Norfund\u2019s position on gender equality and women\u2019s economic empowerment has three objectives:<\/h3>\n\n- To ensure equal opportunities and promote gender balance across all levels in Norfund<\/li>\n\n\n\n
- To promote equal opportunities for men and women across all levels in investee companies and through access to finance<\/li>\n\n\n\n
- To engage with relevant stakeholders to learn and where possible influence others to promote gender equality<\/li>\n<\/ol>\n<\/div><\/div>\n\n\n\n
![\"\"](\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/53679874559_d5ff30a52e_o-scaled.jpg\")
Photo credit: WeCyclers<\/figcaption><\/figure>\n\n\n\nNorfund Annual Report Gender Equality & Inclusion 2023<\/a>Download<\/a><\/div>\n\n\n\nGender balance in Norfund\u2019s portfolio companies<\/strong><\/h2>\n\n\n\nWe collect gender disaggregated data from all investees annually. This enables us to carry out gender analyses at investee and portfolio level, and helps us to create awareness, both internally and externally, about gender equality.\u202f <\/p>\n\n\n\n
In 2023, the number of direct jobs held by females increased by 10 200 jobs, or 10.2 %, within Norfund\u2019s portfolio companies (with two consecutive years of reporting)*. <\/p>\n\n\n\n
* Includes investees directly in Norfund portfolio as well as investees through platforms and funds\u202f<\/em> <\/p>\n\n\n\n![\"\"](\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/06\/Artboard-1-copy-4@3x-1.png\")
<\/figure>\n\n\n\nEmpowering women through job creation in the textile industry<\/h2>\n\n\n\n
In 2023, Norfund made its first investments in Kenya\u2019s textile industry. One of the companies Norfund invested in was Hela Apparel Holdings PLC, a social capital-focused, global apparel supply chain solutions provider. Over the years, Hela as an organization has initiated multiple projects to empower and upskill women from underprivileged communities, by providing them with safe and stable working environments and growth opportunities. <\/p>\n\n\n\n
Hela employs over 1,800 female workers in Kenya, approximately 70% of the total workforce. As a part of the organization\u2019s commitment to improving the livelihoods of team members and their families, Hela operates Project Freshi, an initiative which provides 20 liters of clean water to each team member across its manufacturing facility in Kenya. <\/p>\n\n\n\n![\"\"](\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/52700582050_4693b17409_o.jpg\")
Photo credit: Hela Apparel Holdings Plc<\/figcaption><\/figure>\n\n\n\nHela Creche is another key project implemented in Kenya to enable young mothers to return to work with ease while their children are being well taken care of. Through the project, children up to 3 years receive nutritious meals, diapers, warm clothing, and access to enriching early childhood development activities, easing the economic burdens and stress of female employees. <\/p>\n\n\n\n
Additionally, Hela is currently working together with the International Finance Corporation (IFC) to implement project Kenya2Equal (K2E). Project K2E is a program designed to bridge the gender gaps, ensuring enhanced access to quality jobs and growth opportunities for women and creating more gender-balanced working environments. <\/p>\n\n\n\n
Norfund invested in Hela to further strengthen its strategic vision and growth trajectory for the African region and its communities. <\/p>\n\n\n\n
\nMore about job creation in Norfund<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n\nEngagement with our investees<\/strong><\/strong><\/h2>\n\n\n\nNorfund promotes entrepreneurship and self-employment through enabling access to finance as well as promoting equal opportunities for men and women in our investees. Norfund requests information and data on gender balance already as part of the due diligence process to explore areas for improvement and assess the companies\u2019 intentionality towards gender equality. We also look for gender diversity when nominating and appointing board directors for our investees. <\/p>\n\n\n\n
Our Business Support facility is an important tool in Norfund\u2019s work to support our investees. This can facilitate external support on gender gap assessments, gender and diversity strategy development or training. <\/p>\n\n\n\n
