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Investments in 53 developing countries

In 2020, Finnfund made 31 investments decision with a total worth of 206 million euros.

New investment decisions target mainly (98%) countries of low or lower-middle income, in which the need for sustainable development investments is greatest.

In 2020, Africa continued to be Finnfund’s primary investment destination with 56% of volume and 58% of decisions. Asia comes in second with a third of

The majority of Finnfund investment were made directly in companies operating in developing countries. Direct investments mean long-term investment loans, equity or mezzanine financing.

Besides direct investment, we can make indirect investments through funds. We also finance banks and financial institutions. Finnfund financing is always market based and depends on the risks of the project.

List of investments in portfolio

Finnfund publishes information about its investees according to the Disclosure Policy, which was updated in 2018.

Disclosure will be made as soon as possible after financing has been agreed. In the case of investment funds, the share of Finnfund’s financing (%) is disclosed after the final closing of the fund. Information on the portfolio companies financed by the investment fund will be published at least once a year.

Table contents can be sorted by columns by clicking the column header. You can also search for companies or countries by using the search tool.

All information is checked and updated annually, the last time was in December 2020.

Diagram presenting portfolio and commitments in 2020

InvestmentCountrySectorFinnfund's financingAgreement year
Access BankNigeriaBankUSD12,000,0002017
Access BankNigeriaBankUSD10,000,0002019
Access Bank PlcNigeriaBankUSD10,000,0002020
Societe JTF Madagascar SARLMadagascarAgricultureEUR3,750,0002019
Africado LimitedTanzaniaAgricultureEUR2,500,0002018
AfriCap Microfinance Investment LtdAfricaMicrofinance2007
AfricInvest Fund IIIAfricaPrivate equity fund2014
AfricInvest Fund Ltd. IIAfricaPrivate equity fund2008
Afrinord Hotel Investments A/SAfricaHotel2005
Agri-Vie Fund II (Pty) LtdAfricaFood and agriculture fundUSD10,000,0002018
Aten Solar Energy S.A.EEgyptSolar powerUSD6,000,0002017
Atlantic Coast Regional FundAfricaFund2008
Neoma Africa Fund L.L.C.AfricaPrivate equity fund2009
CAL BankGhanaBankUSD15,000,0002018
Catalyst Fund IAfricaPrivate equity fund2011
Elgon Road Developments Co LtdKenyaHotel2009
Elgon Road Developments Co LtdKenyaHotel2011
Elgon Road Developments Co LtdKenyaHotel2015
Elgon Road Developments Co LtdKenyaHotel2015
Elgon Road Developments Co LtdKenyaHotel2016
Elgon Road Developments Co LtdKenyaHotelUSD2,794,7602018
Elgon Road Developments Co LtdKenyaHotelEUR2,775,9402018
EthioChicken (AgFlow Poultry Limited)EthiopiaAgricultureUSD10,000,0002016
European Financing PartnersAfricaDevelopment financing2010
European Financing PartnersAfricaDevelopment financing2004
European Financing PartnersAfricaDevelopment financing2009
Evolution II (Mauritius) LPAfricaPrivate equity fundUSD15,000,0002017
Evolution One LPSouth AfricaPrivate equity fund2008
Fanisi Venture Capital Fund S.C.A.AfricaPrivate equity fund2010
Fidelity Equity Fund II LimitedAfricaPrivate equity fund2008
FuzuAfricaInformation technologyEUR999,6902016
Africa Sustainable Forestry Fund L.PAfricaForestry fund2011
Ghana Airport Cargo Centre LimitedGhanaTransport and storage2014
Ghana Airport Cargo Centre LimitedGhanaTransport and storageUSD1,000,0002016
GoldtreeSierra LeoneFood production2011
Goldtree (S.L. Limited)Sierra LeoneFood production2016
GoldtreeSierra LeoneFood production2014
Green Resources ASAfricaForestry and wood products2012
Green Resources ASAfricaForestry and wood productsUSD2,450,0002018
Green Resources ASAfricaForestry and wood productsUSD1,100,0002018
Hakan-Quantum Power PlantRwandaEnergyUSD10,000,0002016
Hakan-Quantum Power PlantRwandaEnergyUSD5,000,0002016
Horus Solar Energy S.A.EEgyptEnergyUSD6,000,0002017
Kilombero Valley Teak Company LtdTanzaniaForestry and wood products2000
Kilombero Valley Teak Company LtdTanzaniaForestry and wood products2011
Kilombero Valley Teak Company LtdTanzaniaForestry and wood products2005
