Skip to content


Year 2020

The COVID-19 pandemic significantly slowed investment projects in our countries of operation, and travel restrictions complicated our investment process. However, with a concerted effort across teams, Finnfund was able to maintain its investment activity at a high level. We met our target in terms of investment decisions, although not in volume. Our investment assets grew from 557 to 608 million euros.

Read more about Finnfund’s year in the Annual Review.

Annual Review 2020 (pdf) Financial Statements 2020 (pdf)



million euros

New investment decisions


million euros

Of new investment decisions


targeted countries in three lowest income categories
(€, OECD, DAC)

Investees' net emissions


tCO2e (2019)

Finnfund investees generated


direct jobs (2019)

Finnfund investees generated


GWH of clean energy (2019)

Chief Executive Officer’s review

“Our counter-cyclical approach was what the developing markets sorely needed. By moving ahead, we took considerable, but by no means excessive risk. We kept the focus on our priority sectors but took action also in sectors with direct linkages to the COVID-19 pandemic, such as healthcare and education.”

Chief Executive Officer’s review (pdf)

Jaakko Kangasniemi CEO of Finnfund

Jaakko Kangasniemi, CEO

Watch the video


Africa continues to be Finnfund’s primary investment destination with 56% of volume and 58% of decisions. Asia comes in second with a third of investments. In line with our strategy to triple impact, we kept investing in low-income countries: 38% of our financing went to least developed countries and 60% to lower-middle-income countries. Just 2% targeted upper-middle-income countries.

Finnfund’s investment assets continued strong growth. At the end of 2020, Finnfund’s investments were 710 million euros. Finnfund’s portfolio comprised 206 investments.

Read more about our investments