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Investments in 45 developing countries

In 2018, Finnfund made 26 investments decision with a total worth of 154 million euros.

Investment decisions target project with higher impact, as stated in Finnfund’s strategy. As many as 93% of new investment decisions made in 2018 dealt with projects with “good” or “excellent” impact, based on our ex ante assessment.

New investment decisions target almost solely (89%) countries of low or lower-middle income, in which the need for sustainable development investments is greatest.

Most (20) of our new investments decided in 2018 were in Africa. Africa was the most important region also in euro terms, with 67% of financing.

The majority of Finnfund investment were made directly in companies operating in developing coutries. 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

(August, 2019)

Finnfund’s disclosure policy was updated in September 2016 and again in 2018. Since then Finnfund has published for example its share of financing of new investments.

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.

Portofolio and undisbursed iInvestment decisions by geography 31122018

InvestmentCountrySectorFinnfund's financingAgreement year
Access BankNigeriaBankUSD12,000,0002017
Access Bank IIINigeriaBankUSD10,000,0002019
Societe JTF Madagascar SARLMadagascarAgricultureEUR3,750,0002019
Africado LimitedTanzaniaAgricultureEUR2,500,0002018
African Foundries LimitedNigeriaSteel2015
AfriCap Microfinance Investment LtdAfricaMicrofinance2007
AfricInvest Fund IIIAfricaPrivate equity fund2014
AfricInvest Fund Ltd. IAfricaPrivate equity fund2004
AfricInvest Fund Ltd. I BAfricaPrivate equity fund2007
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 FundAfricaPrivate equity fund2008
Aureos Africa FundAfricaPrivate equity fund2009
CAL BankGhanaBankUSD15,000,0002018
Catalyst Fund IAfricaPrivate equity fund2011
Creditinfo East AfricaAfricaCredit information2015
Ecobank IITogoBankUSD5,000,0002018
Elgon Road Developments Co LtdKenyaHotel2009
Elgon Road Developments Co Ltd IIKenyaHotel2011
Elgon Road Developments Co Ltd IIIKenyaHotel2015
Elgon Road Developments Co Ltd IVKenyaHotel2015
Elgon Road Developments Co Ltd VKenyaHotel2016
Elgon Road Developments Co Ltd VIKenyaHotelUSD2,794,7602018
Elgon Road Developments Co Ltd VIIKenyaHotelEUR2,775,9402018
EthioChicken (AgFlow Poultry Limited)EthiopiaPoultry productionUSD10,000,0002016
European Financing PartnersAfricaDevelopment financing2010
European Financing PartnersAfricaDevelopment financing2004
European Financing Partners IIIAfricaDevelopment financing2009
European Financing Partners IVAfricaDevelopment financing2010
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 technologyEUR600,0002016
GEF, Africa Sustainable Forestry Fund L.PAfricaForestry fund2011
Ghana Airport Cargo Centre LimitedGhanaLogistics2014
Ghana Airport Cargo Centre LimitedGhanaLogisticsUSD1,000,0002016
GoldtreeSierra LeoneFood production2011
GoldtreeSierra LeoneFood production2011
Goldtree (S.L. Limited)Sierra LeoneFood production2016
Goldtree IISierra LeoneFood production2013
Goldtree IISierra LeoneFood production2014
Green Resources ASAfricaForestry and wood products2012
Green Resources ASAfricaForestry and wood productsUSD2,450,0002018
Green Resources ASAfricaForestry and wood productsUSD1,100,0002018
GroFin East Africa Fund (GEAF)AfricaPrivate equity fund2007
Hakan-Quantum Power PlantRwandaEnergyUSD10,000,0002016
Hakan-Quantum Power PlantRwandaEnergyUSD5,000,0002016
Horizon Equity Fund IIISouth AfricaPrivate equity fund2007
Horus Solar Energy S.A.EEgyptSolar powerUSD6,000,0002017
Kilombero Valley Teak Company Ltd ITanzaniaForestry and wood products2000
Kilombero Valley Teak Company Ltd ITanzaniaForestry and wood products2011
Kilombero Valley Teak Company Ltd IITanzaniaForestry 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
Letshego Uganda LimitedUgandaMicrofinanceUSD5,000,0002018
M-Birr EthiopiaEthiopiaInformation technology2011
M-Birr EthiopiaEthiopiaInformation technology2011
M-Birr Ethiopia IIEthiopiaInformation technology2014
M-Birr Ethiopia IVEthiopiaInformation technology2016
M-Birr Ethiopia VEthiopiaInformation technologyEUR1,000,0002017
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 Leone IIGhana and Sierra LeoneForestry and wood products2015
MobisolAfricaSolar energy systems2016
