datos para que 
gestionen mejor sus recursos marinos.  
10.  Desde 1990, el programa se ha ejecutado principalmente en los Estados costeros de África, 
entre ellos, varios PMA como Angola, Benin, Gambia, Guinea, Guinea -Bissau , Liberia, Madagascar, 
Mauritania, Mozambique, la República Democrática del Congo, el Senegal,  Sierra Leona y Tanzanía . 
En su marco también se han llevado a cabo encuestas en el Golfo de Bengala y en PMA como 
Myanmar y Bangladesh . Los científicos y los gestores participan en la planificación y ejecución de 
las encuestas y en los trabajos posteriore s. Los participantes adquieren conocimientos acerca de los 
instrumentos y técnicas de medición del volumen y la composición de las poblaciones de peces, así 
como de identificación de otros organismos marinos . Los parámetros físicos del medio marino se 
miden constantemente . Los resultados se analizan y utilizan como base para la adopción de las 
decisiones de gestión . La elaboración de series cronológicas permite obtener información acerca de 
los cambios y las tendencias en el medio y los recursos marinos . Los datos recogidos son propiedad 
del país de que se trate . La Organización de las Naciones Unidas para la Alimentación y la Agricultura 
(FAO) gestiona el programa . El Instituto de Investigación Marina de Noruega aporta los 
conocimientos científicos especial izados.  
3  FONDO NORUEGO DE INVERSIÓN EN FAVOR DE LOS PAÍSES EN DESARROLLO 
(NORFUND)  
3.1 Información acerca del Norfund  
11.  La finalidad del Norfund es contribuir al establecimiento de empresas comerciales sostenibles 
en los países en desarrollo aportando capital de riesgo y conocimientos especializados . El Norfund 
contribuye al desarrollo económico y a la creación de empleos sostenibles en países pobres mediante 
el fomento de empresas rentables (sobre todo en el ámbito de las energías limpias, la s finanzas y la 
agroindustria) y la transferencia de conocimientos y tecnología.  
12.  La región prioritaria para las inversiones del Norfund es África Subsahariana, aunque también 
se invierte en determinados países de Asia Sudoriental y Centroamérica . El Norfun d tiene presencia 
local y cuenta con oficinas y personal en todas las grandes regiones geográficas . Su propósito es 
que, como mínimo, el 33 % de su cartera de inversiones se destine a PMA y el 50 % a África 
Subsahariana, ya que padecen una grave escasez de c apital y conocimientos especializados . 
La proporción de los nuevos fondos asignados en 202 2 a los PMA ascendió a un total de NOK  1.000 
millones . Los fondos asignados a PMA ascendieron al 37% de la cartera total, muy por encima del 
objetivo fijado, del 33 %. 
13.  El Norfund concentra sus inversiones en las energías limpias, la agroindustria y la industria 
manufacturera, las infraestructuras verdes y las instituciones financieras . Se trata de sectores que 
ofrecen claras ventajas para el desarrollo y en los que se d an las condiciones necesarias para que el 
Norfund aporte conocimientos especializados de una calidad acorde con las exigencias 
internacionales . La asistencia del Norfund no está vinculada y no se requiere la cooperación con 
empresas noruegas.  
14.  El Norfund ap orta capital en forma de acciones y de títulos de deuda . Se da preferencia a las 
inversiones de capital, porque en la mayoría de los países en desarrollo las acciones son el tipo de 
capital necesario para las empresas que más escasea . La propiedad directa le permite ser un inversor 
con influencia y participar directamente en la gestión de las sociedades . Al tratarse de un inversor 
de capital, tiene una perspectiva a largo plazo de sus inversiones . Las transferencias de tecnología 
y de competencias forman pa rte integrante de las actividades de inversión del Norfund, tanto en lo 
que se refiere a la gestión operativa e industrial, como a las cuestiones relacionadas con la salud, la 
seguridad y el medio ambiente . El desarrollo de estos elementos es crucial para la misión de la 
organización.  
15.  El Norfund participa como socio activo en las empresas y los fondos en los que invierte y a 
menudo solicita ocupar puestos en los consejos de administración o en otros órganos decisorios, lo 
que le permite seguir de cerca las operaciones y, a largo plazo, influir en la adopción de las prácticas 
y normas de actuación . Con una perspectiva de participación de 4 a 10 años, el Norfund trabaja para 
crear una cultura empresarial orientada a la mejora continua de la gestión de las empr esas y de las 
normas ambientales y sociales . A veces se utilizan planes de acción para definir el curso a largo IP/C/R/TTI/NOR/4  
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  plazo que deben seguir las empresas para dejar de actuar según normas locales y ajustarse a normas 
internacionales.  
16.  El Norfund también tiene un mecanismo de desarrollo y apoyo a las empresas, financiado por 
el Ministerio de Relaciones Exteriores de Noruega (MFA), cuyo objetivo es respaldar las inversiones 
sostenibles . Dicho mecanismo fue establecido en 2000, porque el MFA, la Norad y el Norfund 
reconocieron de común acuerdo la necesidad de asistencia técnica y profesional (AT) para invertir 
en el sector privado de los países en desarrollo . Las donaciones contribuyen a acrecentar el efecto 
en términos de desarrollo de las actividades de inversión de l Norfund . En 202 2, el Norfund 
desembolsó NOK  13,74  millones a 4 8 proyectos activos . Quince de esos proyectos se aplicaron 
exclusivamente en PMA, con un compromiso de NOK  13,4 millones . Cinco proyectos de la cartera de 
inversiones tuvieron un alcance regional pero incluyeron PMA como parte de los países beneficiarios . 
La creación de capacidad en materia medioambiental, social y de gobernanza ha sido una de las 
principales prioridades del mecanismo durante 202 2 y una gran demanda por parte de la s empresas 
de PMA en las que se había invertido . A través de este mecanismo, el Norfund ha cofinanciado la 
prestación de asesoramiento externo gracias al cual se ha ayudado a las empresas a desarrollar su 
propia capacidad interna al respecto.  
3.2 Inversion es en la agroindustria y la industria manufacturera  
17.  En este sector, el Norfund se había comprometido a desembolsar en torno a NOK  185 millones 
hasta finales de 2022 destinados al funcionamiento de empresas de PMA en las que había realizado 
inversiones dire ctas. 
3.3 Inversiones en energías renovables  
18.  En el ámbito de las energías limpias, el Norfund está realizando varias inversiones que conllevan 
la transferencia de la tecnología más moderna a los países en desarrollo . En este sector , se 
comprometió a desemb olsar en 2022 NOK 2.610 millones destinados a empresas de PMA en las que 
se habían realizado inversiones.  
3.4 Inversiones en inclusión financiera  
19.  La inclusión financiera es crucial para respaldar el crecimiento y crear empleo . Al invertir en 
bancos, provee dores de microfinanciación y otras instituciones financieras, el Norfund prioriza las 
entidades financieras de propiedad nacional con buen potencial de crecimiento y capaces de generar 
y prestar servicios valiosos . En 202 2, se comprometió a desembolsar casi NOK  1.300 millones a PMA 
en concepto de inversiones directas en el sector financiero.  
20.  Además de realizar inversiones directas, el Norfund invierte en fondos destinados a más 
empresas y otras esferas de actividad, así como en fondos de capital privado, fo ndos dirigidos a 
pequeñas y medianas empresas (pymes) y fondos de riesgo/impacto . Al invertir a través de fondos 
locales y regionales, el Norfund puede llegar a empresas que a menudo tienen problemas para 
obtener financiación de los bancos formales . En 202 2, el Norfund se comprometió a desembolsar 
casi NOK  235,8 millones en concepto de fondos en PMA.  
   