An example of this support is the work Fichosa<\/strong> bank in Honduras, Guatemala, Panama and Nicaragua has performed in collaboration with Norfund to support women entrepreneurs in developing their businesses. In 2023, Fichosa launched an educational, online platform for women entrepreneurs to showcase their business and enroll in educational programs. During the year, more than 3,000 women enrolled in programs to learn about topics such as taxation, labor laws, entrepreneurship, strategy and digital marketing, all tailored to the markets in Honduras, Panama and Nicaragua. They are currently working on broadening the course offer to reach even more women through the platform. <\/p>\n\n\n\n![\"\"](\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/06\/53279266614_1621ed8299_o.png\")
Photo credit: Sun King<\/figcaption><\/figure>\n\n\n\nAnother example is the business support project \u201cEqual voices\u201d carried out with Sun King<\/strong> (formerly known as Greenlight Planet) in 2023. Sun King identified the need for women in entry sales positions to receive upskilling and mentoring to grow into more senior roles and to enable networks for women in more senior sales positions. By engaging women employees in a series of workshops the company has recorded several positive outcomes. After completion of the initial program the results indicated that the employees who had participated feel more confident in their roles and in approaching leaders within the organization. This also affects the employees\u2019 contribution and productivity at work. Sun King is currently setting this up as a permanently ongoing program for women employees due to the great results achieved. <\/p>\n\n\n\n\n“Equal voices has helped me in many ways in building my career and helping me overcome my fears<\/em>,”<\/p>\nParticipant in Equal voices program<\/cite><\/blockquote>\n\n\n\nIn 2023 we also engaged in a partnership with TheBoardroom Africa<\/strong>, offering tailored leadership programs to women in senior management or C-suite level positions. The program is being offered to talented women in our portfolio companies. So far Norfund has supported eight women to complete this training, which is supplementing the engagement we still actively pursue with the Female Future Program<\/strong>, developed and supported by the Confederation of Norwegian Enterprises (NHO). <\/p>\n\n\n\nSee the link below for a more detailed description of TheBoardroom Africa and the Female Future Program<\/strong>.<\/p>\n\n\n
- \n
- To ensure equal opportunities and promote gender balance across all levels in Norfund<\/li>\n\n\n\n
- To promote equal opportunities for men and women across all levels in investee companies and through access to finance<\/li>\n\n\n\n
- To engage with relevant stakeholders to learn and where possible influence others to promote gender equality<\/li>\n<\/ol>\n<\/div><\/div>\n\n\n\n
Photo credit: WeCyclers<\/figcaption><\/figure>\n\n\n\n Norfund Annual Report Gender Equality & Inclusion 2023<\/a>Download<\/a><\/div>\n\n\n\nGender balance in Norfund\u2019s portfolio companies<\/strong><\/h2>\n\n\n\n
We collect gender disaggregated data from all investees annually. This enables us to carry out gender analyses at investee and portfolio level, and helps us to create awareness, both internally and externally, about gender equality.\u202f <\/p>\n\n\n\n
In 2023, the number of direct jobs held by females increased by 10 200 jobs, or 10.2 %, within Norfund\u2019s portfolio companies (with two consecutive years of reporting)*. <\/p>\n\n\n\n
* Includes investees directly in Norfund portfolio as well as investees through platforms and funds\u202f<\/em> <\/p>\n\n\n\n
<\/figure>\n\n\n\nEmpowering women through job creation in the textile industry<\/h2>\n\n\n\n
In 2023, Norfund made its first investments in Kenya\u2019s textile industry. One of the companies Norfund invested in was Hela Apparel Holdings PLC, a social capital-focused, global apparel supply chain solutions provider. Over the years, Hela as an organization has initiated multiple projects to empower and upskill women from underprivileged communities, by providing them with safe and stable working environments and growth opportunities. <\/p>\n\n\n\n
Hela employs over 1,800 female workers in Kenya, approximately 70% of the total workforce. As a part of the organization\u2019s commitment to improving the livelihoods of team members and their families, Hela operates Project Freshi, an initiative which provides 20 liters of clean water to each team member across its manufacturing facility in Kenya. <\/p>\n\n\n\n
