The Nordic Green Bank accelerating the green transition

Nefco is the Nordic Green Bank that’s supporting globally set environmental and climate targets. We are doing this with concrete actions, financing Nordic green solutions and enabling their global scale-up. As a pioneer in green finance, we focus on demonstration value and additionality. Our financing is often the ‘missing middle’ and a deciding factor in a project’s realisation.

We only offer financing to activities that generate direct or indirect environmental or climate-related benefits. Our goals are aligned with the Nordic Vision, the EU objectives, the Paris Agreement, and the Kunming-Montreal Biodiversity Framework.

Scaling up Nordic green solutions globally

Nordic green small and medium-sized enterprises (SMEs) lead the way in many fields, but they might miss their growth potential without proper funding. They often lack the unicorn hype of startups, yet they seem too risky for commercial banks. This is where our task comes to life.  We are accelerating the shift to green by financing the initial scale-up of Nordic environmentally and climate-friendly solutions in international markets.

We are ready to risk for green

We are ready to take a financial risk if there is a scalable green upside. Trying and testing solutions is a bottom-up approach. The original capital invested in Nefco has grown and been reinvested several times. Our involvement also makes projects bankable and mobilises other financiers to invest.

We work for more than just Return on Investment: We aim for Return on Impact

Our task is embodied each time a Nordic green entrepreneur scales internationally or a Nefco-financed green project encourages others by showing what’s possible.  We evaluate project proposals and results using the EU Taxonomy classification, the Sustainable Development Goals and our own environmental and sustainability criteria. This is why we expect more than Return on Investment: we expect Return on Impact.

Green transition in three business areas

1. Global scale-up of green Nordic SMEs
2. Municipal financing in Eastern Europe
3. Special funds for international development initiatives

Legal framework

Nefco is an International Financial Institution (IFI). This means there are stringent rules on how we select projects for financing and use and monitor funds. To mitigate potential misconduct, we have set guidelines for both our internal processes and our cooperation partners and beneficiaries to follow.

Legal framework and guidelines

Ethics & Compliance

We are committed to ensuring that our funds are used only for the intended purposes and in line with international standards and best practices. We seek to promote high ethical standards both within Nefco and in all our operations.

Ethics and compliance procedures and guidelines

Governing bodies

The structure of the Board of Directors and Control Committee reflects the ownership of Nefco. The Board of Directors makes policy decisions concerning the operations of Nefco and approves investments from Nefco’s own paid-in capital.

Governing bodies and management

How we finance

We finance and implement small and medium sized green investments and projects both with our own paid-in capital provided by all the Nordic countries in 1990 and through trust fund assignments through three main business areas: Nordic SMEs, municipalities in Eastern Europe and Special Funds.

Nefco’s own equity

We are substantially equity funded. When Nefco was established, all five Nordic countries paid in capital to Nefco. This revolving capital is used for lending and equity-type financing.

Nefco as fund manager

We provide efficient fund management, disbursement, and support projects that align with Nordic and global environmental goals. Cost-efficiency is our hallmark. The funded projects span the globe – from the Baltic Sea to Sub-Saharan Africa.

Nefco as implementing agency

We help implement projects through several partnerships to create positive impacts on the environment and climate.

Read more about how we finance our activities

Nefco: a true Nordic first

At the time of our founding, we were probably the world’s first green investment bank. Over the decades, we have gained experience and expertise in financing projects and assessing environmental and climate-related results, sometimes in very challenging operating environments. Eastern Europe and other emerging markets have been special areas of focus for us. Today, we have a significant network within the green community and a proven ability to connect stakeholders and various financiers to relevant projects.

We work closely with the environmental authorities and other governmental institutions both in the Nordics and in the project countries. We also cooperate with the other Nordic financial institutions NIB and NDF, as well as business and trade promotion organisations in the Nordic countries.

Nefco as a workplace

Our culture is based on shared beliefs and behaviours. These guide us towards making better decisions. Our task is to accelerate the green transition and we encourage others to do the same. Our dream is for all financing to be green. Our core values are: Thrive Together, Grow for Good, and Ever Improve.

Our culture and values

Work with us

Today there are over 50 Nefco employees. Our goal is to recruit and retain personnel that have the right skills. Interesting in working at Nefco? Check out our open vacancies or job opportunities, or send us an open application.

Check our open job opportunities