• Skip to primary navigation
  • Skip to main content

Publish What You FundPublish What You Fund

The Global Campaign for Aid and Development Transparency

  • RSS
  • Twitter
  • Vimeo
  • Youtube
  • LinkedIn
  • Facebook
  • Instagram
  • Bluesky

NEWSLETTER

CONTACT

  • Why it matters
    • Why transparency matters
    • Data use examples
    • Research into aid transparency
    • The Story of Aid Transparency
    • What you can do
    • Case studies
  • Aid Index
    • 2024 Index
    • 2022 Index
    • Comparison Chart
    • Methodology
    • Index Archive
    • Tools
    • The Power of the Aid Transparency Index
  • DFI Index
    • DFI Transparency Index 2023
    • DFI Research
    • DFI Transparency Tool
    • FAQs
  • Our Work
    • Women’s Economic Empowerment
    • Localisation
    • Mobilisation
    • Climate Finance
    • UK Aid Transparency
    • Gender Financing
    • Humanitarian Transparency
    • US Foreign Assistance
    • IATI Decipher
    • Webinars
    • Work Under Development
  • News
    • Reports
    • News
    • Events
    • Blog
  • About Us
    • Board
    • Team
    • Our transparency
    • Our Funders
    • Jobs
    • Annual Reports
    • Friends of…
    • FAQs
  • Training
Show Search
Hide Search
Home / DFI Index / DFI Transparency Index 2023 / Finnfund (Finland)
DFI

DFI Transparency Index 2023

Finnfund (Finland)

Score:
24.4
Position:
15 / 21

Overview

The Finnish Fund for Industrial Cooperation Ltd (Finnfund), is Finland’s development finance institution that provides long-term investment loans and risk capital to private projects in developing markets. It was founded in 1980, and its ownership is split between the Finnish State with majority shares (95.7%), Finnvera (4.2%), and the Confederation of Finnish Industries (EK) (0.1%). Finnfund is a member of the European Development Finance Institutions Association (EDFI). 

Total asset size: $882mn
Key links
  • Finnfund Website
  • Finnfund project database

Analysis

Finnfund came fifteenth from 21 non-sovereign DFIs assessed with a score of 24.4 out of 100. Finnfund’s overall performance was negatively affected due to the fact that it does not disclose a bulk download export of investment data and does not publish to the IATI Standard. It came second in the Financial Intermediary Sub-investments component 

Finnfund came twelfth in the Core Information component, with 7.63 out of 20. It scored for fifteen out of the seventeen indicators, only failing to score for status and funding source. It dropped points however for format of publication for many indicators due to there not being a bulk download available and for not publishing to the IATI Standard. 

Finnfund came sixteenth in the Impact Management component with a score of 5 out of 25. It received all of these points from the impact measurement approach indicator. Significantly, it was one of only six non-sovereign DFIs to score 100% for this indicator. On the other hand, it did not score for any of the other five indicators in this component.  

Finnfund scored 8.5 out of 30 in the ESG and Accountability to Communities component, coming joint thirteenth. It scored 100% for its E&S and project-level grievance (PGM) community disclosure policies. It also scored points for E&S global disclosure policy. Finnfund does not have an independent accountability mechanism (IAM), therefore did not score for any of the indicators relevant to that. Finnfund did not score for any project-level indicators in this component. 

Finnfund came joint last in the Financial Information component, with 0.75 out of 15. It only scored points for the financial reports/statements indicator. Again, it did not score for any project-level indicators. 

Finnfund scored 2.5 out of 10 in the Financial Intermediary (FI) Sub-investments component, which was joint second. Significantly, it was only one of three non-sovereign DFIs to score both for having a policy for FI sub-investment disclosure and for disclosing private equity fund sub-investments. It did not score for the two other indicators in the component however. 

Core Information 7.63 / 20
Impact Management 5 / 25
ESG & Accountability to Communities 8.5 / 30
Financial Information 0.75 / 15
Financial Intermediary Sub-investments 2.5 / 10

Recommendations

  • Finnfund should become an IATI publisher and disclose all investments to the IATI Standard. 
  • It should make its data available in a bulk download format to improve useability and accessibility. 
  • Finnfund should disclose further Core Information data including unique identifier, status, sub-national location, sub-sector, disbursement, funding source, date of activity disclosure, approval date, and last update date. 
  • Finnfund should review its Disclosure Policy according to current best practice. 
  • It should disclose organisation-level Impact Management indicators, including sector/country strategies and evaluations, and project-level indicators including additionality statement, activity indicators/metrics, and results.
  • Finnfund should disclose project-level ESG and Accountability to Communities indicators, including summary of E&S risks and E&S assessment and plans. 
  • It should develop an early disclosure policy covering, at a minimum, high risk projects and disclose investments in line with the policy. 
  • Finnfund should create an IAM, following best practice examples and incorporate disclosure requirements for an IAM into existing policies. 
  • It should provide assurance of community disclosure for investments when disclosure is required. 
  • For Financial Information indicators it should disclose currency of investment, concessionality, mobilisation, and instrument-specific details (share of equity, interest rate, loan tenor, and length of guarantee). It should consistently disclose repeat investment and co-financing data. 
  • For FIs, Finnfund should consistently disclose the FI (bank) use of funds and start publishing qualifying FI (bank) sub-investments in line with guidance from Publish What You Fund’s DFI Transparency Tool. 
Core Information 7.63 / 20
Impact Management 5 / 25
ESG & Accountability to Communities 8.5 / 30
Financial Information 0.75 / 15
Financial Intermediary Sub-investments 2.5 / 10

