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Norfund has concentrated its investment on a limited number of countries in order to have the most thorough knowledge possible of framework conditions and politics. Important criteria for the choice of these countries have been prioritising Africa, ensuring a high share of investment in countries classified as least developed countries (LDCs) and including as many countries as possible that are important in Norwegian development cooperation. These are countries with a particular shortage of capital and expertise.

Norfund invests in the following countries:

Central America:
Guatemala, El Salvador, Nicaragua, Honduras, Panama and Costa Rica. Regional office in San José, Costa Rica.

Southeast and South Asia:
Bangladesh, Vietnam, Laos, Cambodia and Myanmar. Regional office in Bangkok, Thailand.

Southern Africa:
Angola, Namibia, South Africa, Lesotho, Swaziland, Mozambique, Zimbabwe, Zambia, Madagascar and Malawi. Regional office in Johannesburg, South Africa and Maputo, Mozambique.

East Africa:
Kenya, Tanzania, Uganda, Burundi, Rwanda and South Sudan. Regional office in Nairobi, Kenya.


Norfund will also start investing in West Africa, initially in English-speaking countries, using a regional office that is being established in Ghana as a springboard.