MobisolAfricaSolar energy systemsEUR9,000,0002017
Mobisol IIIAfricaSolar energy systemsEUR1,000,0002018
New Forest Company (Tanzania) Limited NFCTTanzaniaForestry 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.KenyaWaste management and recyclingUSD1,249,9992017
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
Tanira Ltd.TanzaniaHand pumps1991
TAQA Arabia for Solar Energy SAEEgyptSolar powerUSD7,804,0002017
UpEnergy Uganda LtdUgandaEnergy efficiency2013
A.T. Biopower Co. Ltd.ThailandBiopower plant2003
A.T. Biopower Co. Ltd.ThailandBiopower plant2003
Ashley Alteams India PVT LimitedIndiaAluminium components2009
Australis Aquaculture Vietnam LimitedVietnamFishing and aquacultureUSD9,500,0002017
Avain Technologies China Ltd.ChinaInformation technology2013
BOPA 2AsiaMicrofinanceUSD1,500,0002018
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 plant2013
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 ESCO IIChinaEnergy efficiency2014
GreenStream ESCO IIIChinaEnergy efficiency2016
LVDU Lapland Food (Fushun) Co., LtdChinaDairy products2012
mBank PhilippinesPhilippinesMicrofinance2011
Mekong Brahmaputra Clean Development FundAsiaPrivate equity fund2010
MongoliaNord GmbHMongoliaHotel2010
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
PRASAC Microfinance Institution LtdCambodiaMicrofinanceUSD15,000,0002016
SaraRasa BiomassIndonesiaBiofuels2012
SaraRasa BiomassIndonesiaBiofuels2012
SaraRasa Biomass IIIndonesiaBiofuels2013
SaraRasa Biomass IIIIndonesiaBiofuels2013
SaraRasa Biomass IVIndonesiaBiofuels2014
SaraRasa Biomass VIndonesiaBiofuels2016
SaraRasa Biomass VIIndonesiaBiofuelsUSD500,0002017
SATHAPANA Bank PlcCambodiaBank2014
Spica Metfab Solutions India Private LimitedIndiaMetal products2009
SREI Equipment FinanceIndiaEquipment financingEUR15,000,0002017
Stera Engineering (India) Private IIIndiaContract manufacturer of electromechanics2014
Thai Biogas Energy Company LtdThailandBiopower2009
Tropical Asia Forest FundAsiaPrivate equity fund2012
VME Precast Pvt. Ltd.IndiaConcrete elements2009
XTC Company OyChinaElectrical equipment2010
XTC Company Oy IIChinaElectrical 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
Oy Nordic Russian Management Co - NORUMRussiaFund management1995
Peikko OOORussiaMetal productsEUR2,000,0002018
SEAF CEE Growth FundCentral and Eastern Europe EUPrivate equity fund2000
SEAF South Balkan FundCentral and Eastern Europe UMICPrivate equity fund2009
Skaala OOORussiaWindows and doors2014
Althelia Climate Fund SICAV-SIFInternationalEnvironment fund2013
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
JumoInternationalInformation technologyUSD6,000,0002017
Jumo 2InternationalInformation technologyUSD5,996,5002018
MBH BVInternationalMicrofinance2011
Moringa S.C.A., SICARInternationalAgroforestry fund2013
ShoreCap International Ltd. IIInternationalMicrofinance2009
WWB Capital Partners, LPInternationalMicrofinance / fund2012
Bosforo PV ProjectEl SalvadorSolar powerUSD15,000,0002017
Carec - Central American Renewable Energy and Cleaner ProductionCentral AmericaPrivate equity fund2006
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 - orporaci¢n Interamericana para el Financiamiento de Infraestructura, S.A.Latin AmericaFinancial institution2014
Forest CompanyLatin AmericaForestry and wood products2010
Forest First ColombiaColombiaForestry and wood productsUSD10,000,0002017
Los LaurelesHondurasSmall hydropower2011
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
Noksel A.S.TurkeySteel pipes1992
SyvashEnergoProm LLCUkraineRenewable energyEUR15,000,0002019
UpEnergyUgandaEnergy efficiencyEUR1,000,0002019
Sathapana Bank Plc.CambodiaFinancial InstitutionUSD10,000,0002019
Starsight (SPUL Sub 2 Ltd.)NigeriaEnergyUSD5,000,0002019
Maarifa (Africa Edu Holdings)Uganda, ZambiaEducationUSD7,000,0002019
Yalelo LimitedZambiaAquacultureUSD6,000,0002019
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 productsUSD4,500,0002019
Hospital Holdings InvestmentAfricaHealth careUSD9,400,0002018
Advans SAInternationalMicrofinanceEUR10,000,0002019
First City Monument Bank Ltd.NigeriaBanking and financeUSD5,000,0002019

Read more about Finnfund’s investments and their impact.

Renewable energy

Valle Solar: Clean solar energy in rural Honduras

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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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