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Exclusion list

Finnfund has an exclusion list, covering those sectors which Finnfund does not finance. The exclusion list is common with other European finance institutions (EDFI).

Finnfund will not finance any activity, production, use, distribution, business or trade involving:

  •  Forced labor1) or child labour2)
  • Activities or materials deemed illegal under host country laws or regulations or international conventions and agreements, or subject to international phase-outs or bans, such as:
    • wildlife or products regulated under the Convention on International Trade in Endangered Species or Wild Fauna and Flora (CITES); or
    • ozone depleting substances, PCB’s (Polychlorinated Biphenyls) and other specific, hazardous pharmaceuticals, pesticides/herbicides or chemicals;
    • Unsustainable fishing methods (e.g., blast fishing and drift net fishing in the marine environment using nets in excess of 2.5 km in length).
  • Cross-border trade in waste and waste products, unless compliant with the Basel Convention and the underlying regulations.
  • Destruction3) of High Conservation Value areas4)
  • Radioactive materials5) and unbonded asbestos fibers.
  • Pornography and/or prostitution
  • Racist and/or anti-democratic media
  • In the event that any of the following products form a substantial part of a project’s primary financed business activities6):

a)      Alcoholic Beverages;
b)      Tobacco;
c)       Weapons and munitions; or
d)      Gambling, casinos and equivalent enterprises.


1) Forced labor means all work or service, not voluntarily performed, that is extracted from an individual under threat of force or penalty as defined by ILO conventions.

2)  Persons may only be employed if they are at least 14 years old, as defined in the ILO Fundamental Human Rights Conventions (Minimum Age Convention C138, Art. 2), unless local legislation specifies compulsory school attendance or the minimum age for working. In such cases the higher age shall apply.

3) Destruction means the (1) elimination or severe diminution of the integrity of an area caused by a major, long-term change in land or water use or (2) modification of a habitat in such a way that the area’s ability to maintain its role is lost.

4) High Conservation Value (HCV) areas are defined as natural habitats where these values are considered to be of outstanding significance or critical importance (See

5) This does not apply to the purchase of medical equipment, quality control (measurement) equipment or any other equipment where the radioactive source is understood to be trivial and/or adequately shielded.

6) For companies, “substantial” means more than 10 % of their consolidated balance sheets or earnings. For financial institutions and investment funds, “substantial” means more than 10% of their underlying portfolio volumes.