{"id":35,"date":"2021-04-26T13:57:08","date_gmt":"2021-04-26T11:57:08","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2020\/?page_id=35"},"modified":"2021-06-02T17:08:12","modified_gmt":"2021-06-02T15:08:12","slug":"covid-19","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2020\/year-2020\/key-events\/covid-19\/","title":{"rendered":"Investing during a pandemic"},"content":{"rendered":"\n<p class=\"has-ingress-font-size\">Despite the challenging circumstances due to COVID-19, Norfund made record high investments in 2020. Our role as a countercyclical investor is more important than ever.<\/p>\n\n\n\n<figure class=\"wp-block-embed alignwide is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Pandemic and Africa Economies 6\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/WTi5UueOwmM?feature=oembed\"  allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen sandbox=\"allow-scripts allow-same-origin allow-popups\"><\/iframe sandbox=\"allow-scripts allow-same-origin allow-popups\">\n<\/div><\/figure>\n\n\n\n<p> While foreign direct investment in developing countries fell by 12% in 2020, Norfund increased investments by 20%, to a record of NOK 4.8 billion.<\/p>\n\n\n\n<div class=\"wp-block-norfund-key-figures alignfull has-gray-light-background-color has-background alternative-style\"><div class=\"block-inner\"><div class=\"norfund-key-figure-item\" data-key=\"0\"><div class=\"norfund-key-figure-alt-style\"><div class=\"norfund-key-figure-number\">4.8<\/div><div class=\"norfund-key-figure-number-unit\">BNOK<\/div><\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"100\"><\/div><\/div><p class=\"norfund-key-figure-text\">committed in 2020<\/p><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-teft-link-list\"><div class=\"teft-link-list__items\">\n<div class=\"wp-block-teft-link-list-item\"><a class=\"teft-link-list-item__holder\" href=\"https:\/\/reports.norfund.no\/annualreport-2020\/year-2020\/key-figures\/\"><div class=\"teft-link-list-item__content\"><div class=\"teft-link-list-item__content-inner\"><div class=\"teft-link-list-item__content-wrapper\"><h3 class=\"teft-link-list-item__title\">Key figures 2020<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n<p>Despite travel restrictions and other extraordinary challenges when preparing and negotiating new investments in 2020, Norfund investment staff found ways to conduct solid due diligence processes remotely. In some countries, Norfund is in the fortunate situation of having staff on the ground. In other instances, we combined digital meetings with assistance from local consultants.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group alignwide has-gray-light-background-color has-background\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h2 class=\"wp-block-heading\" id=\"h-contracted-economy-in-all-norfund-regions\">Contracted economy in all Norfund regions<\/h2>\n\n\n\n<p>COVID-19 aggravated an already fragile situation in most of Norfund\u2019s markets. In many cases the economic decline in 2020 has undone growth that will take several years to regain. The pandemic has also resulted in unplanned government expenditure at a time when a reduction in tax receipts is anticipated.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-halted-progress-towards-sustainable-development-goal-1-no-poverty\">Halted progress towards Sustainable Development Goal 1 \u2013 No Poverty<\/h3>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"561\" height=\"421\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/2\/2021\/05\/trend-poverty-covid-1.png\" alt=\"\" class=\"wp-image-2215\" srcset=\"https:\/\/reports.norfund.no\/annualreport-2020\/wp-content\/uploads\/sites\/2\/2021\/05\/trend-poverty-covid-1.png 561w, https:\/\/reports.norfund.no\/annualreport-2020\/wp-content\/uploads\/sites\/2\/2021\/05\/trend-poverty-covid-1-300x225.png 300w\" sizes=\"(max-width: 561px) 100vw, 561px\" \/><\/figure><\/div>\n\n\n\n<p>Among Norfund\u2019s regions, Latin America had the sharpest average fall in GDP, contracting by 6.9% (Source: OECD, IIF).<\/p>\n\n\n\n<p>Asia was also deeply affected, with some countries suffering significant output losses, led by the Philippines (-8.1%). The economic growth in Asia is anticipated to rebound moderately, but output is expected to remain 7.5% below pre-pandemic projections by 2022, although with significant cross-country differences.<\/p>\n\n\n\n<p>In Sub-Saharan Africa, the full effect of the economic setback following the pandemic cannot yet be seen. It is expected that it will push millions of people back into extreme poverty, but with large cross-country differences.