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Kampala, Uganda | THE INDEPENDENT | The Royal Norwegian Embassy in Kampala on December 5th hosted a high-level delegation from Norfund, the Norwegian Investment Fund for Developing Countries. This visit underscored Norfund’s strategic intent to deepen its engagement and expand investment activities in Uganda.
“Norfund’s delegation visit represents Norway’s steadfast commitment to fostering stronger economic ties with Uganda. Recognizing the country’s remarkable potential, we aim to partner with the private sector to contribute to Uganda’s long-term sustainable development,” Ambassador Anne Kristin Hermansen, Ambassador of Norway to Uganda, remarked
Echoing this sentiment, Ylva Lindberg, Executive Vice President of Strategy and Communication at Norfund, stated: “This visit epitomizes our keen interest in exploring the diverse investment opportunities that Uganda presents. We are eager to engage with Ugandan businesses and identify areas where Norfund’s capital and expertise can effectively contribute to the country’s economic growth journey,”
Norfund focuses on responsible investments in sectors such as renewable energy, financial institutions, and infrastructure, aligning with Uganda’s national development priorities and positioning Norfund as a valuable partner for the country.
The committed portfolio stands at more than 3 billion USD and consists of 1,100 companies that support 513,000 jobs in Africa, Asia and Latin America.
In Uganda, Norfund has invested over USD 178 million over the years in more than 100 companies. Its direct investments have been in the areas of hydropower generation including Bujagali, banking, forestry, aquaculture, and logistics. Norfund also continues to invest indirectly through funds. Some examples include the African Rivers Fund, Ascent Rift Valley Fund, Serengeti Energy and Africa Integrated Forestry Platform to mention a few.
Highlighting the importance of collaboration, William Nyaoke, Regional Director of Norfund East Africa, emphasized that engaging in open dialogue with the Ugandan private sector is critical to their understanding of the business landscape.
“We believe in building strong partnerships that generate positive social and environmental impact alongside robust financial returns, ”
Recognizing the pivotal role, the Ugandan private sector plays in driving the country’s economic growth, Norfund seeks to establish partnerships that provide access to vital capital, expertise, and network opportunities, enabling businesses to expand and contribute to achieving national development goals.
“We are here to look for opportunities and continue to invest. In 2022, we created 5000 direct jobs and had over 130 investees,”
Norfund’s increased focus on Uganda reflects the growing international investor confidence in the country’s economic potential. Uganda’s stable political environment, robust economic growth, and favourable investment climate are key factors attracting foreign investments.