  IP/C/R/TTI/NOR/4  
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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 Gr oup 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 En francés e inglés solamente.    
  IP/C/R/TTI/NOR/4  
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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 39 6 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 its 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 participat e along with the European Investment Bank (EIB). The 
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 L DCs. In addition to ensuring access 
to financing large 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 million, EU R 10 million, EUR 
10 million, EUR 10 million 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 -known 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 syste ms including water management solutions; and contracting 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 initiativ e 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 Uganda. It operates 
industrial facilities including two sawmills, three pole treatment plants and a briquetting plant. The company was 
established in 1995. Norfund has been an investor in Green Resources and Sa o Hill for many years. In 2018, due to   
  IP/C/R/TTI/NOR/4  
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Name of programme or project  Scalable Enterprises (Agribusiness and Manufacturing)  
financial challenges 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: K agera Sugar Limited is a sugar manufacturing company 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 product ion 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 nutrition.  
 
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 Af rican 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 mangos, 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 productio n. 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, j ob 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 Mozambique."  
 
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, agg regation 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 and aims to create over 2,000 permanent jobs and sustain another 10,000  jobs".  
Status of the programme or project  Current or in progress    
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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 furt her information   
Contact point for further information   
 
    
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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; Mauritania; 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 Fun d (Through KNI)  
Nature of incentive measure  Risk capital 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    
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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+ 5 0 569 048  
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 Zam bia 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 sub sidiary 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 d'Ivoire, Cameroon,   
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Name of programme or project  Clean Energy projects (Norfund)  
and Burkina Faso where the energy services 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 a nd 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 Ma dagascar 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 hydropower in d eveloping 
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 of the 
compan y. 
 