<\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-revenue-decrease-and-job-losses-in-portfolio-companies\">Revenue decrease and job losses in portfolio companies<\/h2>\n\n\n\n<p>Most of Norfund\u2019s portfolio companies have been affected by the pandemic directly or indirectly. <\/p>\n\n\n\n<p>A survey including half of the portfolio companies indicates that 65% of the companies have experienced revenue decrease as a direct or indirect consequence of COVID-19.  Only 32% report a negative impact on  jobs, suggesting that many companies have been able to keep employees despite revenue decrease. <\/p>\n\n\n\n<div class=\"wp-block-group is-style-default\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<h2 class=\"wp-block-heading\" id=\"h-women-and-young-people-hardest-hit\"><strong>Women and young people hardest hit<\/strong><\/h2>\n\n\n\n<p>Women and young people have borne a disproportionate share of job losses, as have lower income households (ILO Monitor). Although there is high awareness of the risk of getting COVID-19, many people have little choice but to go out and look for work. <\/p>\n\n\n\n<div class=\"wp-block-norfund-quote\"><div class=\"norfund-quote__image\"><img decoding=\"async\" src=\"https:\/\/reports.norfund.no\/wp-content\/uploads\/sites\/2\/2021\/05\/Simbah28037.jpg\"\/><\/div><blockquote class=\"norfund-quote__content\"><p class=\"norfund-quote__quote\"><em>We often forget the relatively high cost of COVID prevention for poor people; currently buying a disposable face mask and 50 ml of hand sanitiser costs the same as half a litre of milk and a loaf of bread \u2013 I won\u2019t even touch on the cost of going for a test, self-isolating or not being able to attend work<\/em>.<\/p><cite class=\"norfund-quote__cite\">SimbaH Mutasa, Norfund Regional Director, Southern Africa<\/cite><\/blockquote><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-group alignfull\"><div class=\"wp-block-group__inner-container is-layout-flow\">\n<div class=\"wp-block-norfund-key-figures alignfull has-green-light-background-color has-background\"><div class=\"block-inner\"><div class=\"norfund-key-figure-item\" data-key=\"0\"><div class=\"norfund-key-figure-number\">65%<\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"65\"><\/div><\/div><p class=\"norfund-key-figure-text\">of surveyed portfolio companies experienced  revenue decrease <\/p><\/div><div class=\"norfund-key-figure-item\" data-key=\"1\"><div class=\"norfund-key-figure-number\">32%<\/div><div class=\"norfund-key-figure-number-bar\"><div class=\"norfund-key-figure-number-bar-progress\" data-number=\"32\"><\/div><\/div><p class=\"norfund-key-figure-text\">of surveyed portfolio companies  reported job losses <\/p><\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nok-836-million-in-covid-19-support\">NOK 836 million in COVID-19 support <\/h2>\n\n\n\n<p>Since the outbreak in March 2020, Norfund has monitored developments and supported those investee companies hardest hit with capital and other assistance. During the year, 14 investee companies received \u2018emergency relief funding\u2019 in the form of additional loans. The majority of the investments in COVID-19 support were within the Financial Institutions and Scalable Enterprises investment areas.<\/p>\n\n\n\n<hr class=\"wp-block-separator is-style-wide\"\/>\n\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"h-investments-in-covid-19-support-2020-mnok\">Investments in COVID-19 support 2020, MNOK<\/h3>\n\n\n<script type=\"text\/javascript\">\n\ngoogle.charts.load(\"current\", {packages:['corechart']});\n\nif ( screen.width < 800 ) {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawBarChartbar6adae78237306( 12, 6 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawBarChartbar6adae78237306( 14, 14 );\n\t} );\n}\n\nfunction drawBarChartbar6adae78237306( customFontSizehAxis = 14, customFontSizevAxis = 14 ) {\n\tlet data = google.visualization.arrayToDataTable([['data','Latin-America','Africa','Asia'],['Financial Institutions',388,24,40],['Scalable Enterprises',46,328,8],['Clean Energy',2,0,0]]);\n\n\tlet view = new google.visualization.DataView(data);\n\n\t\n\tlet options = {\n\t\theight: 500,\n\t\tlegend: { position: 'bottom', alignment: 'end', maxLines: 3  },\n\t\tlegendTextStyle: { fontSize: 12, color: '#000' },\n\t\tbar: { groupWidth: '40%' },\n\t\tchartArea: {\n\t\t\ttop: '0',\n\t\t\tright: '0',\n\t\t\tbottom: '0',\n\t\t\tleft: '0',\n\t\t\twidth: '85%',\n\t\t\theight: '70%'\n\t\t},\n\t\twidth: '80%',\n\t\thAxis : {\n\t\t\ttextStyle : {\n\t\t\t\tfontSize: customFontSizehAxis,\n\t\t\t\tcolor: '#000'\n\t\t\t}\n\t\t},\n\t\tvAxis : {\n\t\t\ttextStyle : {\n\t\t\t\tfontSize: customFontSizevAxis,\n\t\t\t\tcolor: '#000'\n\t\t\t}\n\t\t},\n\t\tisStacked: true,\n\t\tcolors: [\"#375172\",\"#7594BC\",\"#A3B8D3\"],\n\t\tfontName: 'Merriweather Sans'\n\t};\n\n\tlet chart = new google.visualization.ColumnChart( \n\t\tdocument.getElementById( \"columnchart_values_bar6adae78237306\" )\n\t);\n\n\t\n\tchart.draw(view, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawBarChartbar6adae78237306( 12, 6 );\n\t} else {\n\t\tdrawBarChartbar6adae78237306( 14, 14 );\n\t}\n} );\n<\/script>\n\n\n<div class=\"chart-container \">\n\t<div id=\"columnchart_values_bar6adae78237306\" style=\"width:100%; height: 500px;\"><\/div>\n<\/div>\n\n\n<div class=\"pdf-page-break\"><\/div>\n\n\n<h3 class=\"has-text-align-center wp-block-heading\" id=\"h-regional-distribution-of-norfund-s-covid-19-support\">Regional distribution of Norfund's Covid-19 support<\/h3>\n\n\n<script type=\"text\/javascript\">\ngoogle.charts.load(\"current\", {packages:[\"corechart\"]});\n\nif ( screen.width < 800 ) {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutregionaldistributionofcovid19support6adae782378f9( 'bottom', 12, 12 );\n\t} );\n} else {\n\tgoogle.charts.setOnLoadCallback( () => {\n\t\tdrawChartdonutregionaldistributionofcovid19support6adae782378f9( 'right', 15, 17 );\n\t} );\n}\n\nfunction drawChartdonutregionaldistributionofcovid19support6adae782378f9( customLegendPosition, customFontSize, customSliceFontSize ) {\n\tlet data = google.visualization.arrayToDataTable([\n\t['Navn', 'Verdi'],['Africa', 352],['Latin America', 435],['Asia', 48]\t]);\n\n\t\tlet options = {\n\t\tpieSliceText: 'percentage',\n\t\tpieSliceTextStyle: {\n\t\t\tfontSize: customSliceFontSize,\n\t\t\tbold: true,\n\t\t},\n\t\tpieHole: 0.6,\n\t\tslices: [{\"color\":\"#375172\"},{\"color\":\"#A3B8D3\"},{\"color\":\"#94CCC5\"}],\n\t\t\t\tlegend: {\n\t\t\t'position': 'bottom',\n\t\t\t'alignment': 'center',\n\t\t\ttextStyle: {\n\t\t\t\tfontSize: customFontSize,\n\t\t\t}\n\t\t},\n\t\tchartArea: { 'width': '100%', 'height': '80%' },\n\t\t\t\tfontName: 'Merriweather Sans',\n\t};\n\n\tlet chart = new google.visualization.PieChart(document.getElementById('donutregionaldistributionofcovid19support6adae782378f9'));\n\n\t\n\tchart.draw(data, options);\n}\n\nwindow.addEventListener( 'resize', () => {\n\tif ( screen.width < 800 ) {\n\t\tdrawChartdonutregionaldistributionofcovid19support6adae782378f9( 'bottom', 12, 12 );\n\t} else {\n\t\tdrawChartdonutregionaldistributionofcovid19support6adae782378f9( 'right', 15, 17 );\n\t}\n} );\n\n<\/script>\n<style>\n#donutregionaldistributionofcovid19support6adae782378f9 svg g path {\n\tstroke-width: 4;\n}\n\n@media screen and (min-width: 800px) {\n\t#donutregionaldistributionofcovid19support6adae782378f9 {\n\t\twidth: 100%;\n\t\tmin-height: 500px;\n\t}\n}\n<\/style>\n\n<div id=\"donutregionaldistributionofcovid19support6adae782378f9\"><\/div>\n\n\n<div class=\"norfund-advanced-table-block-container\"><div class=\"norfund-advanced-table-block-container-inner\"><table><thead><tr class=\"\"><th class=\"is-chars\">Investment<\/th><th class=\"is-chars\">mNOK<\/th><th class=\"is-chars\">Sector<\/th><th class=\"is-chars\">Country<\/th><\/tr><\/thead><tbody><tr class=\"regular\"><td class=\"is-chars\">European Financing Parnter (EFP)<\/td><td class=\"is-num\">270<\/td><td class=\"is-chars\">SE<\/td><td class=\"is-chars\">Regional (LatAm + Africa)<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">LAAD<\/td><td class=\"is-num\">136<\/td><td class=\"is-chars\">FI<\/td><td class=\"is-chars\">Latin America<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Banco Promerica<\/td><td class=\"is-num\">92<\/td><td class=\"is-chars\">FI<\/td><td class=\"is-chars\">Costa Rica<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Desyfin<\/td><td class=\"is-num\">79<\/td><td class=\"is-chars\">FI<\/td><td class=\"is-chars\">Costa Rica<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">FDL<\/td><td class=\"is-num\">53<\/td><td class=\"is-chars\">FI<\/td><td class=\"is-chars\">Nicaragua<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">NMI Fund II<\/td><td class=\"is-num\">57<\/td><td class=\"is-chars\">FI<\/td><td class=\"is-chars\">Regional (Africa + Asia)<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Marginpar<\/td><td class=\"is-num\">48<\/td><td class=\"is-chars\">SE<\/td><td class=\"is-chars\">Kenya, Ethiopia<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Asilia<\/td><td class=\"is-num\">43<\/td><td class=\"is-chars\">SE<\/td><td