IP/C/W/656/Add.6  
 
10 October 2019  
(19-6573) Page: 1/15 
Council for Trade -Related Aspects of  
Intellectual Property Rights  Original: English   
 
REPORT ON THE IMPLEM ENTATION OF ARTICLE 66.2 
OF THE TRIPS AGREEME NT 
NORWAY  
Addendum  
The following communication, dated 27 September 2019 , from the delegation of Norway, is being 
circulated pursuant to paragraph 1 of the Decision on the Implementation of Article 66.2 of the 
TRIPS Agreement (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 purp ose of promoting and encouraging 
technology transfer to least  developed country Members in order to enable them to create a sound 
and viable technological base ". The present note provides an overview of the relevant facilities 
provided by the Norwegian Age ncy for Development Cooperation (Norad) and the Norwegian 
Investment Fund for Developing Countries (Norfund).  
2.  Least  developed countries are eligible for Norad and Norfund incentive schemes along with other 
developing countries.  
2  THE NORWEGIAN AGENCY  FOR D EVELOPMENT COOPERATI ON (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, am ong them is private sector development. Norad provides 
incentives for technology transfer to least  developed countries (LDCs) through its facilities for pre -
investment support, strategic partnerships, the Oil for Development programme and the Fish for 
Development programme. Many other NORAD programmes also include elements of technology 
transfer.  
4.  The facilities for pre -investment support are application -based and untied. The main users are 
Norwegian enterprises. The schemes are open for all kinds of technol ogy transfer, but priority is 
given to investments in renewable energy, agriculture (particularly 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 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 inves tment 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 in order to IP/C/W/656/Add.6  
 
- 2 - 
 
  strengthen the local staf f 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). 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. Disbursements to LDCs for this facility 
in 2018 are listed in table 1.  
6.  The Clean Energy for Development Initiative aims to increase access to renewable energy in 
developing countries. The Initiative has provided lasting results for millions  of people since it was 
started in 2007. The Initiative 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 bio -energy. 
The NORAD facilities for pre -investment support has a special window for renewable energy 
investments. Disbursements to LDCs for this facility in 2018 are also included in table 1.  
7.  Norad has also introduced a new instrument called strategic partnerships. Under this grant 
scheme, Norad supp orts projects where private enterprises and non -commercial organizations 
jointly address specific framework impediments in value chains in developing countries. The facility 
is application -based and untied. In the most recent application round, Ethiopia, M ozambique, Uganda 
and Malawi were prioritized LDC partner countries. The sectors prioritised for technology transfer 
were agriculture and agro -processing, information and communication technology (ICT), and fish 
and marine resources. Disbursements to LDCs for this facility in 2018 are listed in table 2.  
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 a n environmentally sustainable 
way. The Oil for Development Programme is engaged in a number of other initiatives, either directly 
or via other donors and implementing partners. Disbursements to LDCs for this facility in 2018 are 
listed in table 3.  
9.  Within N orwegian 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. One centra l 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 management of th eir marine resources.  
10.  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 a nd Tanzania. The programme has also over the 
years conducted three surveys in Myanmar. Scientists 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 m easure 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. Wi th 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) manag es the programme. The Institute of Marine Research 
in Norway provides scientific expertise.  
3  NORWEGIAN INVESTMENT  FUND FOR DEVELOPING  COUNTRIES ( NORFUND)  
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 profitable, 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. 33 % of our portfolio should be in LDCs and 50 % IP/C/W/656/Add.6  
 
