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Home / DFI Index / DFI Transparency Index 2023 / IFU (Denmark)
DFI

DFI Transparency Index 2023

IFU (Denmark)

Score:
20.3
Position:
17 / 21

Overview

The Investment Fund for Developing Countries (IFU), is a development finance institution owned by the Danish Government. It was established in 1967 as an independent government-owned fund offering advisory and risk capital to companies with Danish interest wishing to do business in emerging markets. IFU is fully owned by the Danish Government and it joined the European Development Finance Institutions Association (EDFI) in 1992. 

Total asset size: $730mn
Key links
  • IFU website
  • IFU project database

Analysis

IFU came seventeenth from 21 non-sovereign DFIs assessed with a score of 20.3 out of 100. IFU received a penalty as, at the point of the second assessment, there were no projects disclosed from 2021 and the database had a last update date of 31 December 2020. IFU does not publish to the IATI Standard which had a negative effect on its overall performance.  

IFU came third-last in the Core Information component, with 3.73 out of 20. Although it scored for thirteen out of the seventeen indicators, it dropped points for format for many indicators due to there not being a bulk download format file available and for not publishing to the IATI Standard. It was one of six non-sovereigns where a disclosure/access to information policy could not be identified. It was the only bilateral DFIs not to score for project description. However, it was one of three bilateral DFIs to score for status and one of two to get points for total investment cost. Significantly, it was the only non-sovereign DFI to pick up points for disbursement data. 

IFU came ninth in the Impact Management component with a score of 8.13 out of 25. Importantly, it was one of only two non-sovereign DFIs to score for the results indicator, with targets and actual results. It was also one of three non-sovereign DFIs to get points for activity indicators/metrics. On the organisation level it picked up points for the impact measurement approach and evaluations indicators. However, it did not score for the sector/country strategies and additionality statement indicators. 

IFU scored 7.67 out of 30 in the ESG and Accountability to Communities component. It scored 100% for its E&S and project-level grievance (PGM) community disclosure policies. The only other indicator IFU scored points for was E&S global disclosure policy. IFU did not score points for any project-level indicators in the component. 

IFU 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. 

IFU did not score at all in the Financial Intermediary (FI) Sub-investments component, coming joint last with four other non-sovereign DFIs.  

Core Information 3.73 / 20
Impact Management 8.13 / 25
ESG & Accountability to Communities 7.67 / 30
Financial Information 0.75 / 15
Financial Intermediary Sub-investments 0 / 10

Recommendations

  • IFU should ensure that it discloses all investments to its project database in a timely fashion.  
  • IFU 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. 
  • IFU should create a disclosure/access to information policy according to industry best practices and adhering to the attributes outlined in Publish What You Fund’s DFI Transparency Tool.  
  • IFU should disclose further Core Information data including unique identifier, description, objectives, sub-national location, sub-sector, description of client, client contact, date of activity disclosure, approval date, signature date, and last update date. It should consistently disclose the domicile of investments. 
  • It should disclose its impact measurement approach, approach to determining impact attribution, and sector/country strategies. 
  • IFU should disclose additionality statements and baseline results. 
  • It should disclose project-level ESG and Accountability to Communities indicators, including summary of E&S risks and E&S assessments/plans. 
  • It should develop an early disclosure policy covering, at a minimum, high risk projects and disclose investments in line with the policy. 
  • IFU should create an independent accountability mechanism (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 repeat investment, currency of investment, concessionality, mobilisation, and instrument-specific details (share of equity, interest rate, and loan tenor). It should consistently disclose co-financing information. 
  • IFU should create a policy for the disclosure of FI sub-investments. It should also disclose all private equity fund sub-investments and qualifying FI (bank) sub-investments in line with the guidance in Publish What You Fund’s DFI Transparency Tool. 
Core Information 3.73 / 20
Impact Management 8.13 / 25
ESG & Accountability to Communities 7.67 / 30
Financial Information 0.75 / 15
Financial Intermediary Sub-investments 0 / 10

Deep Dive

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

Core Information

3.73 / 20
19 / 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 out of 3

Accessibility

Score: 0.67 out of 2

Annual reports

Score: 0.75 out of 1

Project identification

Score: 0.13 out of 1

Status

Score: 0.25 out of 1

Project description

Score: 0 out of 1

Location

Score: 0.13 out of 1

Domicile (non-sovereign only)

Score: 0 out of 1

Sovereign / non-sovereign

Score: 0.5 out of 1

Sector

Score: 0.13 out of 1

Investment instrument

Score: 0.25 out of 1

Project costs

Score: 0.25 out of 1

Funding source

Score: 0.13 out of 1

Client

Score: 0.13 out of 1

Contacts

Score: 0.19 out of 1

E&S risk category

Score: 0.25 out of 1

Progress dates

Score: 0 out of 1

Impact Management

8.13 / 25
9 / 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: 2.5 out of 5

Sector / country strategy

Score: 0 out of 3

Evaluations

Score: 3 out of 3

Additionality statement (non-sovereign only)

Score: 0 out of 2

Activity indicators / metrics

Score: 1.13 out of 6

Results

Score: 1.5 out of 6

ESG & Accountability to Communities

7.67 / 30
18 / 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: 1.67 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
14 / 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

0 / 10
18 / 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: 0 out of 3.75

Private equity fund sub-investments

Score: 0 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

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