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Home / DFI Index / DFI Transparency Index 2023 / Norfund (Norway)
DFI

DFI Transparency Index 2023

Norfund (Norway)

Score:
24.9
Position:
14 / 21

Overview

The Norwegian Investment Fund for Developing Countries (Norfund), is the Norwegian development finance institution. It was established by the Norwegian Parliament in 1997 and it is owned entirely by the Norwegian Ministry of Foreign Affairs. Norfund joined the European Development Finance Institutions Association (EDFI) in 2001. 

Analysis

Norfund came fourteenth from 21 non-sovereign DFIs assessed with a score of 24.9 out of 100. It came eighth in the Impact Management component but in the bottom five for the other four components of the index. Norfunds’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. 

Norfund came sixteenth in the Core Information component, with 5.71 out of 20. It scored for thirteen out of the seventeen indicators, failing to score for disclosure/access to information policy, funding source, E&S risk category, and progress dates. It dropped points for format of publication for many indicators due to there not being a bulk download available and for not publishing to the IATI Standard. 

Norfund came seventh in the Impact Management component with a score of 9.25 out of 25. It got 100% for the impact measurement approach and additionality statement indicators. It also scored for country/sector strategies indicator but lost points for not publishing them to IATI. However, Norfund did not score for the three other indicators including evaluations, activity indicators/metrics, and results. 

Norfund 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. It also scored points for E&S global disclosure policy. However, it did not score for any other indicators in this component, including project-level indicators. 

Norfund came joint second-last in the Financial Information component, with 1 out of 15. Significantly, it was the only bilateral DFI to score for share of equity. It also scored for the financial reports/statements indicator. However, it did not score for the remaining five indicators of the component. 

Norfund came joint second-last in the Financial Intermediary (FI) Sub-investments component, with 1.25 out of 10. It was one of five non-sovereign DFIs to score for disclosing private equity fund sub-investments. It did not score for any other indicator in the component. 

Core Information 5.71 / 20
Impact Management 9.25 / 25
ESG & Accountability to Communities 7.67 / 30
Financial Information 1 / 15
Financial Intermediary Sub-investments 1.25 / 10

Recommendations

  • Norfund should create a disclosure/access to information policy in line with industry best practices and the DFI Transparency Tool. 
  • It 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. 
  • Norfund should disclose further Core Information data including unique identifier, sub-national location, sub-sector, total investment cost, disbursement data, funding source, E&S risk category, date of activity disclosure, approval date, signature date, and last update date. It should consistently disclose the project objectives, client description, and client contact details. 
  • It should disclose project-level Impact Management indicators, including activity indicators/metrics and results. 
  • Norfund should disclose project-level ESG and Accountability to Communities indicators, including summary of E&S risks and E&S documentation. 
  • It should develop an early disclosure policy covering, at a minimum, high risk projects and disclose investments in line with the policy. 
  • Norfund 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 for repeat investment, currency of investment, concessionality, mobilisation, and other instrument-specific details (interest rate and loan tenor). It should consistently disclose for the co-financing indicator. 
  • Norfund should create a policy for the disclosure of FI (bank) sub-investments in line with Publish What You Fund’s DFI Transparency Tool. 
  • It should consistently disclose the FI (bank) use of funds. 
Core Information 5.71 / 20
Impact Management 9.25 / 25
ESG & Accountability to Communities 7.67 / 30
Financial Information 1 / 15
Financial Intermediary Sub-investments 1.25 / 10

Deep Dive

Core Information

5.71 / 20
16 / 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: 0.25 out of 1

Status

Score: 0.5 out of 1

Project description

Score: 0.25 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: 0.17 out of 1

Funding source

Score: 0 out of 1

Client

Score: 0.25 out of 1

Contacts

Score: 0.38 out of 1

E&S risk category

Score: 0 out of 1

Progress dates

Score: 0 out of 1

Impact Management

9.25 / 25
7 / 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: 2.25 out of 3

Evaluations

Score: 0 out of 3

Additionality statement (non-sovereign only)

Score: 2 out of 2

Activity indicators / metrics

Score: 0 out of 6

Results

Score: 0 out of 6

ESG & Accountability to Communities

7.67 / 30
17 / 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

1 / 15
9 / 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: 0.25 out of 3

Financial Intermediary Sub-investments

1.25 / 10
10 / 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: 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