- 3 - 
 
  in Africa. These are areas with a particular shortage of capital and expertise. Of new commitments 
in 2018, the LDC and Africa shares were 47 and 49 % respectively. This amounts to USD 188 million 
and USD 197 mill ion, respectively.  Of the total portfolio our commitment in LDCs are 41%, well 
above our target of 33%. Norfund has a local presence with offices and staff in all the main 
geographic areas.  
13.  Norfund has chosen to concentrate on investments in clean energy , food and agribusiness, and 
the financial sector. These are sectors with high developmental returns and where Norfund 's 
prerequisites for mobilizing expertise of international quality are good. Assistance from Norfund is 
untied and does not have to be in cooperation with Norwegian enterprises. Of the three core sectors, 
clean energy is the largest sector of investment, representing more than 50% of our total portfolio. 
Access to energy is a precondition for development and economic growth. Norfund invests in clean 
energy generation projects that increase energy supply, improve reliability and are sustainable 
sources of electricity.  
14.  Banks and microfinance institutions rely on access to debt and equity when expanding loans to 
their clients. Increased capital  also helps them to develop products, increase market reach, and pay 
for costly yet crucial capital investments. IT systems, for example, need to be of high quality, 
effective, well -managed, and ensure a high degree of security.  
15.  Food and agribusiness is a n important sector for poverty reduction through increased food 
production for local consumption and trade, as well as employment of both skilled and unskilled 
labour. Technology and competence transfers are an integral part of Norfund 's investment activit ies, 
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.  
16.  Norfund provides capital in the form og equity and debt. Preference is gi ven to equity 
investments because in most developing countries equity is the scarcest type of capital that 
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.  
17.  Norfund exercises active ownership in 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 operatio ns and the possibility of influencing practices and standards over time. Given 
an ownership 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 an d social 
standards. Action plans are sometimes used to stake out a long -term course for how companies 
should shift from operating according to local standards to using international standards.  
18.  Norfund also has a special business development and support sc heme, the Business Support, 
financed by the Norwegian Ministry of Foreign Affairs (MFA) to support sustainable investments. The 
Business Support was established in 2000 based on recognition by the MFA, Norad and Norfund of 
the need for technical and profes sional assistance in relation to investment in the private sector in 
developing countries. The grants contribute to strengthening the developmental impacts of Norfund 's 
investment activities. In 2018 Norfund initiated 18 business support interventions, whi ch of 57 % 
were in LDCs. Digitalization is one of the priorities in the Business Support strategies.  
19.  One example of a Business Support programme that was initiated in 2017 and will start up this 
year (2019) is a project to build an online aquaculture train ing program in relation to our portfolio 
company, African Century Foods, in Zimbabwe. The objective of the initiative is to increase access 
to skilled workers in a growing aquaculture industry in Southern Africa, and especially in Zimbabwe, 
through the dev elopment of an e -learning course on tilapia that will lay the foundation for an 
aquaculture program at a training institution in Zimbabwe. Skills development and vocational 
training is one of the strategic priorities for Norfund. In the aquaculture sector we see that there is 
an increasing demand for specialized skilled workers, but there is presently no functioning provider 
of high -quality education in the region. Bringing in Norwegian expertise on aquaculture to build the 
e-learning platform is an importa nt part of the project.  IP/C/W/656/Add.6  
 
- 4 - 
 
  Investments in food and agribusiness  
20.  Within the food and agribusiness sector Norfund in 2018 disbursed around USD 12 million to 
our directs investments in investees ' operations in LDCs. African agribusiness has development 
potentia l, both upstream and downstream in the value chain, but investments are needed in primary 
agriculture, food processing industries and infrastructure. Norfund is building a substantial portfolio 
in Africa 's food and agribusiness sector, including in aquacul ture. Our investments contribute to 
increased productivity and local value creation and help smallholder farmers and companies to gain 
access for their produce. Overview of Norfund 's investments in food and agribusiness with 
disbursements in LDCs in 2017 a nd 2018 is shown in table 4.  
Investments in clean energy  
21.  Within the field of clean energy, Norfund has several investments involving transfer of state-of-
the-art technologies to developing countries. More than USD 4 million were disbursed to investees 
within clean energy in LDCs in 2018. An example is our investment in Yoma Micropower in Myanmar. 
A pilot project was initiated in 2017 for the installation of solar tower systems to telecom towers, 
with the possibility of village power supply. After completio n of the pilot, a capital raise was done to 
scale up the project to rolling out approximately 250 power plants to mobile towers, and within that 
rollout 25 mini grids to nearby villages. State of the art distributed energy solutions will contribute 
to econ omic develop ment. If this rollout goes as planned, the concept can be scaled to a large part 
of the country. Overview of Norfund 's investments in clean energy with disbursements in LDC 's in 
2017 and/or 2018 is shown in table 5.  
Investments in the financia l sector  
22.  37% of all Norfund 's disbursements into the financial sector, including microfinance, went to 
operations in LDCs. When investing in banks, microfinance providers, and other financial institutions 
Norfund focuses on locally owned financial institut ions with good growth potential that are suited to 
creating and delivering valuable services. An example is the greenfield microfinance institution 
Advans Myanmar, which is providing simple and effective lending solutions to clients with little or no 
acces s to formal lending services. Advans Myanmar opened its first branch in April 2017 and aims 
to accelerate financial inclusion in its areas of operation in order to have a positive impact on long 
term economic and social development in Myanmar. Overview of Norfund 's equity investments in 
the financial sector with disbursements in LDC 's in 2017 and/or 2018 is shown in table 6.  
23.  In addition to direct investments, Norfund also invests in funds that focus on small and medium -
sized enterprises (SMEs). SMEs are imp ortant for local value creation and employment but is 
generally too small and too diverse for Norfund to invest in directly. By investing through local and 
regional funds, Norfund can reach enterprises that often have trouble getting finance from formal 
banks.  
 