class=\"is-chars\">Tanzania, Kenya, Uganda<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Prospero<\/td><td class=\"is-num\">27<\/td><td class=\"is-chars\">FI<\/td><td class=\"is-chars\">Regional (Equador)<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Cambodia Myanmar Development Fund<\/td><td class=\"is-num\">8<\/td><td class=\"is-chars\">SE-Funds<\/td><td class=\"is-chars\">Regional (Asia)<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Nordic Microfinance Initiative<\/td><td class=\"is-num\">8<\/td><td class=\"is-chars\">FI<\/td><td class=\"is-chars\">Asia<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">ACRE<\/td><td class=\"is-num\">3<\/td><td class=\"is-chars\">SE<\/td><td class=\"is-chars\">Mozambique<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Basecamp<\/td><td class=\"is-num\">3<\/td><td class=\"is-chars\">SE<\/td><td class=\"is-chars\">Kenya<\/td><\/tr><tr class=\"regular\"><td class=\"is-chars\">Sunshine<\/td><td class=\"is-num\">2<\/td><td class=\"is-chars\">CE<\/td><td class=\"is-chars\">LatAm<\/td><\/tr><\/tbody><\/table><\/div><\/div>\n\n\n<p>In addition, NOK ~4.5 million was invested in Covid related support through Business Support \u2013 all allocated to Sub-Saharan Africa. <\/p>\n\n\n\n<div class=\"wp-block-teft-link-list\"><div class=\"teft-link-list__items\">\n<div class=\"wp-block-teft-link-list-item\"><a class=\"teft-link-list-item__holder\" href=\"https:\/\/reports.norfund.no\/annualreport-2020\/business-support-bangladesh\/\"><div class=\"teft-link-list-item__content\"><div class=\"teft-link-list-item__content-inner\"><div class=\"teft-link-list-item__content-wrapper\"><h3 class=\"teft-link-list-item__title\">Business Support<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-adaptation-and-resilience\">Adaptation and resilience<\/h2>\n\n\n\n<p>Although the year has been challenging for all our investees, many have also demonstrated their resilience. Several investees report that through hard work and an impressive ability to adapt to changing circumstances, they have overcome the crisis so far without having to reduce staff numbers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-dfis-joined-forces-to-respond-to-covid-19\"><strong>DFIs joined forces to respond to COVID-19<\/strong><\/h2>\n\n\n\n<p>Development Finance Institutions (DFIs) have been working together to help resolve the negative economic effects of COVID-19. Focus has been on liquidity issues in the financial sector, supporting existing investee companies impacted by the virus and promoting new investments in goods and services necessary for global health, safety and economic sustainability.<\/p>\n\n\n\n<div class=\"wp-block-teft-link-list\"><div class=\"teft-link-list__items\">\n<div class=\"wp-block-teft-link-list-item\"><a class=\"teft-link-list-item__holder\" href=\"https:\/\/reports.norfund.no\/development-finance-institutions-join-forces-to-respond-to-covid-19-in-developing-countries\" rel=\"noreferrer noopener\" target=\"_blank\"><div class=\"teft-link-list-item__content\"><div class=\"teft-link-list-item__content-inner\"><div class=\"teft-link-list-item__content-wrapper\"><h3 class=\"teft-link-list-item__title\">More about the DFI\u2019s coordinated response at Norfund.no<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite the challenging circumstances due to COVID-19, Norfund made record high investments in 2020. Our role as a countercyclical investor is more important than ever. While foreign direct investment in developing countries fell by 12% in 2020, Norfund increased investments by 20%, to a record of NOK 4.8 billion. Despite travel restrictions and other extraordinary [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":149,"parent":180,"menu_order":0,"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":"","teft_cards_image_id":149,"teft_cards_image_focal_point_x":0.5,"teft_cards_image_focal_point_y":0.5,"teft_cards_title":"Investing during a pandemic","teft_cards_excerpt":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Investing during a pandemic | 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\/year-2020\/key-events\/covid-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investing during a pandemic | Annual report 2020\" \/>\n<meta property=\"og:description\" content=\"Despite the challenging circumstances due to COVID-19, Norfund made record high investments in 2020. Our role as a countercyclical investor is more important than ever. While foreign direct investment in developing countries fell by 12% in 2020, Norfund increased investments by 20%, to a record of NOK 4.8 billion. 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