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Investments in 55 developing countries

In 2022, Finnfund made 28 investments decision with a total worth of 246 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 2022, Africa continued to be Finnfund’s primary investment destination, with 57% of volume and 54% of decisions. Asia comes in second with slightly less than a quarter of investments.

Most Finnfund investments 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.

Disclosure will be made as soon as possible after financing has been agreed upon.

In the case of investment funds, the share of Finnfund’s financing (%) is disclosed after the fund’s final closing. 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.

You can also download the investment list in Excel format here. This investment list, part of our Annual Report, is checked and updated annually – the last time was in December 2022. Please note, that this investment list does not cover all information available on the project web pages listed below.

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
Catalyst Fund IAfricaPrivate equity fund2011
EthioChicken (AgFlow Poultry Limited)EthiopiaAgricultureUSD10,000,0002016
European Financing PartnersAfricaDevelopment financing2010
European Financing PartnersAfricaDevelopment financing2004
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 LimitedGhanaPrivate 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 Plant (Yumn Ltd.)RwandaEnergyUSD10,000,0002016
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 products2006
Kilombero Valley Teak Company LtdTanzaniaForestry and wood products2009
Kilombero Valley Teak Company LtdTanzaniaForestry and wood products2010
Kilombero Valley Teak Company LtdTanzaniaForestry and wood productsUSD345,0002021
Kilombero Valley Teak Company LtdTanzaniaForestry and wood products2011
Kilombero Valley Teak Company LtdTanzaniaForestry and wood products2012
Lake Turkana Wind PowerKenyaWind power2013
M-Birr EthiopiaEthiopiaDigital infrastructure and solutions2011
M-Birr EthiopiaEthiopiaDigital infrastructure and solutions2014
M-Birr EthiopiaEthiopiaDigital infrastructure and solutions2016
M-Birr EthiopiaEthiopiaDigital infrastructure and solutionsEUR1,000,0002017
M-Birr EthiopiaEthiopiaDigital infrastructure and solutionsEUR 2021
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 products2020
Miro Forestry Company, Ghana ja Sierra LeoneGhana and Sierra LeoneForestry and wood products2015
New Forests Company (Tanzania) LimitedTanzaniaForestry and wood products2014
New Forests Company (Uganda) LimitedUgandaForestry and wood products2015
Norsad Finance LimitedAfricaDevelopment financing2011
Penda HealthKenyaHealth careUSD2,495,2252018
Polykrome S.A.SenegalPackaging productsEUR4,000,0002018
Precision Air Services LtdTanzaniaAirline company2008
Sanergy Inc.KenyaWater & WasteUSD1,249,9992017
Schulze Global Ethiopia Fund IEthiopiaPrivate equity fund2014
SFC Finance LimitedAfricaFinancial institution2014
SilverStreet Private Equity Strategies SICARAfricaPrivate equity fund2011
Sini Furniture Interior Design PLCEthiopiaManufacturing2015
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
Ashley Alteams India PVT LimitedIndiaManufacturing2009
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
Dolma Impact Fund I, NepalNepalPrivate equity fund2014
Dolma Impact Fund I, NepalNepalPrivate equity fundUSD3,100,0002018
Everest Power Generation Company LimitedBangladeshEnergy2015
Frontier TowerIndonesiaDigital infrastructure and solutionsUSD10,000,0002017
Fun Factory LtdBangladeshTextilesUSD700,0002017
Gemco Kati Exploration Pvt. Ltd.IndiaMining support service activities2016
GreenStream ESCOChinaEnergy efficiency2014
GreenStream ESCOChinaEnergy efficiency2016
LVDU Lapland Food (Fushun) Co., LtdChinaAgribusiness2012
Nam Sim Power Company LimitedLaosHydro power2011
Nam Sim Power Company LimitedLaosHydro powerUSD200,0002020
SaraRasa BiomassIndonesiaBiofuels2012
SaraRasa BiomassIndonesiaBiofuels2013
SaraRasa BiomassIndonesiaBiofuels2015
SaraRasa BiomassIndonesiaBiofuels2016
SaraRasa BiomassIndonesiaBiofuelsUSD500,0002018
Spica Metfab Solutions India Private LimitedIndiaMetal products2009
SREI Equipment FinanceIndiaEquipment financingEUR15,000,0002017
Stera Engineering (India) PrivateIndiaManufacturing electromechanics2014
TBEC Singapore PTE LtdThailandBiopower2009
New Forests Tropical Asia Forest Fund L.P.AsiaPrivate equity fund2012
VME Precast Pvt. Ltd.IndiaConcrete elements2009
Mekitec OyChinaDigital infrastructure and solutions2010
Mekitec OyChinaDigital infrastructure and solutions2011
ArcelorMittal (Toplana Zenica d.o.o. Zenica)Bosnia and HertzegovinaEnergyEUR1,800,0002018
Cibuk Wind Farm (Tesla Wind d.o.o.)SerbiaWind powerEUR10,740,9712017
SEAF South Balkan FundSerbiaPrivate 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. IInternationalDevelopment financing2011
Interact Climate Change Facility S.A. I BInternationalDevelopment financing2013
Moringa S.C.A., SICARInternationalAgroforestry fund2013
ShoreCap International Ltd.InternationalMicrofinance2009
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 fund2009
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 institution2004
CIFI - Corporacion Interamericana para el Financiamiento de Infraestructura, S.A.Latin AmericaFinancial institutionUSD15,000,0002021
The Forest CompanyLatin AmericaForestry and wood products2010
Forest First ColombiaColombiaForestry and wood productsUSD10,000,0002017
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
San Francisco S.A.ParaguayWarehousing and transportation supportUSD8,000,0002017
SEAF Latam Growth FundLatin AmericaPrivate equity fund2008
Valle Solar Power ProjectHondurasSolar power2015
Arabia One For Clean Energy Investments PSCJordanSolar power2014
Falcon M'an for SolarÿEnergyÿLLCÿJordanSolar power2014
FRV Solar Holdings IX B.V. / Jordan PSCJordanSolar power2016
Jordan Solar One / Jordan PSCJordanSolar power2014
SyvashEnergoProm LLCUkraineRenewable energyEUR15,000,0002019
Sathapana Bank Plc.CambodiaFinancial InstitutionUSD10,000,0002019
XacBankMongoliaFinancial institutionUSD5,000,0002019
Annapurna Finance Pvt. Ltd.IndiaMicrofinanceEUR15,000,0002019
IPT Powertech, IPI Group InternationalDigital infrastructure and solutionsUSD10,000,0002019
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
Yalelo LimitedZambiaAquacultureUSD6,000,0002019
Advans GroupInternationalMicrofinanceEUR10,000,0002019
Advans GroupInternationalMicrofinanceEUR10,000,0002021
ETC Group (Mauritius)AfricaAgricultureUSD15,000,0002020
ETC Group (Mauritius)AfricaAgricultureUSD10,000,0002021
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
KashaAfricaDigital infrastructure and solutionsUSD1,000,0002020
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
Phatisa Food Fund 2 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
Catalyst MENA Clean Energy Fund LPInternationalEnergy2016
Mikrokredit Tashkiloti OasiscreditUzbekistanMicrofinanceUSD2,500,0002022
Valency International Trading SARLCote d’IvoireAgricultureUSD10,000,0002022
Wave Mobile Money Senegal & Cote d’IvoireFintechEUR12,000,0002022
Bayport Management Limited Africa and Latin AmericaMicrofinanceUSD10,000,0002022
Jumo World Ltd.Africa and AsiaFintechUSD8,000,0002022
Forest First ColombiaColombiaForestryUSD2,000,0002022
Lona Group (Pty) Ltd.South AfricaAgribusinessUSD3,250,0002022
Convergence Partners Digital Infrastructure FundPan-AfricanFundUSD15,000,0002022
Vantage Mezzanine FundPan-AfricanFundUSD20,000,0002022