 
_______________  
 
 
 
  
  IP/C/W/656/Add.6  
 
- 5 - ANNEX 1: ILLUSTRATIV E TABLES1 
The following six tables are provided to show concrete examples of disbursements to Least  developed countries from the Norwegian facilities described above. 
When reading them, keep in mind that transfer of technology may be one of several objectives that the facility/incentive is m eant to serve. The amounts below 
are in N orwegian Kroner (NOK), and should not be interpreted as support exclusively to technology transfer. Please note also that the re are some variations to 
the formats of the tables, due to different sources and reporting systems. For calculation purposes the e xchange rate was the following at the end of 2018 
(31 December): USD 1 = 8.69 NOK.  
Table 1: Norad 's facilities for pre -investment support  
Title of project/ programme incentive  Enterprise development for jobs  
Policy objective/purpose  To encourage firms to invest in developing countries and LDCs  
Funding agency  The Norwegian Agency for Development Cooperation (Norad)  
Actors eligible for support  Private companies  
Type of technology transfer  Privately owned technology related to investments within each sector mentioned below.  
Ongoing projects in LDCs (disbursements in NOK millions)  Recipient country  DAC Sub sector  2018  
 Bangladesh  Solar energy  1.9 
 Ethiopia  Textiles, leather and substitutes  0.3 
   Medical services  0.5 
   Solar energy  0.1 
 Lao PDR Hydro -electric power plants  0.2 
 Mozambique  Biofuel -fired power plants  0.8 
 Myanmar  Fishery development  0.8 
   Agricultural education and training  0.3 
   Hydro -electric power plants  3.9 
 Nepal  Solar energy  0.8 
 Rwanda  Hydro -electric power plants  3.1 
 
1 In English and French only.   
  IP/C/W/656/Add.6  
 
- 6 - Title of project/ programme incentive  Enterprise development for jobs  
 Recipient country  DAC Sub sector  2018  
 South Sudan  Solar energy  1.9 
 Tanzania  Information and communication 
technology (ICT)  0.2 
 Uganda  Information and communication 
technology (ICT)  1.4 
   Waste management/disposal  0.1 
   Hydro -electric power plants  0.9 
 Total    17.2 
 
   
  IP/C/W/656/Add.6  
 
- 7 - Table 2: Norad 's Strategic Partnerships  
Title of project/ programme incentive  Strategic partnership for strengthening framework conditions for the private sector  
Policy objective/purpose  To address specific bottlenecks in value chains in developing countries and LDCs  
Funding agency  The Norwegian Agency for Development Cooperation (Norad)  
Actors eligible for support  Non-commercial actors in cooperation with the private sector  
Type of technology transfer  Technology within the specific sectors listed below  
Ongoing projects in LDCs (disbursements in NOK millions)  Recipient country  DAC Sub sector  2018  
 Ethiopia  Agricultural development  2.6 
  SME development  9.4 
  Agricultural inputs  2.7 
 Myanmar  Food crop production  15.0 
 Mozambique  Agricultural development  4.1 
 Nepal  Vocational training  1.9 
 Tanzania  Agricultural development  2.9 
 Uganda  Industrial crops/export crops  2.0 
  Information and communication 
technology (ICT)  1.2 
  Agricultural development  6.3 
 Total    48.1 
 
