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Norfund's Additionality Criteria* Financial

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Norfund's Additionality Criteria* Financial TheThe NorwegianNorwegian InvestmentInvestment FundFund forfor DevelopingDeveloping CountriesCountries InvestingNorfund –toInvesting create jobs to create and improvejobs and livesimprove lives Q1October, 2020 2019 The share of the world’s population living in extreme poverty has fallen substantially 2,000 1,750 1,500 EXTREMELY POOR (million people living on less than 1,250 US$ 1.9 per day, 2011 PPP) 1,000 750 500 250 0 1990 1993 1996 1999 2002 2005 2008 2010 2011 2012 2013 2015 2016 2017 2018 East Asia and Pacific Latin America and Caribbean Other high income Sub-Saharan Africa Europe and Central Asia Middle East and North Africa South Asia 2 Sources: World Bank PovcalNet; World Bank datablog, September 19, 2018 600 33 000 67% 4% of waste in developing young people in million of the adult people in Africa countries is SSA enter the job population in SSA recycled market every day lack access to is unbanked electricity 3 Sources: unstats.un.org; IEA 2018 «World Energy Outlook 2018»; World Bank 2018, «What a Waste 2.0»; World Bank Development Indicators; McKinsey 2016 «Lions on the move II” Three pillars are needed to ensure inclusive and sustainable development Institution Sustainable building economic MANDATE: growth Assist in developing sustainable business and industries in developing countries Social development 4 MISSION: Create jobs and improve lives by investing in businesses that drive sustainable development 5 Norfund key figures Total committed portfolio: $2.9 billion New commitments 2019 $ 460 million Geography Sector 16 % Direct investments Funds Central 21 % Scalable 163 America Loans enterprises 11% 18% Indirect investments 63% Clean 900 South- Africa Equity energy East Asia 55% 48% IRR since inception 33% Financial institutions 6% in investment currency 34% 9% in NOK As of 30.06.19 Estimates as of 31.12.19 6 Our investments have grown substantially to more than 400 mUSD per year Committed investments per year, USD million 500 460 $mill 450 Scalable enterprises 400 350 300 Financial 250 institutions 200 150 100 Clean energy 50 - 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Exchange rates as of 31.12.2019 7 Optimise impact by being additional and catalytic ADDITIONAL CATALYTIC Invest where capital Add value through Pave the way for others to invest is scarce expertise and influence with us or inspired by us KPIs and additionality framework Track capital mobilized More capital and competence where it will have the most impact 8 We measure key performance indicators to ensure we invest where we are needed the most Least Developed 40% Countries (LDC) 33% Greenfield 31% 15% 15% Equity 80% 70% 70% Sub-Saharan Africa 54% 50% Renewable Energy* 60% 50% 50% Target Estimates as of 31.12.19 *Per 31.12.18, share of accumulated allocated capital from government 9 We aim to achieve and systematically measure development effects NORWAY NORFUND $ TEAM DEVELOP 6% IRR in investment currency RETURN 900 companies ON OUR SUSTAINABLE ENTERPRISES 9% IRR in NOK INVESTMENT jobs in portfolio TAXES 304,000 1,600 MUSD JOBS taxes paid by investees 17,100 new jobs created 2018 GOODS & 1.8 mill. new bank clients 17.4 TWh electricity produced SERVICES 2.8 bn. USD increase in lending to clients 6 mill. tonnes CO2 avoided 2018 figures; IRR since inception 10 Norfund's investments are concentrated in four areas that contribute to the SDGs Clean Financial Green Scalable energy institutions infrastructure enterprises 11 CLEAN ENERGY Increase energy access and supply INVEST in greenfield grid-connected power plants, distributed generation and off-grid supply Our ambitions: 1.5 million new households provided 5,000 MW new capacity financed, with access to electricity whereof 4,000 MW renewable 12 FINANCIAL INSTITUTIONS Strengthen financial inclusion FURTHER GROW bank and microfinance whilst exploring fintech and insurance Our ambitions: Offered financial services Extended NOK 130 billion to 15 million new clients more in loans to clients 13 GREEN INFRASTRUCTURE Improve essential infrastructure services INVEST in waste management, water supply and power networks Our ambitions: Establish Execute investments in waste management, Invest NOK 1 billion partnerships water and power networks in 6-10 investments 14 SCALABLE ENTERPRISES Grow companies in agribusiness and manufacturing BUILD ENTERPRISES through funds, and industrial partnerships targeting the agribusiness and manufacturing sectors Our ambitions: 50,000 jobs created through Established partnerships Realised growth so that total revenues direct investments and funds with larger industrial actors have increased by NOK 2 billion 15 We target select developing countries with high impact potential