{"id":2538,"date":"2021-05-21T07:57:02","date_gmt":"2021-05-21T05:57:02","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2020\/?page_id=2538"},"modified":"2021-05-24T20:54:46","modified_gmt":"2021-05-24T18:54:46","slug":"note-13","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2020\/accounts-and-notes\/notes\/note-13\/","title":{"rendered":"Note 13 – Unused Resources"},"content":{"rendered":"
\n\t\t\t\t\n\t\t\t\t\t

Note 13<\/h4>\n\t\t\t\t\t

Unused Resources<\/h3>\n\t\t\t\t<\/span>\n\t\t\t\t<\/span>\n\t\t\t<\/a>
  1. Accounting principles<\/a><\/li>\n
  2. Segment Information<\/a><\/li>\n
  3. Loans and Investments<\/a><\/li>\n
  4. Exited Investments<\/a><\/li>\n
  5. Payroll Expenses<\/a><\/li>\n
  6. Other Operating Expenses<\/a><\/li>\n
  7. Net financial income\/expense<\/a><\/li>\n
  8. Fixed Assets<\/a><\/li>\n
  9. Other Receivables<\/a><\/li>\n
  10. Tax<\/a><\/li>\n
  11. Bank Deposits, Cash and Cash Equivalents<\/a><\/li>\n
  12. Capital Movements<\/a><\/li>\n
  13. Unused Resources<\/a><\/li>\n
  14. Information on financial market risk and the use of financial instruments<\/a><\/li>\n
  15. Current liabilities and guarantees<\/a><\/li>\n
  16. Events after balance-sheet date<\/a><\/li>\n<\/ol><\/div><\/div><\/div><\/div>\n\n\n

    In 2019 the Storting established a special scheme that enables Norfund to make risk capital available in the most demanding markets, particularly in vulnerable states and in the least developed countries (LDCs), where access to risk capital is limited. The scheme is to be used for projects with higher risk than investments in Norfund\u2019s ordinary portfolio, and is to be administered as a separate scheme. The Storting granted NOK 25 million to the scheme for 2020 (NOK 25 million in 2019). At the end of 2020, NOK 1.8 million remained to be allocated, while NOK 27.1 million had not yet been disbursed.<\/p>\n\n\n\n


    In addition Norfund received NOK 25 million (NOK 105 million in 2019) in grant resources[[ in the previously established scheme which are to be used to increase the developmental effect of Norfund’s investments through operational improvements and local community development, and to develop new projects in sectors and countries with particularly high risk levels. Support may, for example, be provided for training and transfer of expertise, health and equal opportunity programmes, workers’ rights, improvement of internal control, corporate governance and energy efficiency. The resources are treated as current liabilities, and undisbursed amounts are included in Norfund’s liquid assets. When costs are met from the resources, the liability is reduced by an equivalent amount. At the end of 2020, NOK 36.1 million remained to be allocated, while NOK 76.9 million had not yet been disbursed.<\/p>\n\n\n\n


    The grant fund earmarked for projects in the Balkans has primarily taken the form of loans to finance companies. At the end of 2020, unused resources relating to the Balkans consisted of three outstanding loans totalling EUR 2.9 million, and one equity investment of EUR 0.3 million.<\/p>\n\n\n\n


    In Proposition no. 23 S to the Storting for 2017, resources were granted to the Nordic Horn of Africa Opportunities Fund. The resources are to be used to enable the establishment of an investment fund for small and medium-sized enterprises in Somalia. This type of investment is highly risky, and the grant resources are used as buffer capital to protect other investors against losses.
    The buffer capital is a crucial instrument for attracting investors. The fund is the first of its kind in Somalia, and is expected to have significant development effects.
    <\/p>\n\n\n\n

    As of 31.12.2020, no resources remained in the Nordic Hon of Africa Opportunities Fund[[, but there is still a possibility of having some previously granted resources reversed in the future.<\/p>\n\n\n

    <\/th>Unused Resources: Norfund<\/th>Unused Resources: Balkan<\/th><\/tr>
    (Figures in 1000s of NOK.)<\/th>31.12.2020<\/th>12.12.2019<\/th>31.12.2020<\/th>31.12.2019<\/th><\/tr><\/thead>
    Receipts<\/td><\/td><\/td><\/td><\/td><\/tr>
    Carried over from previous year<\/td>106 898<\/td>5 485<\/td>11 639<\/td>5 557<\/td><\/tr>
    Received during the year<\/td>50 000<\/td>130 000<\/td>0<\/td>0<\/td><\/tr>
    Corrections grant resources<\/td>7 448<\/td>0<\/td>0<\/td>0<\/td><\/tr>
    Total receipts<\/td>164 346<\/td>135 485<\/td>11 639<\/td>5 557<\/td><\/tr>
    Income<\/td>0<\/td>0<\/td>1 207<\/td>376<\/td><\/tr>
    Disbursements<\/td><\/td><\/td><\/td><\/td><\/tr>
    General follow-up<\/td>0<\/td>0<\/td>-345<\/td>-360<\/td><\/tr>
    Intervention<\/td><\/td><\/td><\/td><\/td><\/tr>
    Project development:<\/td>-2 408<\/td>-2 976<\/td>0<\/td>0<\/td><\/tr>
    Boost and support project development effects<\/td>-7 924<\/td>-10 215<\/td>0<\/td>0<\/td><\/tr>
    Local investment funds<\/td><\/td><\/td><\/td><\/td><\/tr>
    Follow-up costs<\/td>0<\/td>0<\/td>-134<\/td>484<\/td><\/tr>
    Loans \/ investment projects<\/td>-11 263<\/td>-14 349<\/td>4 879<\/td>5 583<\/td><\/tr>
    Total disbursements<\/td>-22 758<\/td>-28 587<\/td>4 399<\/td>5 707<\/td><\/tr>
    Overspending covered by Norfund<\/td><\/td><\/td><\/td><\/td><\/tr>
    Non-disbursed resources<\/td>141 588<\/td>106 898<\/td>17 247<\/td>11 639<\/td><\/tr>
    Total non-disbursed resources at 31.12.2020<\/td>158 835<\/td><\/td><\/td><\/td><\/tr><\/tbody><\/table><\/div><\/div>","protected":false},"excerpt":{"rendered":"

    In 2019 the Storting established a special scheme that enables Norfund to make risk capital available in the most demanding markets, particularly in vulnerable states and in the least developed countries (LDCs), where access to risk capital is limited. The scheme is to be used for projects with higher risk than investments in Norfund\u2019s ordinary […]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":2101,"menu_order":12,"comment_status":"closed","ping_status":"closed","template":"","meta":{"norfund_header_layout":"","norfund_header_layout_image_id":0,"norfund_header_layout_image_focal_point_x":0,"norfund_header_layout_image_focal_point_y":0,"norfund_header_layout_suptitle":"","norfund_header_layout_subtitle":"","norfund_header_layout_title":"Notes","teft_cards_image_id":0,"teft_cards_image_focal_point_x":0,"teft_cards_image_focal_point_y":0,"teft_cards_title":"","teft_cards_excerpt":""},"acf":[],"yoast_head":"\nNote 13 - Unused Resources | Annual report 2020<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reports.norfund.no\/annualreport-2020\/accounts-and-notes\/notes\/note-13\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Note 13 - Unused Resources | Annual report 2020\" \/>\n<meta property=\"og:description\" content=\"In 2019 the Storting established a special scheme that enables Norfund to make risk capital available in the most demanding markets, particularly in vulnerable states and in the least developed countries (LDCs), where access to risk capital is limited. 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