IFC and Norway
Partners in Private Sector Development

OVERVIEW

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging
markets. Working in more than 100 countries, IFC committed a record $43.7 billion in own-account investments and mobilizationfrom third parties to private companies and financial institutions in developing countries in fiscal year 2023 (FY23).* IFC has anactive relationship with Norway, including business development with Norwegian companies interested in investing in emerging
markets, as well as donor-funded initiatives. As of June 2023, IFC had a long-term committed investment portfolio of $292 million
with Norwegian partners spread across several sectors and regions.

IFC’s Long-Term Investment Portfolio with Norwegian Sponsors
As of FY23, IFC’s long-term investment portfolio with Norwegian sponsors amounted to $292 million. Norwegian private sector
companies have benefited from co-investments with IFC, while making notable contributions to development.
IFC Long-Term Investment Portfolio as of June 2023

IFC Long-Term Investment Portfolio as of June 2023

by Industry with Norwegian Sponsors ($292 million)

by Region with Norwegian Sponsors ($292 million)

IFC Long-Term Investment Portfolio•

Mobilization: IFC has a strong relationship with Norwegianfinancial institutions (FIs) and an active engagement acrossmultiple sectors. As of June 2023, Norwegian FIs held $34
million in IFC Syndicated Loans.

•Global Trade Finance Program (GTFP): As of June 2023,
IFC issued 42 guarantees amounting to a cumulative total
of $40 million for the Norwegian bank DNB since the GTFP
began in 2005.

as of June 2023 (Dollar Amounts in Millions)*The World Bank Group fiscal year runs from July 1 to June 30 of the following
calendar year.

PARTNERSHIP WITH THE GOVERNMENT AND DEVELOPMENT FINANCE INSTITUTION

Between FY19-23, Norway committed over $45 million to support IFC Advisory
Services. Norwegian funding contributes to improvements in the legislative businessenabling environment through the Foreign Investment Advisory Services Facility (FIAS),
the promotion of private sector development in fragile countries through the Africa
Fragility Initiative (AFI), or the improvement of local health care services and thefacilitation of locally manufactured vaccines through the Global Health Platform(GHP). Norway has also partnered with IFC to advance gender equality and to foster
investments in clean energy. IFC also collaborates with Norfund, Norway’s Development
Finance Institution, which seeks to develop and establish sustainable and profitablebusinesses in emerging markets.

Examples of Successful Cooperation
Scatec, Global
In February 2023, IFC acted as anchor investor in Scatec’s NOK 1,000 million senior unsecured green
bond issuance by taking a participation of NOK 222 million ($20 million). Scatec ASA is an integrated
global renewable energy solutions provider (solar, wind, hydro and battery storage) headquarteredin Norway, which is exclusively focused on emerging markets. Issued in the Nordic bond market ata time when global financial market conditions were challenging, the green bond’s proceeds will
provide Scatec with liquidity to be deployed for the development of new renewable energy assets
in emerging markets through the refinancing of a corporate facility. IFC’s investment in the green
bond enables Scatec to access international climate finance markets, and channel that financing
to emerging markets for renewable energy growth.

Scatec, Malawi and Uganda
In September 2022, the Government of Malawi, IFC, Scatec and EDF signed a binding commercialagreement to undertake the co-development of the Mpatamanga hydropower project. IFC worked
closely with the Government of Malawi to support the early-stage project development and provided
funding for activities that allowed the government to launch a competitive tender process. Locatedon the Shire River, the 350 MW facility will be a first-of-its-kind in Malawi. The project is expected
to contribute to reducing energy shortages and to enhancing energy security in Malawi, providing
much needed energy during peak demand hours of the day and overall grid stability. Mpatamanga
will deliver electricity to approximately two million people and save 520,000 tons of CO2 emissions
per year.
In June 2018, IFC also collaborated with SN Power (now fully owned by Scatec) on the refinancingof the 250 MW hydropower plant in Uganda, which is owned and operated by Bujagali Energy
Limited (BEL). BEL produced close to 32% of the country’s annual electricity generation in 2020.
The investment reduced BEL’s annual debt servicing payments, lowering the tariff of electricity
produced by the hydropower plant.

Scatec, Mozambique
In June 2017, IFC committed a $55 million debt package as the sole lead arranger to Central Solarde Mocuba S.A., a special purpose vehicle owned by Scatec, along with Norfund, which is a leading
renewable energy investor in Africa, and EDM, Mozambique’s state-owned public power utility. The
package, which includes a $19 million A loan from IFC, $19 million from the IFC-Climate Investment
Fund, and a $17 million B loan, supported the development, construction, operation and maintenanceof a 40.5 MW solar PV project in Mocuba, Mozambique. The project started commercial operations
in August 2019. IFC’s investment contributes to increasing energy security in a rural region of thecountry and to diversifying the energy mix, helping to adapt to the long-term impacts of climatechange.

CONTACTPARIS
Jan van Bilsen
66, avenue d’Iéna
Tel: +49 69 74 34 82 50 75116 Paris
E-mail: jvanbilsen@ifc.org France
Tel: +33 1 4069 3060

September 2023

LONDON
1 Tudor Street6th Floor
EC4Y 0AH London, UK
Tel: +44 207 592 8400

FRANKFURT
Bockenheimer Landstrasse 4360325 Frankfurt am Main
Germany
Tel: +49 69 743 48230

BRUSSELS
17, Avenue Marnix
2nd Floor
1000 Brussels, Belgium
Tel: +32 2 522 00 39