   
  IP/C/W/656/Add.6  
 
- 8 - Table 3: Oil for Development Programme  
Title of project/ programme incentive  Oil for Development Programme  
Policy objective/purpose  To offer assistance to  developing countries in their effort to manage petroleum resources in a sustainable manner  
Funding agency  The Norwegian Agency for Development Cooperation (Norad)  
Actors eligible for support  Government institutions  
Type of technology transfer  Resource management, safety management, environmental management and revenue management within the petroleum 
sector.  
Ongoing projects in LDCs (disbursements in NOK 
millions)  Recipient country  2018 
 Angola  6.3 
 Mozambique  34.2 
 Myanmar  12.4 
 Somalia  2.7 
 South Sudan  7.1 
 Sudan  8.5 
 Tanzania  3.5 
 Uganda  5.4 
 Total  80.1 
 
   
  IP/C/W/656/Add.6  
 
- 9 - Table 4: Norfund 's investments in food and agribusiness with disbursement in LDCs in 2018  
(A short description of the investees is given below the table)  
Title of project /Programme incentive  DFI - Development Finance Institution  
Policy objective/purpose  Contribute to development of profitable enterprises  
Funding agency  Norfund  
Actors eligible for support  Private Sector Enterprises  
Field of Tech Transfer  Food and Agribusiness  
Type of Tech Transfer  Risk capital and expertise  
Ongoing projects in LDC 's 
(disbursements/commitments in NOK millions)  Country  Name of project  Sub sector  Disbursed 
in 2018  Total 
commitment  Type of 
capital  Year of 
initial 
commitment  
Ethiopia  Verde Beef  Meat 
production/processing  0 62.5 Equity  2017 
Malawi  Nyama World 
Malawi Ltd  Meat 
production/processing  7.9 22.0 Loan 2017 
Tanzania  Agrica  Primary agriculture  10.1 158.8  Equity/loan  2010 
Mozambique  Neofresh  Agriculture, forestry 
and fishing  18.0 28.3 Equity/loan  2017 
Ethiopia  Marginpar Group  Agriculture, forestry 
and fishing  8.2 11.2 Equity  2018 
Tanzania, Uganda  Green Resources  Forestry  47.5 202.7  Equity  2009 
Tanzania  Vertical Agro 
(Sunripe & 
Serengeti Fresh)  Agriculture, forestry 
and fishing  1.4 9.8 Loan 2014  
  IP/C/W/656/Add.6  
 
- 10 - Title of project /Programme incentive  DFI - Development Finance Institution  
South Sudan  Kinyeti Capital Ltd  Financial services  8.4 39.0 Equity/loan  2012 
A short description of the companies in table 4:  
Investee  Description  
Verde Beef, Ethiopia  A meat production and processing company. The injected equity was intended to further develop the important meat sector in Et hiopia to 
international standards, giving incomes to thousands more families and generating export earnings. Unfortunately,  the com pany is in distress and 
a process has been initiated to ensure continued operation. This underlines the significant risk of investing in developing c ountries.    
Nyama World, Malawi  A meat production and processing company. The loan will contribute to the  development of a modern Halaal certified abattoir and refrigerated 
transport services that will ensure proper slaughter, carcass preparation and preservation of meat and meat products.  
Agrica, Tanzania  Large scale rice and maize farm. Norfund 's investmen t has been deployed in the expansion of the farm, increase in processing and storage capacity, 
machines and equipment. Norfund sold its owner share in Agrica in 2019.  
Neofresh, Mozambique  Neofresh specialize in the production, packing and marketing of lit chi and papaya. The company has  professional skills and technology in sub -
tropical fruit production with operation in South Africa and from 2017 in Mozambique.  
 
