Norfund is an economic development agency based in Oslo, Norway, established in 1997. As an active and strategic minority investor, it provides equity, risk capital, and loans to support the growth of businesses in countries with limited access to capital, primarily focusing on Sub-Saharan Africa, as well as select regions in Southeast Asia and Central America. Norfund aims to foster sustainable business development in areas where the private sector is underdeveloped, by investing in small and medium-sized enterprises and other targeted sectors. The agency's approach is designed to create significant economic impact and promote long-term growth in these developing markets.
Executive Vice President, Green Infrastructure and Scalable Enterprises
Kjell Roland
Managing Director and CEO
Lisa Thomsen
Senior Investment Manager, Clean Energy
Tellef Thorleifsson
CEO
Kristoffer Valvik
Investment Manager
Donald Kariuki
Investment Manager
Past deals in West Africa
Access Bank
Debt Financing in 2024
Access Bank, established in 1988 and headquartered in Lagos, Nigeria, is a commercial bank that offers a wide range of banking products and services to individual and business customers. The bank operates in Ghana and provides various accounts, including standard savings and current accounts, as well as specialized options such as access advantage and premier accounts. Access Bank also offers online banking services, facilitating ATM transactions, online access, point-of-sale terminal services, bill payments, and Western Union money transfers. In addition to personal banking, the bank provides corporate and investment banking, commercial and business banking services, along with mortgage loans and sustainable international banking solutions.
Ecobank
Post in 2023
Ecobank Transnational Incorporated (ETI), a public limited liability company under a private sector initiative spearheaded by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS). In the early 1980’s foreign and state-owned banks dominated the banking industry in West Africa. Commercial banks in West Africa owned and managed by the African private sector were a rarity. Its founders created ETI with the objective of filling this vacuum. The Federation of West African Chambers of Commerce promoted and initiated a project to create a private, regional banking institution in West Africa. In 1984, Ecopromotions S.A. was incorporated. Its founding shareholders raised seed capital for feasibility studies and the promotional activities leading to the creation of ETI. In October 1985, ETI was incorporated with authorised capital of US$100 million. The initial paid up capital of US$32 million was raised from over 1,500 individuals and institutions from West African countries. The largest shareholder was the ECOWAS Fund for Cooperation, Compensation and Development (ECOWAS Fund), the development finance arm of ECOWAS. Ecobank signed a Headquarters’ Agreement with the Government of Togo in 1985, which granted it the status of an international organisation. This status came with the rights and privileges necessary for ETI to operate as a regional institution, including the status of a non-resident financial institution. ETI commenced operations with its first subsidiary in Togo in March 1988.
Miniplast
Venture Round in 2023
Miniplast is a manufacturer of Industrial and Household products in Ghana with over 30 years of experience in the sector.
Sundry Foods
Private Equity Round in 2019
Sundry Foods Limited is a prominent food services provider in Nigeria, established in 2004 and headquartered in Port Harcourt. The company operates a chain of quick service restaurants, including its well-known brand "Kilimanjaro," which has become a market leader in the sector. Sundry Foods offers a diverse range of services, including industrial catering, event catering and management, and bakery services. Its unique fast food concept marries traditional Nigerian cuisine with Western fast food, catering to the growing middle-class market across major cities such as Lagos, Port Harcourt, and Abuja. Through its integrated approach, Sundry Foods aims to meet the culinary needs of various customer demographics, providing fresh meals that resonate with both local and continental tastes.
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