IFC and Finland
Partners in Private Sector Development




OVERVIEW

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging
markets. Working in more than 100 countries, IFC committed a record $43.7 billion in own-account investments and mobilization
from third parties to private companies and financial institutions in developing countries in fiscal year 2023 (FY23).* IFC maintains an
active relationship with Finland, covering business development with Finnish companies interested in investing in emerging markets,
as well as cooperation with Finnish banks and donor-funded initiatives. As of June 2023, IFC had a long-term committed investment
portfolio of $166 million with Finnish partners spread across several sectors and regions.




   IFC’s Long-Term Investment Portfolio with Finnish Sponsors

   As of FY23, IFC’s long-term investment portfolio with Finnish sponsors amounted to $166 million. Finnish private sector companies
   have benefited from co-investments with IFC, while making notable contributions to development.


          IFC Long-Term Investment Portfolio as of June 2023                 IFC Long-Term Investment Portfolio as of June 2023
            by Industry with Finnish Sponsors ($166 million)                   by Region with Finnish Sponsors ($166 million)




               IFC Long-Term Investment Portfolio
                                                                        •	     Mobilization: As of June 2023, Finnish Financial Institutions
           as of June 2023 (Dollar Amounts in Millions)                        held about $50 million in IFC Syndicated Loans.
                                                                        •	     Global Trade Finance Program (GTFP): As of June 2023, IFC
                                                                               had issued 400 guarantees amounting to a cumulative $269
                                                                               million for Finnish banks since the GTFP began in 2005. The
                                                                               most active confirming bank has been Nordea.*

                                                                                * Nordea’s fiscal address is in Finland, and therefore its figures are included in the Finland
                                                                                factsheet. However, Nordea can be considered a Nordic bank as it has substantial opera-
                                                                                tions as well as shareholders in all four Nordic countries.
PARTNERSHIP WITH THE GOVERNMENT AND DEVELOPMENT FINANCE

INSTITUTIONS

IFC and the Government of Finland have a track record of successful collaboration
mostly in East Asia and the Pacific as well as Europe, focusing on energy efficiency,
climate change, and innovation and technology transfers. In FY19-23, Finland provided
cumulative funding of close to $2 million in support of IFC Advisory Services. In FY18,
IFC and Finland expanded their collaboration to launch the Finland-IFC Blended
Finance for Climate program. Finland contributed €114 million to the program to
spur private sector financing for climate-change solutions, especially in low-income
countries. IFC also partners with the Ministry of Employment and the Economy, the
Ministry of Finance, as well as Finnfund, Finnvera and Business Finland.




    Example of Successful Cooperation


                                           Finland-IFC Blended Finance for Climate Program

                                           In October 2017, IFC and Finland launched the Finland-IFC Blended Finance for Climate
                                           Program designed to spur private sector financing for climate change solutions in low
                                           income countries. Finland, who was IFC’s first European partner in blended climate financing,
                                           contributed €114 million ($135 million equivalent) to the program, which is targeting investments
                                           in renewable energy, energy efficiency, green buildings, climate-smart agriculture, and
                                           forestry. The program supports early-stage innovative projects in new areas, unlocks private
                                           financing for climate-smart solutions in developing countries and catalyzes high-impact
                                           projects that would not otherwise happen because of their risk levels.

                                           Since its launch, the program has committed 12 projects, including a UN Climate Change
                                           Award-recognized rooftop solar PV project in the West Bank, two solar photovoltaic projects
                                           in Senegal under the Scaling Solar program, a hydro power project in Nepal, a waste-to-
                                           energy project in Vietnam, and a fund supporting waste management and circular solutions
                                           that combat plastic waste in Southeast Asia.




CONTACT                       BRUSSELS                 PARIS                    FRANKFURT                            LONDON
Jan van Bilsen                17, Avenue Marnix        66, avenue d’Iéna        Bockenheimer Landstrasse 43          1 Tudor Street
Tel: +49 69 74 34 82 50       2nd Floor                75116 Paris              60325 Frankfurt am Main              6th Floor
E-mail: jvanbilsen@ifc.org    1000 Brussels, Belgium   France                   Germany                              EC4Y 0AH London, UK
                              Tel: +32 2 522 00 39     Tel: +33 1 4069 3060     Tel: +49 69 743 48230                Tel: +44 207 592 8400




September 2023