Neofresh invests significantly in genetic research and development of new papaya varieties for in-house propagation. This has resulted in achieving 
high yielding, disease resistant and well -shaped varieties well -suited to the local climate, and in high market demand. With the capital injection the 
company will now be able to replicate  its technology  and professional skills in sub -tropical fruit production to Mozambique.  
Marginpar Group (Starbright 
Holding Ltd.)  
 Marginpar is one of the leading players in marketing and sales of summer flowers from Tanzania, Kenya, Ethiopia and Zimbabwe.  Beside its 
investment Norfund runs a business support program with focus on training and certification of out growers. Marginpar has as th e first companies 
in the world developed a process for instant freezing of Avocado and are now exporting frozen avocado to China.  
Green Resources  Green Resources is East Africa 's largest forest development and wood processing company. The company has 38,000 ha of standing forest in 
Mozambique, Tanzania and Uganda,  established through its own planting activities. It operates East Afr ica's largest sawmill in Tanzania and 
electricity pole and charcoal plants in Mozambique.  
Vertical Agro (Sunripe & 
Serengeti Fresh)  
 Vertical Agro Limited is one of the oldest horticulture exporters with presence in Kenya, Tanzania and Ethiopia. The three key business areas are: 
primary production of fruit and vegetables, packaging and marketing. Norfund loan facility allow Vertical Agro expand its pro duct range, improve 
yields and  providing market access to smallholder farmers.  
Kinyeti Capital Ltd.  Kinyeti Venture Capital is an investment company that makes risk capital investments in profitable enterprises in South Sudan . The company was 
established as a joint venture between Norfund and Swedfund. Today the South Sudanese import almost everything w hich is consumed in the 
capital Juba and in the rest of the country, and the potential for companies producing even the simplest consumer and agricul tural products are 
therefore great.  
 
   
  IP/C/W/656/Add.6  
 
- 11 - Table 5: Norfund 's investments in clean energy with disbursements in LDC 's in 2017 and/or 2018  
A short description of the investees is given below the table  
Title of project /Programme incentive  DFI - Development Finance Institution  
Policy objective/purpose  Contribute to development of profitable enterprises  
Funding agency  Norfund  
Actors eligible for support  Private Sector Enterprises  
Field of Tech Transfer  Clean Energy  
Type of Tech Transfer  Risk capital and expertise  
Ongoing projects in LDC 's 
(disbursements/commitments in NOK 
millions) Country  Name of project  Sub 
sector  Disbursed 
in 2018  Total 
commitment  Type of 
capital  Year of initial 
commitment  
Uganda  Rwimi EP Company Ltd  Hydro  2.7 32.8 Loan 2015 
Myanmar  Yoma Micropower  Solar 19.1 34.0 Equity  2017 
Lao PDR  Nam Sim Power Company Ltd  Hydro  2.4 33.1 Loans  2017 
Zambia  New Africa Power  Hydro  2.8 15.8 Equity  2017 
Uganda  M-kopa Solar 1.6 22.2 Loan 2017 
Mozambique  Central Solar de Mocuba S.A.  Solar 6.7 116.9  Equity/loan    
 
   
  IP/C/W/656/Add.6  
 
- 12 - A short description of the companies in table 5:  
Investee  Description  
Rwimi EP Company Ltd  Small Hydro Power Plant. The plant will contribute to more reliable electricity supply, one of the most critical factors for enterprises to develop. 
Norfund support the project with loans and expertise. The plant started operations I late 2017.  
Yoma Micr opower PD  See main text, under clean energy.  
Nam Sim Power Company  The power plant has a critical role to increase the electrification rate in Huapha region, the poorest in Lao PDR . Unfortunately, the operator has 
failed to meet their financial obligation s and the plant is not completed. This underline the high risk of operating in LCD -countries. Norfund 
together with other financial lenders are in process of finding a solution so the plant can be completed and operated as plan ned.   
New Africa Power  
 New Africa Power plans to exploit the country 's significant untapped hydropower resources by developing a  65 MW portfolio of small -scale run -
of-the-river hydropower projects in Zambia, thereby ensuring alignment with the government 's economic and social de velopment programme.  
M-KOPA  M-KOPA Solar, headquartered in Nairobi, provides "pay-as-you-go" electricity from solar systems through mobile phone payments. Since its 
commercial launch in October 2012, M -KOPA has connected more than 750,000 homes in Kenya, Tanzania and Uganda to solar power and is 
the leading off grid "pay-as-you-go" electricity provider in East Africa. The main development effects relate to the improved electricity services 
for households not connected to or underserved by the national grid . 
Central Solar de Mocuba S.A.  The 40 MW plant is located close to the city of Mocuba in the Zambézia Province and is expected to deliver 77,000 MWh per yea r of much -
needed electricity to the northern regions of Mozambique. The plant will deliver power to  the national grid and produce enough energy to serve 
about 175 000 households. The 40 MW solar plant was in fully operational in June 2019.  
 