Deep Dive

Core InformationImpact ManagementESG & Accountability to CommunitiesFinancial InformationFinancial Intermediary Sub-investments

Core Information

7.63 / 20
12 / 21
About component

The basic information that describes a DFI’s organisational policies and investments. This type of information is typically found in key organisation documents and represents the first tier of project information, typically disclosed on project web pages or in files available for bulk download. At the organisation level this includes access to information policies and annual reports. At the project level, this includes project titles, locations, and key dates.

Disclosure / access to information policy

Score: 0.75 out of 3

Accessibility

Score: 0.67 out of 2

Annual reports

Score: 0.75 out of 1

Project identification

Score: 0.25 out of 1

Status

Score: 0 out of 1

Project description

Score: 0.5 out of 1

Location

Score: 0.25 out of 1

Domicile (non-sovereign only)

Score: 0.5 out of 1

Sovereign / non-sovereign

Score: 1 out of 1

Sector

Score: 0.25 out of 1

Investment instrument

Score: 0.5 out of 1

Project costs

Score: 0.33 out of 1

Funding source

Score: 0 out of 1

Client

Score: 0.5 out of 1

Contacts

Score: 0.75 out of 1

E&S risk category

Score: 0.5 out of 1

Progress dates

Score: 0.13 out of 1

Impact Management

5 / 25
16 / 21
About component

The ways in which a DFI predicts, measures, and evaluates the impacts of their investments. At the organisation level, this includes an impact measurement approach. At the project level, this includes activity indicators/metrics and results.

Impact measurement approach

Score: 5 out of 5

Sector / country strategy

Score: 0 out of 3

Evaluations

Score: 0 out of 3

Additionality statement (non-sovereign only)

Score: 0 out of 2

Activity indicators / metrics

Score: 0 out of 6

Results

Score: 0 out of 6

ESG & Accountability to Communities

8.5 / 30
14 / 21
About component

The ways in which a DFI predicts, mitigates, and communicates the ESG aspects of their activities. At the organisation level this includes E&S global disclosure policy and E&S community disclosure policy. At the project level this includes E&S plans and assessments, and assurance of community disclosure.

E&S global disclosure policy

Score: 2.5 out of 5

E&S community disclosure policy

Score: 4 out of 4

IAM global disclosure documentation

Score: 0 out of 2

IAM community disclosure policy

Score: 0 out of 2

PGM community disclosure policy

Score: 2 out of 2

Summary of E&S risks

Score: 0 out of 2

E&S project plans / assessments

Score: 0 out of 4

Assurance of E&S community disclosure

Score: 0 out of 2

Beneficial ownership (non-sovereign only)

Score: 0 out of 2

IAM global disclosure

Score: 0 out of 1

Assurance of IAM community disclosure

Score: 0 out of 2

Assurance of PGM community disclosure

Score: 0 out of 2

Financial Information

0.75 / 15
17 / 21
About component

This information provides details on the financial performance of DFIs and the structuring of investments. At the organisation level, this includes audited financial reports. At the project level, this includes currency of investment, mobilisation, and concessionality

Financial reports / statements

Score: 0.75 out of 1

Repeat investment

Score: 0 out of 1

Currency of investment

Score: 0 out of 1

Co-financing

Score: 0 out of 3

Concessionality (non-sovereign only)

Score: 0 out of 3

Mobilisation (non-sovereign only)

Score: 0 out of 3

Instrument-specific disclosure

Score: 0 out of 3

Financial Intermediary Sub-investments

2.5 / 10
2 / 21
About component

This information relates to the ways in which investments in FIs are used. At the organisation level, this includes FI sub-investment policy. At the project level, this includes private equity fund sub-investments and FI (bank) sub-investments.

FI sub-investment policy

Score: 1.25 out of 3.75

Private equity fund sub-investments

Score: 1.25 out of 2.5

FI (bank) use of funds

Score: 0 out of 1.25

FI (bank) sub-investments

Score: 0 out of 2.5
DFI

DFI Transparency Index 2023

  • Contact Us
  • Copyright
  • Privacy Policy
  • RSS
  • Twitter
  • Vimeo
  • Youtube
  • LinkedIn
  • Facebook
  • Instagram
  • Bluesky

Publish What You Fund. China Works, 100 Black Prince Road, London, SE1 7SJ
UK Company Registration Number 07676886 (England and Wales); Registered Charity Number 1158362 (England and Wales)