Norfund East Africa Set To Expand Kenyan Ksh.46 Billion Investment Portfolio The Norwegian Investment Fund for Developing Countries, also kn...

Norfund East Africa Set To Expand Kenyan Ksh.46 Billion Investment Portfolio

The Norwegian Investment Fund for Developing Countries, also known as Norfund, has made a significant contribution to Kenya's economy with a $32 million investment last year. The government-owned and funded institution is dedicated to supporting sustainable business growth in developing nations by providing equity and other forms of risk capital.

With a current portfolio of $372 million invested across various sectors of the Kenyan economy, Norfund plans to further increase its support to local enterprises seeking growth opportunities this year. The fund offers not just funding but also business development assistance to profitable local businesses seeking to expand their operations and market reach in Kenya.

As part of its commitment to deepening its local presence, Norfund's Global CEO, Tellef Thorleifsson, is scheduled to visit Kenya later this month to sign financing agreements with several local enterprises. According to Norfund's Regional Director, William Nyaoke, the institution's mandate is to build sustainable businesses and industries in developing nations like Kenya through investments in renewable energy, financial inclusion, green infrastructure, and scalable investments, in alignment with the UN's Sustainable Development Goals.

Norfund's investments not only contribute to economic and social development in Kenya but also offer indirect benefits through the creation of jobs, the provision of goods and services, and the payment of taxes by its investees. The institution manages its operating risks through market insights, local presence, and portfolio diversification, ensuring a balanced portfolio of countries, instruments, currencies, and sectors.

Norfund's East Africa branch, based in Nairobi, manages the organization's existing and new investments in the region, with a focus on Kenya, Uganda, Tanzania, Rwanda, and Ethiopia. The fund is also open to investing in other Eastern African countries such as Somalia and South Sudan in partnership with other investors and funds. In 2022, Norfund committed $75 million across East Africa.