Kilombero Valley Teak Company Ltd IIITanzaniaForestry and wood products2009
Kilombero Valley Teak Company Ltd IVTanzaniaForestry and wood products2010
Kilombero Valley Teak Company Ltd IXTanzaniaForestry and wood products2016
Kilombero Valley Teak Company Ltd VTanzaniaForestry and wood products2011
Kilombero Valley Teak Company Ltd VITanzaniaForestry and wood products2012
Lake Turkana Wind PowerKenyaWind power2013
M-Birr EthiopiaEthiopiaFintech2011
M-Birr EthiopiaEthiopiaFintech2014
M-Birr EthiopiaEthiopiaFintech2016
M-Birr EthiopiaEthiopiaFintechEUR1,000,0002017
Miro Forestry Company, Ghana ja Sierra LeoneGhana and Sierra LeoneForestry and wood products2014
Miro Forestry Company, Ghana ja Sierra LeoneGhana and Sierra LeoneForestry and wood productsUSD8,065,1152018
Miro Forestry Company, Ghana ja Sierra LeoneGhana and Sierra LeoneForestry and wood products2015
New Forests Company (Tanzania) LimitedTanzaniaForestry and wood products2014
New Forests Company (Rwanda) LimitedRwandaForestry and wood productsUSD7,500,0002016
New Forests Company (Uganda) LimitedUgandaForestry and wood products2015
Norsad Finance LimitedSADC/AfricaDevelopment financing2011
Penda HealthKenyaHealth careUSD2,495,2252018
Polykrome S.A.SenegalPackaging productsEUR4,000,0002018
Precision Air Services LtdTanzaniaAirline company2008
Sanergy Inc.KenyaEnvironmental technologyUSD1,249,9992017
Schulze Global Ethiopia Fund IEthiopiaPrivate equity fund2014
SFC Finance LimitedAfricaFinancial institution2014
Silverlands FundAfricaPrivate equity fund2011
Sini Furniture Interior Design PLCEthiopiaFurniture2015
Sound and Fair Tanzania LimitedTanzaniaForestry and wood products2016
Synergy Private Equity Fund II LPAfricaPrivate equity fundUSD15,000,0002018
TAQA Arabia for Solar Energy SAEEgyptSolar powerUSD7,804,0002017
UpEnergy Uganda LtdUgandaEnergy efficiency2013
Ashley Alteams India PVT LimitedIndiaAluminium components2009
Burapha Agro-Forestry Co., LtdLaosForestry and wood products2016
Burapha Agro-Forestry Co., LtdLaosForestry and wood productsUSD10,000,0002018
Cambodia-Laos Development Fund S.C.A.AsiaPrivate equity fund2009
Commercial Leasing and Finance PLC (CLC)Sri LankaMicrofinance2015
Dolma Impact Fund I, NepalNepalPrivate equity fund2014
Dolma Impact Fund I, NepalNepalPrivate equity fundUSD3,100,0002018
Everest Power Generation Company LimitedBangladeshPower plant2015
Frontier TowerIndonesiaTelecommunication infrastructureUSD10,000,0002017
Fun Factory LtdBangladeshTextilesUSD700,0002017
Gemco Kati Exploration Pvt. Ltd.IndiaMining support service activities2016
GreenStream ESCOChinaEnergy efficiency2014
GreenStream ESCOChinaEnergy efficiency2014
GreenStream ESCOChinaEnergy efficiency2016
LVDU Lapland Food (Fushun) Co., LtdChinaDairy products2012
mBank PhilippinesPhilippinesMicrofinance2011
Mekong Brahmaputra Clean Development FundAsiaPrivate equity fund2010
Nam Sim Power Company LimitedLaosHydro power2011
Norrhydro Hydraulic System (Changzhou) Co. LtdChinaManufacturing of hydraulic sylinders2011
Norrhydro Hydraulic System (Changzhou) Co.Ltd IIChinaManufacturing of hydraulic sylinders2014
Peikko Construction Accessories (Zhangjiagang) Co., Ltd.ChinaMetal products2014
SaraRasa BiomassIndonesiaBiofuels2012
SaraRasa BiomassIndonesiaBiofuels2013
SaraRasa BiomassIndonesiaBiofuels2013
SaraRasa BiomassIndonesiaBiofuels2014
SaraRasa BiomassIndonesiaBiofuels2016
SaraRasa BiomassIndonesiaBiofuelsUSD500,0002017
Spica Metfab Solutions India Private LimitedIndiaMetal products2009
SREI Equipment FinanceIndiaEquipment financingEUR15,000,0002017
Stera Engineering (India) PrivateIndiaManufacturing electromechanics2014
Thai Biogas Energy Company LtdThailandBiopower2009
Tropical Asia Forest FundAsiaPrivate equity fund2012
VME Precast Pvt. Ltd.IndiaConcrete elements2009
XTC Company OyChinaElectrical equipment2010
XTC Company OyChinaElectrical equipment2011
AqueductUkraineMetal products2010
ArcelorMittal (Toplana Zenica d.o.o. Zenica)Bosnia and HertzegovinaPower generationEUR1,800,0002018
Cibuk Wind Farm (Tesla Wind d.o.o.)SerbiaWind powerEUR10,740,9712017
Peikko OOORussiaMetal productsEUR2,000,0002018
SEAF South Balkan FundCentral and Eastern Europe UMICPrivate equity fund2009
Althelia Climate Fund SICAV-SIFInternationalFund2013