   
  IP/C/W/656/Add.6  
 
- 13 - Table 6: Norfund 's investments in Financial Institutions with disbursement in LDC 's in 2018  
Title of project /Programme incentive  DFI - Development Finance Institution  
Policy objective/purpose  Contribute to development of profitable enterprises  
Funding agency  Norfund  
Actors eligible for support  Private Sector Enterprises  
Field of Tech Transfer  Financial Institutions  
Type of Tech Transfer  Risk capital and expertise  
Ongoing projects in LDC 's with 
disbursement in 2017 and/or 2018 
(disbursements/commitments in NOK 
millions)  Country  Name of 
project  Sub sector  Disbursed in 
2018  Total 
commitment  Type of 
capital  Year of initial 
commitment  
Myanmar  Advans MFI  Microfinance  28.1 37.8 Equity  2015 
Angola, Zambia, 
Mozambique, 
Tanzania, Madagascar, 
Malawi, Gambia  AfricInvest 
Financial 
Inclusion 
Vehicle LLC   
15.1 59.2 Equity  2018 
Tanzania, Zambia, 
Mozambique, Uganda, 
Rwanda,  Arise B.V.  Banking  16.9 1,421.2  Equity  2016 
Myanmar  Myanmar 
Finance 
International 
Limited  Microfinance  13.0 35.5 Loan/Equity  2015 
Tanzania  NMI Fund III  Microfinance  7.5 23.0 Funds (Equity)  2013 
Mozambique, Uganda  Norfinance 
AS Banking  6.4 420.1  Equity  2013 
Myanmar  PACT 
Myanmar    18.6 278.2  Equity  2018  
  IP/C/W/656/Add.6  
 
- 14 - A short description of the companies in table 6:  
Investee  Description  
Advans MFI, Myanmar  Advans MFI Myanmar will contribute to increased access to finance for unbanked people and MSMEs in the country. An experience d actor such as 
Advans MFI Myanmar will help to positively influence the direction and development of the Microfinance industry.  
AfricInvest Financial 
Inclusion Vehicle (FIVE)  Is an evergreen investment firm which targets equity investments in financial institutions. FIVE 's core targets are established  mid-size African banks 
and insurers, as well as microfinance and leasing institutions, and in the future the unbanked and SME segments.  
First Finance Plc., 
Cambodia  Specializes in housing financing. An experienced actor such as First Finance will help t o positively influence the direction and development of the 
Microfinance industry.  
Arise B.V., SUB Sahara 
Africa  Through Arise, a holding company with investments in financial institutions, Norfund and partners are partners are committed to strengthen an d 
develop effective, inclusive financial systems in Africa through among others technical assistance and management services in  innovation, compliance 
and risk management.  
Myanmar Finance 
International Limited 
(MFIL)  Myanmar Finance International Limited  (MFIL) provides microfinance products to local communities in Myanmar. Through the loans offered by MFIL, 
the un -banked population is provided with the necessary funding to start or expand their own small business ventures.  
Nordic Microfinance 
Initiative (NMI)  NMI is a fund owned by several Nordic private investors and Norfund. This is Norfund 's main vehicle for investing in microfinance in Africa and Asia. 
In 2018, the investors agreed to increase their equity investment in the fun d to enable the fund to support more microfinance institutions in developing 
countries where a majority of the population still lack capital.  
Norfinance  NorFinance  AS is a specialised investment company investing in the Financial Services sector in Afric a. Norfund owns 49% in  NorFinance  along with 
three  other  Norwegian private investors.   
PACT Myanmar  PACT is the largest MFI in Myanmar.  The proposed investment is in line with Norfund 's strategy to support sizeable, sustainable MFIs in least 
developed co untries. Our investment will support PACT Myanmar 's transformation into a commercially driven MFI.  IP/C/W/656/Add.6  
 
- 15 - 
 
  For further information and details, please contact:  
  
Norwegian Agency for Development Cooperation (Norad)  
Department for Private Sector Development  
P.O. Box 8034 Dep., N -0030 Oslo, Norway  
Tel:  +47 23 98 00 00  
Email:  postmottak@norad.no  
Website:  www.norad.no  
 
 
Norwegian Investment Fund for Developing Countries (Norfund)  
P.O. Box 1280 Vika,  
N-0111 Oslo, Norway  
Tel: +47 22 01 93 93  
Fax: +47 22 01 93 94  
Email: post@norfund.no  
Website: www.norfund.no  
 
 
__________