Gemco Kati Exploration Pvt. Ltd.

IndiaMining support service activitiesEUR2,000,0002022
TPL Insurance Ltd.PakistanInsuranceUSD3,000,0002022
Fuzu AfricaDigital infrastructure and solutionsEUR500,0002022
KaiOS Technologies Pte LtdInternationalDigital infrastructure and solutionsUSD3,400,0002022
Co-operative Bank of Kenya LtdKenyaBankUSD12,000,0002022
Igloo (Axinan Pte Ltd)AsiaInsuranceUSD6,000,0002022
Miro Forestry Developments LimitedGhana and Sierra LeoneForestryUSD6,000,0002022
Kentegra Biotechnology Holdings KenyaAgricultureUSD5,000,0002022
VinFast Trading and Production Joint Stock CompanyVietnamManufacturingUSD15,000,0002022
Africado LimitedTanzaniaAgricultureEUR2,000,0002022
QPEA GT Menengai Ltd.KenyaEnergyUSD8,000,0002022
New Forests Tropical Forest Fund / Mekong Timber Plantations Co. Ltd.LaosForestryUSD4,000,0002022
Planting Naturals BV (Goldtree)Sierra LeoneFood production2011, 2014, 2016, 2019, 2022
Advans SAInternationalMicrofinanceEUR8,000,0002023
Ipak Yuli BankUzbekistanBankUSD15,000,0002023
A.T. Biopower Company LimitedThailandBiopowerEUR13,0002023
Evolution III FundAfricaRenewable energyUSD20,000,0002023
First City Monument Bank LtdNigeriaBankingUSD10,000,0002023
Metier Capital Growth Fund IIIAfricaFundUSD15,000,0002023
KaiOS Technologies Pte LtdInternationalDigital infrastructure and solutionsUSD4,500,0002023
Fibertime Group Proprietary Limited South AfricaTelecommunicationEUR2,000,0002023
TradeDepot Inc.AfricaDigital infrastructure and solutionsUSD5,000,0002023

Read more about Finnfund’s investments and their impact.

Digital infrastructure

Fibertime: Bridging the digital divide in South Africa

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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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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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