Arbaro Fund SCSpInternationalForestry fundUSD10,000,0002018
Dasos Timberland Fund IInternationalForestry fund2010
GEEMF Global Environment Emerging Markets Fund IIIInternationalPrivate equity fund2007
Interact Climate Change Facility IIInternationalDevelopment financingEUR20,000,0002016
Interact Climate Change Facility S.A.InternationalDevelopment financing2011
Interact Climate Change Facility S.A. IInternationalDevelopment financing2011
Interact Climate Change Facility S.A. I BInternationalDevelopment financing2013
Jumo World Ltd.InternationalFintechUSD6,000,0002020
MBH BVInternationalMicrofinance2011
Moringa S.C.A., SICARInternationalAgroforestry fund2013
ShoreCap International Ltd. IIInternationalMicrofinance2009
WWB Capital Partners, LPInternationalMicrofinance / fund2012
Bosforo PV ProjectEl SalvadorSolar powerUSD15,000,0002017
Caseif IILatin AmericaPrivate equity fund2007
Central American Mezzanine Infra Fund IICentral AmericaPrivate equity fund2014
Central American Mezzanine Infra Fund IICentral AmericaPrivate equity fund2014
Central American Mezzanine Infrastructure FundCentral AmericaPrivate equity fund2009
CIFI - Corporacion Interamericana para el Financiamiento de Infraestructura, S.A.Latin AmericaFinancial institution2014
The Forest CompanyLatin AmericaForestry and wood products2010
Forest First ColombiaColombiaForestry and wood productsUSD10,000,0002017
MethaxArgentinaPower plantUSD20,000,0002017
MezapaHondurasSmall hydropower2010
Pro Eucalipto Holding S.A.P.I. de C.V.MexicoForestry and wood products2014
Pro Eucalipto Holding S.A.P.I. de C.V. IIMexicoForestry and wood products2015
Pro Eucalipto Holding S.A.P.I. de C.V. IIIMexicoForestry and wood products2015
San Francisco S.A.ParaguayWarehousing and transportation supportUSD8,000,0002017
San Francisco S.A.ParaguayWarehousing and transportation supportUSD4,000,0002017
SEAF Latam Growth FundLatin AmericaPrivate equity fund2008
Valle Solar Power ProjectHondurasSolar power2015
Valle Solar Power ProjectHondurasSolar power2015
Arabia One For Clean Energy Investments PSCJordanSolar power2014
Catalyst MENA Clean Energy FundThe Middle EastPrivate equity fund2016
Falcon M'an for SolarÿEnergyÿLLCÿJordanSolar power2014
FRV Solar Holdings IX B.V. / Jordan PSCJordanSolar power2016
Jordan Solar One / Jordan PSCJordanSolar power2014
Zain Iraq (Atheer Telecom Iraq Limited)IraqInformation technologyUSD19,000,0002018
SyvashEnergoProm LLCUkraineRenewable energyEUR15,000,0002019
UpEnergyUgandaEnergy efficiencyEUR720,0002019
Sathapana Bank Plc.CambodiaFinancial InstitutionUSD10,000,0002019
Starsight (SPUL Sub 2 Ltd.)NigeriaEnergyUSD5,000,0002019
Starsight (SPUL Sub 2, SGL Sub 1)NigeriaEnergyUSD10,000,0002020
XacBankMongoliaFinancial institutionUSD5,000,0002019
Annapurna Finance Pvt. Ltd.IndiaMicrofinanceEUR15,000,0002019
IPT PowertechLebanon and GuineaTelecom energy servicesUSD10,000,0002019
MLR Forestal de Nicaragua S.A.NicaraguaForestry and agricultureUSD10,000,0002019
Miro Forestry CompanyGhana and Sierra LeoneForestry and wood productsUSD1,500,0002019
Hospital Holdings InvestmentAfricaHealth careUSD9,400,0002018
First City Monument Bank Ltd.NigeriaBanking and financeUSD5,000,0002019
Green Resources A/SUganda, Tanzania, MozambiqueForestryUSD9,750,0002019
HumaniaEgypt and MoroccoHealthcareUSD18,750,0002019
Bank of GeorgiaGeorgiaBankUSD10,000,0002019
GoldtreeSierra LeoneFood production2013
GoldtreeSierra LeoneFood production2019
A.T. Biopower Co. Ltd.ThailandBiopower plant2003
BOPA Pte Ltd.AsiaMicrofinanceUSD3,000,0002017
BOPA Pte LtdAsiaMicrofinanceUSD1,500,0002018
Noksel A.S.TurkeySteel pipes1992
Maarifa (Africa Edu Holdings)Uganda, ZambiaEducationUSD7,000,0002019
Yalelo LimitedZambiaAquacultureUSD6,000,0002019
Advans GroupInternationalMicrofinanceEUR10,000,0002019
Ecobank Transnational IncorporatedTogoBankUSD20,000,0002020
ETC Group (Mauritius)AfricaAgricultureUSD15,000,0002020
BOPA Pte. Ltd.AsiaMicrofinanceUSD5,000,0002020
Australis AquacultureVietnamAguacultureUSD9,500,0002017
Proximity Finance Microfinance Company LimitedMyanmarMicrofinanciUSD4,700,0002020
Softlogic Life Insurance PlcSri LankaLife InsuranceUSD7,500,0002020
Interact Climate Change Facility (ICCF)InternationalClimate financingEUR15,000,0002020

