Norfund to increase investments in East Africa

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Norfund
PHOTO/COURTESY: Norfund

Private Equity (PE) firm Norfund has reiterated its commitment to invest in East Africa by launching a three year strategy aimed at scaling up the firm’s investments in the region.

The firm’s strategy will focus on augmenting the firm’s investments in East Africa’s manufacturing and agribusiness sectors. Norfund similarly has plans to venture into green infrastructure including including waste management, access to clean water, transmission lines and power storage.

Prior to launching the strategy, Norfund had invested significantly in clean energy projects in East Africa.  Some of Norfund’s clean energy projects  Globeleq, Lake Turkana Wind Power Project, Bujagali Hydro Power and M-KOPA. In 2019 alone, the company committed over Ksh.9 billion in East Africa and the company is anticipated to augment its commitments significantly in coming years.

“We are incredibly proud of our committed portfolio of Sh77.8 billion in over 520 companies in East Africa. The capital deployed has transformed millions of lives through employment, access to finance and clean energy. The launch of our new strategy will provide a framework for greater partnerships and impact across East Africa,” William Nyaoke- the Regional Director East Africa- Norfund said in a statement.

Norfund CEO Tellef Thorleifsson on his part insisted that the company was eager to venture into green infrastructure, which includes investments in waste management, in the region. This according to Mr.  Thorleifsson will complement Norfund’s existing investment focus areas.

 “We want to address urbanization challenges. The waste industry needs to professionalize and scale. We are one of the first development finance institutions to focus on waste management. We’ve started to see exciting new business models in the sector, built on circular economy principles. Effective collection, recycling and waste-to-energy is great for both societies and the environment. With the right investment in the right places it will also be an exciting business category and employment generator for decades to come,” the Norfund CEO said.

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