Finnfund’s Annual Report 2023 collates key information about our financial performance, sustainability, and impact.
Read about Finnfund’s year in our Annual Report.
Portfolio 831 million euros
New investment decisons 256 million euros
Of new investment decisions 95% targeted countries in three lowest income categories (€, OECD, DAC)
Finnfund's portfolio removed 98,000 t CO2-ekv. more than emitted (2022)
Finnfund investees generated 108,000 direct jobs (2022)
Finnfund investees generated 9,100 GWH of clean energy (2022)
“I am pleased to say that, despite the somewhat challenging investment environment, for Finnfund, 2023 was a record year in many ways. Our operations were profitable, and once again we exceeded our targets for impactful investment decisions. Importantly, aligned with dollars and euros, our impact also kept on growing,” says Jaakko Kangasniemi, Finnfund’s Managing Director and CEO.
“Mastering the craft of development impact is and must be a team play. Therefore, Finnfund’s goal is to foster sustainable development not only by investing our own resources in impactful projects but also by providing investment opportunities for private investors. I wish to thank all our investees, co-investors, and other partners and friends for great collaboration,” Kangasniemi concludes.
Finnfund’s investment portfolio grew from 810 million euros to 830 million euros. At the end of the year, the company’s investments, commitments and investment decisions totalled about 1.23 billion euros.
Finnfund continued active investing in developing countries. In 2023, Finnfund made a total of 35 investment decisions, totalling 256 million euros.
As in the preceding year, the majority of Finnfund’s new investment decisions were allocated to projects with excellent development impact, for example, in terms of reducing poverty, combating climate change, and improving the position of women and girls.
Africa remained Finnfund’s primary investment destination, accounting for 46 per cent of volume and 30 per cent of decisions.
Profit for the year totalled 3,803,242 euros, and all of it will be used to make new investments.
Finnfund has invested 2 million euros in the Fibertime Group, a company offering world-class internet and connectivity to people in poor communities in South Africa. At the heart of the innovation are both the affordable pricing model, pay-as-you-go, and the technology used.
The Finnish company Nokia is providing both fibre access nodes for the fibre exchange and fibre modems to create a WiFi network across entire townships. Digital inclusion is a shared value for Nokia, Finnfund, and Fibertime. The journey has been a valuable learning process for all partners.
“It is crucial to learn how people act and spend money, to make sure that our product will adapt to the local environment,” says Toni Pellegrino, Managing Director of Nokia South Africa.
Download the Annual Report in pdf format.