Nafoods Group Joint Stock Company

AfricInvest Fund IVAfricaFundUSD20,000,0002020
First National Bank GhanaGhanaBankUSD10,000,0002020
KashaRwanda and KenyaHealthcareUSD1,000,0002020
OP Finnfund Global Impact Fund IInternationalFundEUR38,000,0002020
Early Dawn Microfinance Company LtdMyanmarMicrofinanceUSD11,000,0002020
Procarsa, SurpapelcorpEcuadorPaper and packagingUSD9,000,0002020

Fortum Charge & Drive India Pvt. Ltd

IndiaCharging service for e-vehiclesEUR4,000,0002020

eAdvance Proprietary Limited (SPARK Schools)

South AfricaEducationUSD5,200,0002020
Kashf FoundationPakistanMicrofinanceUSD10,000,0002020
European Financing Partners S.A.InternationalFinancial institutionEUR10,000,0002020
Salo Tech Thailand Ltd.ThailandEnergyEUR2,756,0002020
New Forests Company HoldingsTanzania, Rwanda, UgandaForestryUSD10,680,5522019, 2020
Nordic Impact Cooperation ASInternationalEnergyUSD15,000,0002021
Ecobank Transnational Incorporated

Vietnam Debt Fund SPCVietnamFundUSD15,000,0002021
CIFI Latam SALatin America, the CaribbeanFinancial institutionUSD15,000,0002021
Phatisa Food Fund 2 Pan-AfricaFundUSD15,000,0002021
African Development Partners III Pan-AfricanFundUSD26, 000,0002021
Uhuru Growth Fund IAfricaFundUSD10,000,0002021
Sathapana Bank PlcCambodiaFinancial institutionUSD5,000,0002021
Bandwidth and Cloud Services Group Holdings (BCS)DRCTelecommunicationUSD12,000,0002021

Read more about Finnfund’s investments and their impact.

Digital infrastructure and solutions

BCS: Telecom infrastructure provider brings female role models into a male-dominated sector

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Renewable energy

SaraRasa: Investor activism saved a pellet manufacturer

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Health care

Penda Health: Career paths are open for everyone

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Renewable energy

Valle Solar: Clean solar energy in rural Honduras

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Sustainable agriculture

Sanergy: Circular economy in Nairobi

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Sustainable forestry

Miro Forestry leads the way for sustainable FSC certified plantation forestry in West Africa

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Sustainable agriculture

EthioChicken improves food security and living standards in Ethiopia

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Financial services

JUMO brings financial services to mobile users

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Renewable energy

Lake Turkana: Africa's largest wind farm

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Financial institutions

BOPA: Microcredits

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Sustainable forestry

KVTC: Sustainable forestry in Tanzania

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Sustainable agriculture

Silverlands: Better harvests and income for small-scale farmers

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Renewable energy

Cabeólica: Windpower replaces imported oil in Cape Verde

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Financial institutions

Annapurna: Equality from microfinancing

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