{"id":10396,"date":"2025-06-13T12:41:41","date_gmt":"2025-06-13T10:41:41","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2024\/?page_id=10396"},"modified":"2025-06-16T09:39:58","modified_gmt":"2025-06-16T07:39:58","slug":"business-support","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2024\/this-is-norfund\/business-support\/","title":{"rendered":"Business Support"},"content":{"rendered":"\n

Norfund\u2019s Business Support facility aims to enhance the sustainability and development effects of our investments<\/strong>.<\/p>\n\n\n\n

\n
View the digital Business Support annual report here<\/a><\/div>\n<\/div>\n\n\n\n

Business Support is Norfund\u2019s technical assistance facility. By leveraging Business Support, we can exercise responsible ownership and create value additionality for our investments in high-risk sectors and segments, through\u202ftechnical assistance and grants. Business Support projects actively target the cross-cutting issues climate and environment, gender equality, human rights, and anti-corruption. The facility is earmarked Norfund\u2019s portfolio companies, and indirect investees, as well as prospects. For this grant-based financing, portfolio companies take up to 50% of the project costs.  <\/p>\n\n\n\n

Business Support projects in 2024<\/h2>\n\n\n\n

In 2024, Norfund received 10 million NOK from the Norwegian MFA to provide technical assistance to our portfolio companies, down from 15 million NOK the year before. <\/p>\n\n\n\n

The Business Support portfolio consisted of 59 active projects with a committed amount of 80 million NOK. Of those, 21 projects were approved in 2024, accounting for 17 million NOK in new approved projects.  <\/p>\n\n\n\n

We saw a high amount of Business Support projects related to Environmental & Social (E&S), and an increasing share of our portfolio was focused on climate. We also continued to support the Technical Assistance Facilities of several of our fund managers, ensuring a diverse and broad range of impact and recipients. <\/p>\n\n\n\n

Our work in 2024<\/h2>\n\n\n\n

During 2024, Business Support has strengthened its efforts in climate-related technical assistance. In line with Norfund’s principle of assisting our investees in reducing their emissions, rather than reducing portfolio emissions through divestments, Business Support is set to be one of the tools to achieve a net-zero portfolio by 2050. Our work during 2024 has been focused on positioning the facility to focus efforts where the climate-return on the projects are the greatest. <\/p>\n\n\n\n

Highlights from 2024<\/h2>\n\n\n\n

27<\/strong> direct or indirect investees assisted with new assessments and new procedures linked to climate and environment ranging from carbon footprint measurement, net-zero strategies and climate risks assessments to assist investees on climate adaptation. This has enabled investees and indirect investees in Norfund\u2019s portfolio to take more informed decisions regarding their climate risks and climate footprint.   <\/p>\n\n\n\n

298<\/strong> staff at Norfund investees and indirect investees trained in climate and environment related issues focusing on a broad range of topics such as climate adaptation strategies, net-zero approaches etc.   <\/p>\n\n\n\n

19 <\/strong>Investees <\/em>received assistance to assess and review their E&S work or develop and implement Environmental and Social Management Systems in line with IFC Performance Standards.  <\/p>\n\n\n\n

759 <\/strong>employees of Norfund\u2019s direct and indirect investees were trained on E&S and OHS, with particular focus on IFC Performance Standards. Consequently, how they work with and manage E&S risks in their companies has been strengthened.  <\/p>\n\n\n\n

553<\/strong> staff members of investees were trained on gender equality focusing on a broad range of topics such as inclusion, gender bias and gender lens investing. This has strengthened how investees address gender equality in their companies.  <\/p>\n\n\n\n

8<\/strong> investees developed and implemented gender equality assessments or new gender equality procedures during the year. <\/p>\n","protected":false},"excerpt":{"rendered":"

Norfund\u2019s Business Support facility aims to enhance the sustainability and development effects of our investments. Business Support is Norfund\u2019s technical assistance facility. By leveraging Business Support, we can exercise responsible ownership and create value additionality for our investments in high-risk sectors and segments, through\u202ftechnical assistance and grants. Business Support projects actively target the cross-cutting issues […]<\/p>\n","protected":false},"author":28,"featured_media":0,"parent":3843,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":{"norfund_header_layout":"hero","norfund_header_layout_image_id":10403,"norfund_header_layout_image_focal_point_x":0.5,"norfund_header_layout_image_focal_point_y":0.5,"norfund_header_layout_suptitle":"","norfund_header_layout_subtitle":"","norfund_header_layout_title":"Business Support","teft_cards_image_id":0,"teft_cards_image_focal_point_x":0,"teft_cards_image_focal_point_y":0,"teft_cards_title":"Business Support","teft_cards_excerpt":""},"acf":[],"yoast_head":"\nBusiness Support | Annual Report 2024<\/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-2024\/this-is-norfund\/business-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Support | Annual Report 2024\" \/>\n<meta property=\"og:description\" content=\"Norfund\u2019s Business Support facility aims to enhance the sustainability and development effects of our investments. 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