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. Norfund in a l imited 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 Independent Power Pr oducers, 
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 various 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 devel op, 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 throu gh 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. Mem bers 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.  
   
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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. Norfund is a limite d 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. Norfund and Finn fund 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 co -operation b etween 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  responsAbility 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 Ene rgy 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 investor in the fu nd. 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 pro jects 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 renewable energy pro jects 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   
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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 Ac cess Asia  2019 
Serengeti Energy  2017 
SUSI Asia Energy Transition Fund (Through KNI)  2021 
Website for further information   
Contact point for further information   
   
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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 sector in 2021.  
Entity making the incentive ava ilable  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 Incorporate d (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  )   
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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. FIVE 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 Ev ergreen.  
 
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,  
operat ionally 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 and employment, strengthening rural 
development and all eviating 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 geographical regions: Francophone West Africa 
(UEMOA) w here 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 ranks among 
the top -three banks, by assets, in 16 count ries, 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 customers served by some 14,000 employees and 690 branches a cross 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 country. 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 NorFinan ce along with KLP and Solbakken AS. NorFinance's sole asset 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 Incorporated (ETI)      2021 
Hattha Kaksekar Ltd (HKL)  2007 
NorFinance AS  2013 
Website for further information   
Contact point for further information   
   
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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 inve sts 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 2021, Norfund disbur sed 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 Lao 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 East 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 Fund 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  
Novast ar 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    
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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 Opportuniti es 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 P DR 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    
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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 businesses 
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 t he 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 h ands on approach with presence in Ethiopia, Kenya and Uganda, and is targeting an 
average deal size of approximately USD 3.5 million NORFUND is investor NO. 1"  
 
Cambodia Lao PDR Myanmar Development Fund II  Cambodia -Lao PDR -Myanmar Development Fund II (CLMD F II) 
is the successor fund to the Cambodia -Lao PDR Development Fund (CLDF) where Norfund was an anchor investor. The 
fund is domiciled in Singapore and investing into Lao DPR, Cambodia and Myanmar. Norfund is a key investor together 
with the Dutch Good Gr owth Fund (DGGF), FMO and Obviam. The fund manager will have on -the-ground presence in 
Cambodia and Myanmar, as well 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.  
 
Frontier Fund II  "Frontier II i s 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. "    
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Name of programme or project  DFI - Development Finance Institution projects  
Myanmar Opportunities Fund II  Myanmar Opportunities Fund II (MOF II) 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 consumer 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 F und 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 o ther investors will include Nordic DFIs. The Ministry of 
Foreign Affairs has funded a first loss 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 tr ansportation, education, property development and professional services.  
Spear Africa Holding II  "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 foc used on SMEs in the fast -
moving consumer goods sector. Primary geographic focus will be Zambia, Zimbabwe, 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 even more Nordic 
private investors.  
 
Vantage Mezzanine Fund IV - USD Vantage Mezzanine Fund IV is an investment Fund targeting high growth, mid -sized 
compan ies 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. 
   
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Name of programme or project  DFI - Development Finance Institution projects  
Vantage Mezzanine Fu nd 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 firs t 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 Mezz anine Fund IV - USD 2021 
Vantage Mezzanine Fund IV - ZAR 2021 
Website for further information   
Contact point for further information   
   
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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 
sector in developing countries. The grants contribute to strengthening the developmental impacts of Norfund's 
investment activities. In 2021, Norfund disbursed NOK 8.8 mi llion to 45 active projects. 12 of these projects are 
exclusively in LDCs, with a commitment 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 entities  
Beneficiary Member(s)  Afghanistan; Angola; Bangladesh; Benin; Burkina Faso; Burundi; Cambodia; Central African Republic; Chad; Democratic 
Republic of the Con go; 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)   
Benefi ciary 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 Limite d 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)    
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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   
   
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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 energ y 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 
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 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     
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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   
   
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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 ene rgy 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 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 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 enterp rises 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 renewabl e 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 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/fro nt/ 
Contact point for further information   
   
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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, 
Tanzania, 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; 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   
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   
   
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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; 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  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   
   
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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 supported the Nansen Programme for more 
than 40 years. O ne 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 LDCs in utilizing 
these data for improved managem ent 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; 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  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. Scientists and managers take part in the planning and operation of the surveys, a s 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 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 tim ing  
Website for further information  https://www.norad.no/en/front/  
Contact point for further information   
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