Norwegian Investment Fund for developing countries, Norfund, has pledged to top up the Sh4 billion it invested in Kenya in 2022 in a bid to further boost funding to local enterprises.

Norfund supports sustainable businesses by enabling them to navigate the high set up risks by providing them with equity and other risk capital in developing countries.

The fund is owned and funded by the Norwegian Government and offers growth support with Norfund opening its Kenyan office in Nairobi in 2007 to handle existing and new investments in East Africa.

The Norwegian Development Finance Institution has a portfolio of Sh46.5 billion invested in Kenya across various economic sectors and pumped Sh4 billion in Kenya in 2022 alone.

As part of its local expansion plans, Norfund plans to provide funding and business growth support to profitable Kenyan enterprises seeking to expand their operations and market.

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Norfund Global CEO Tellef Thorleifsson is expected to visit Kenya later in February to witness the signing up of financing deals with several local enterprises by the organisation.

Norfund East Africa Regional Director William Nyaoke says the institution will support local profitable enterprises which have the potential to contribute to economic and social development.

With investment interests in Equity Bank, D-light, Ascent Capital and Marginpar, Norfund provides capital in renewable energy, financial inclusion, green infrastructure and scalable investments, in accordance with the UN’s Sustainable Development Goals (SDGs).

Norfund CEO Tellef Thorleifsson, Norwegian Development Minister Anne Beathe Tvinnereim and Norfund Chairperson Olaug Svarva. PHOTO/NORFUND

“In Kenya and beyond, Norfund contributes to economic and social development by helping to build sustainable businesses that would not otherwise access expansion capital because of the high levels of risk involved,” said Nyaoke.

He added, “Our investees contribute to economic and social development through the direct and indirect jobs they create, the goods and services they offer, and the taxes they pay, and we are confident that the recent US$ 32 million outlay in 2022 will have positive ripple effects in Kenya.”

Norfund’s Nairobi base handles its current and new regional investments with a bias for Kenya, Uganda, Tanzania, Rwanda and Ethiopia while eyeing Somalia and South Sudan, in partnership with other investors and funds.

In 2022 alone, the investment fund devoted Sh9.4 billion across East Africa as it mitigates its operating risks through market insights, local presence, and diversification of its portfolio.