Development finance institution
Nordic Development Fund (NDF)
The Nordic Development Fund (NDF) is a Helsinki-based joint multilateral development finance institution established in 1988 by Denmark, Finland, Iceland, Norway, and Sweden. Operating under a climate and development mandate established in 2009, the fund acts as a catalytic general partner and co-investor, providing concessional capital, grants, loans, and equity to high-impact climate change mitigation and adaptation projects in lower-income countries. NDF builds collaborative blended finance frameworks with both the public and private sectors, with a strong focus on project origination, venture builders, and early-stage green market development across Sub-Saharan Africa.
Investment focus
- Sectors
- Energy and powerAgriculture and foodReal estate and housingManufacturing and industrialsInfrastructure
- Stages and strategies
- SeedSeries AGrowthFund investmentsProject financePrivate credit
- Instruments
- EquityDebt
- Regions
- Global, Northern Africa, Eastern Africa, Western Africa, Central Africa, Southern Africa
Funds managed
Fund commitments
- Climate Investor One Fund (Climate Fund Managers)
- Facility for Energy Inclusion Off-Grid Energy Access Fund (FEI OGEF)
- Sustainable Energy Fund for Africa (SEFA)
- Hardest-to-Reach Initiative
- The Climate-Smart Agriculture Fund for Latin America and the Caribbean (CSAF)
- Emerging and Sustainable Cities Initiative (ESCI) II
- Nationally Determined Contributions Pipeline Accelerator II
- The Ocean Resilience and Coastal Adaptation Trust Fund
- Africa Rural Climate Adaptation Finance Mechanism (ARCAFIM)
- Persistent Africa Climate Venture Builder Fund
- Emerging Market Climate Action Fund (EMCAF)
- Zafiri Investment Vehicle Phase 1
- InsuResilience Investment Fund Private Equity II SCA SICAV-RAIF
- The BUILD Fund (Bamboo Capital Partners)
- Energy Entrepreneurs Growth Fund (EEGF)
- Energy and Environment Partnership Trust Fund (EEP Africa)
- Climate Investor Two (CI2)
- Africa Go Green Fund
- Mirova Gigaton Fund
- Rural Roads Improvement Project II (RRIP II)
Selected portfolio and direct investments
- Solarise Africa Ltd.
Recent investments and transactions
| Date | Transaction | Type | Value | Market |
|---|---|---|---|---|
| 13 Oct 2026 | Energy and Environment Partnership Trust Fund (EEP Africa) invests EUR 1 million in Solarise Africa's operations in Uganda and Zambia | Infrastructure & Project Finance | $1.1m | Zambia |
Sources
- Partner Researchers, accessed 14 November 2026
- Partner Researchers, accessed 14 November 2026
- https://www.ndf.int/what-we-finance/projects/project-database/zafiri-c176.html, www.ndf.int. Accessed 14 November 2026.
- https://persistent.energy/news/persistent-launches-us70-million-persistent-africa-climate-venture-builder-fund-and-5-million-venture-building-facility/, persistent.energy. Accessed 14 November 2026.
- https://www.africaprivateequitynews.com/p/171m-first-close-for-mirova-gigaton-fund, www.africaprivateequitynews.com. Accessed 14 November 2026.
- https://www.afdb.org/en/news-and-events/press-releases/africagogreen-fund-closes-47m-new-equity-investments-advance-climate-resilience-africa-59083, www.afdb.org. Accessed 14 November 2026.
- https://climatefundmanagers.com/2021/11/11/ci2-first-close/, climatefundmanagers.com. Accessed 14 November 2026; link checked 15 November 2026.