CORE LDCs SELECTION CRITERIA OUR KPIS EXTENDED REACH Angola Myanmar Benin Bangladesh Rwanda Additionality – Opportunities – Knowledge 33% in LDC - 50% in SSA Burkina Faso Cambodia Senegal Burundi* Ethiopia Tanzania Cameroon Laos Uganda Costa Rica Lesotho Zambia Guinea Malawi Zimbabwe Haiti* Mozambique India Liberia* Other SSA Madagascar Côte d'Ivoire Kenya Mali* Ghana South Africa Nepal Nigeria Niger Panama Other countries Philippines Colombia Indonesia Sierra Leone Dominican Rep. Nicaragua Somalia* El Salvador Sri Lanka South Sudan* Guatemala Vietnam Honduras Swaziland Togo* CORE COUNTRIES; 29 countries where Norfund: EXTENDED REACH COUNTRIES: • Actively builds pipeline and deep country expertise Investments are channelled through reputable • Seeks to make direct investments, thereby strengthening our impact funds, strategic partners or platforms * Fragile states New core countries in red Core countries Extended reach Fragile states 16 We will not reach the SDGs without substantial private sector investments Advanced economies Emerging markets and developing economies (trillion USD) (trillion USD) Investment gap 0.1 Public Public 0.4 Investment 1.2 Annual gap investment need Annual 1.5 2.5 investment need Private 4.5 0.9 Private 1.0 • Globally, there is an annual financing gap of $2.5 trillion to reach the SDGs Private capital is key and • In developed economies, private sector finance enables us to (almost) close the gap must be mobilised • In emerging and developing economies the gap is more than 50%, in Africa close to 90% Source: UNEP FI 2018: “Rethinking impact to finance the SDGs” (figures rounded off for simplicity reasons and might not add up to the total) 17 Norfund outperforms peers on additionality indicators Norfund Share of total committed capital 2017 90% 85% 80% 70% 60% EDFI 50% 50% 48% 40% IFC 36% 30% 27% 28% 20% 16% 17% 9% 10% 0% Equity LDC Sub-Saharan Africa Sources: SIGLA analysis/ EDFI, IFC annual report FY17, Norfund, EDFI members 18 CLIMATE & ENVIRONMENT GENDER EQUALITY HUMAN RIGHTS ANTI-CORRUPTION Assess cross-cutting issues systematically in our work and strengthen our efforts 19 We are a responsible investor, adhering to international standards WHAT IT MEANS: HOW WE WORK: Working with investees to achieve social and ESG* integrated into the investment process environmental sustainability • Investments are categorised based on ESG risk - high • Compliance to local laws and international standards risk projects trigger a different process and close • Environmental and social considerations follow-up • Zero tolerance for corruption • Norfund does not expect “perfect enterprises” at the • Good working environment: occupational health and time of investment, but require an action plan to safety standards improve over time • Good corporate governance and internal controls Environmental and Social Performance standards The standards are operative, hands on guidelines and enable us to deliver in practice and respect other international standards *ESG = Environmental, Social and Governance issues 20 Additionality is key, but also difficult to measure + Our investments should make a contribution Norfund’s additionality criteria* beyond what is available in the market and Financial: should not crowd out the private sector • Investing in the poorest countries (income level) • Investing in capital constrained markets (availability of finance) • Investing in risky markets (credit rating) + • Investing in difficult business environments (ease of doing business) • Providing scarce capital (instrument) Key questions: Would the investment • Contributing to starting new business activity (greenfield) happen without us? Do we enhance the • Mobilising private investors investment in any way? Value: • Taking an active role in investments (engagement level) + • Promoting social and environmental standards (E&S category) Difficult to prove – have to substantiate it • Supporting enterprise improvements (business support) * Resulting in rating high, medium, low 21 LAKE TURKANA WIND POWER Reducing the need for fossil energy in Kenya REDUCING EMISSIONS CREATING JOBS PROVIDING RISK CAPITAL 310 MW wind farm = ∼ 17% of Kenya’s 2500 direct jobs during construction Early-stage project development installed capacity and Est. annual production 1440 GWh financing and equity investment (12.5%) largest of its kind in Africa together with KLP Induced jobs through better power Has enabled Kenya to shut down 3 Mobilising private investors fuel oil plants supply: ∼ 93,000* 22 *Estimate from 2018 Impact Assessment CENTRAL SOLAR DE MOCUBA First large-scale solar power plant in Mozambique INCREASING RENEWABLE SHARE CREATING JOBS PROVIDING CAPITAL AND EXPERTISE 40 MW solar, increasing renewable Location of plant critical for energy Early-stage project development power share in Mozambique’s
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