Photo credit: Hela Apparel Holdings Plc<\/figcaption><\/figure>\n\n\n\n Hela Creche is another key project implemented in Kenya to enable young mothers to return to work with ease while their children are being well taken care of. Through the project, children up to 3 years receive nutritious meals, diapers, warm clothing, and access to enriching early childhood development activities, easing the economic burdens and stress of female employees. <\/p>\n\n\n\n
Additionally, Hela is currently working together with the International Finance Corporation (IFC) to implement project Kenya2Equal (K2E). Project K2E is a program designed to bridge the gender gaps, ensuring enhanced access to quality jobs and growth opportunities for women and creating more gender-balanced working environments. <\/p>\n\n\n\n
Norfund invested in Hela to further strengthen its strategic vision and growth trajectory for the African region and its communities. <\/p>\n\n\n\n
\nMore about job creation in Norfund<\/h3><\/div><\/div><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n\n
\nEngagement with our investees<\/strong><\/strong><\/h2>\n\n\n\n
Norfund promotes entrepreneurship and self-employment through enabling access to finance as well as promoting equal opportunities for men and women in our investees. Norfund requests information and data on gender balance already as part of the due diligence process to explore areas for improvement and assess the companies\u2019 intentionality towards gender equality. We also look for gender diversity when nominating and appointing board directors for our investees. <\/p>\n\n\n\n
Our Business Support facility is an important tool in Norfund\u2019s work to support our investees. This can facilitate external support on gender gap assessments, gender and diversity strategy development or training. <\/p>\n\n\n\n
An example of this support is the work Fichosa<\/strong> bank in Honduras, Guatemala, Panama and Nicaragua has performed in collaboration with Norfund to support women entrepreneurs in developing their businesses. In 2023, Fichosa launched an educational, online platform for women entrepreneurs to showcase their business and enroll in educational programs. During the year, more than 3,000 women enrolled in programs to learn about topics such as taxation, labor laws, entrepreneurship, strategy and digital marketing, all tailored to the markets in Honduras, Panama and Nicaragua. They are currently working on broadening the course offer to reach even more women through the platform. <\/p>\n\n\n\n
Photo credit: Sun King<\/figcaption><\/figure>\n\n\n\n Another example is the business support project \u201cEqual voices\u201d carried out with Sun King<\/strong> (formerly known as Greenlight Planet) in 2023. Sun King identified the need for women in entry sales positions to receive upskilling and mentoring to grow into more senior roles and to enable networks for women in more senior sales positions. By engaging women employees in a series of workshops the company has recorded several positive outcomes. After completion of the initial program the results indicated that the employees who had participated feel more confident in their roles and in approaching leaders within the organization. This also affects the employees\u2019 contribution and productivity at work. Sun King is currently setting this up as a permanently ongoing program for women employees due to the great results achieved. <\/p>\n\n\n\n
\n
“Equal voices has helped me in many ways in building my career and helping me overcome my fears<\/em>,”<\/p>\nParticipant in Equal voices program<\/cite><\/blockquote>\n\n\n\n
In 2023 we also engaged in a partnership with TheBoardroom Africa<\/strong>, offering tailored leadership programs to women in senior management or C-suite level positions. The program is being offered to talented women in our portfolio companies. So far Norfund has supported eight women to complete this training, which is supplementing the engagement we still actively pursue with the Female Future Program<\/strong>, developed and supported by the Confederation of Norwegian Enterprises (NHO). <\/p>\n\n\n\n
See the link below for a more detailed description of TheBoardroom Africa and the Female Future Program<\/strong>.<\/p>\n\n\n
![\"\"](\"https:\/\/reports.norfund.no\/annualreport-2023\/wp-content\/uploads\/sites\/6\/2024\/05\/2-768x512.jpg\")
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