{"id":6513,"date":"2023-04-18T11:36:52","date_gmt":"2023-04-18T09:36:52","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2022\/?page_id=6513"},"modified":"2024-01-04T14:45:27","modified_gmt":"2024-01-04T13:45:27","slug":"jobs-created","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2022\/development-mandate\/impact-development-mandate\/jobs-created\/","title":{"rendered":"Jobs created"},"content":{"rendered":"\n

Norfund contributes to creating jobs directly in portfolio companies and indirectly through their value chains.<\/p>\n\n\n\n

\n

Results in 2022<\/h2>\n\n\n\n
24,500<\/div>
<\/div><\/div>
<\/div><\/div>

New jobs created in portfolio companies*<\/p><\/div>

514,000<\/div>
<\/div><\/div>
<\/div><\/div>

Total jobs in portfolio companies <\/p><\/div><\/div><\/div>\n\n\n\n

* In companies with two consecutive years of reporting<\/sup><\/sub><\/p>\n<\/div><\/div>\n\n\n\n

\n

Read about Norfund’s Development Mandate strategy<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n

Development rationale<\/strong><\/p>\n\n\n\n

Jobs are vital to reducing poverty. Jobs generate income, are a basis for taxation, provide security, and can enable knowledge and skills development. It is a prerequisite that the jobs are in businesses that are financially viable to sustain the impacts. In 2022, the International Labour Organization estimated that 207 million jobs were needed to address the current levels of unemployment, an increase from 187 million in 2019. The COVID-19 pandemic has had a serious negative impact on businesses in developing countries<\/a> and on working hours and income levels in Norfund\u2019s markets where unemployment rates were already high. <\/p>\n\n\n\n

\n
\n
\"\"<\/figure>\n<\/div>\n\n\n\n
\n

Norfund\u2019s investments contribute both directly and indirectly to the achievement of SDG Target 8.5<\/em>.<\/p>\n<\/div>\n<\/div>\n\n\n\n

In Africa, more than 80% of the jobs are within the informal sector.<\/a> This means that the workers are unregistered, have no insurance or sick leave schemes and have limited access to training. As such, it is crucial to develop formal job opportunities and ensure that these are jobs where workers\u2019 rights are protected.  <\/p>\n\n\n\n

Avoiding further job losses and creating a substantial number of new jobs in the formal sector in developing countries is therefore more important now than ever.<\/p>\n\n\n\n

\n

Read about Norfund’s work in African agriculture and food systems<\/h3>Creating new jobs in the agriculture sector and value chain<\/span><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n

Results 2022<\/strong><\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Record high number of jobs in Norfund portfolio companies <\/strong><\/strong><\/h3>\n\n\n\n

By the end of 2022, a total of 514,000 people were employed in the companies in which Norfund is invested, either directly or through funds. This is the first time that Norfund supports more than half a million jobs through our investments. 83% of these were permanent jobs.<\/p>\n\n\n\n

 Total jobs in Norfund\u2019s portfolio companies<\/strong><\/h2>\n\n\n