Year 2022

The year 2022 was exceptional in many ways. Despite the multiple global challenges – the COVID-19 pandemic, conflicts, climate change, drought, the Ukraine crisis, food and electricity shortages – we have seen many glimpses of recovery and progress and have continued to make new investments. We exceeded our project preparation targets, and our impact is also constantly growing.

Read more about Finnfund’s year in our Annual Report.

Annual Report 2022 (pdf)

Portfolio

810

million euros

New investment decisions

246

million euros

Of new investment decisions

92%

targeted countries in three lowest income categories
(€, OECD, DAC)

Investees' net emissions

-134,131

tCO2e (2021)

Finnfund investees generated

83,000

direct jobs (2021)

Finnfund investees generated

5,300

GWH of clean energy (2021)

Chief Executive Officer’s review: Exceptional times

“We launched the year 2022 with an updated strategy to raise the bar even higher – partly because many of the ambitious goals had been met prematurely,” says Jaakko Kangasniemi, Finnfund’s Managing Director and CEO.

“This is a bold move in exceptional times, and we are strongly committed to our key strategic objectives: to double the total impact from 2020 to 2025, to grow the percentage of private capital in our investments, and to maintain a carbon-negative portfolio.”

Read Chief Executive Officer’s review

Jaakko Kangasniemi, CEO

Our investments in 2022

The project preparation targets for 2022 – 230 million euros and 22 projects – were clearly exceeded: a total of 28 new projects totalling 246 million euros were prepared fully in 2022.

Africa continues to be Finnfund’s primary investment destination, with 57% of volume and 54% of decisions. Asia comes second, with slightly less than a quarter of investments. The remaining share, about 20 per cent, was allocated to other continents or international projects.

The profit for 2022 was 324,426 euros.

Twiga connects merchants and food production

Twiga’s online shopping platform connects food producers and retailers. The company both buys products from small farmers and runs its own farms. The company strives to utilise and develop smart farming methods that help in adapting to, for example, the effects of climate change.

Vietnam’s first fully-electric public transport bus fleet

Finnfund is one of the investors in a 135 million US dollar financing package to VinFast in Vietnam. The company manufactures fully-electric busses and developed the first national electric vehicle charging network.

Remediating biodiversity in Nicaragua

In 2022 Finnfund and MLR Forestal, a Nicaraguan agroforestry company launched an innovative pilot project to restore 554 hectares of degraded forest lands.

Impact flowers in Kenya

Did you know that pyrethrum, an organic insecticide made from flowers, was once one of the main exports from Kenya? Kentegra, established in 2017, produces pale refined extract from the pyrethrum flower, sourced mainly from smallholder farmers.

“Kentegra is an investee company that ticks all three boxes we look at in our investments,” says Johanna Raehalme, Head of the Nairobi office at Finnfund.