IFC and Norway 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 has an active relationship with Norway, including business development with Norwegian companies interested in investing in emerging markets, as well as donor-funded initiatives. As of June 2023, IFC had a long-term committed investment portfolio of $292 million with Norwegian partners spread across several sectors and regions. IFC’s Long-Term Investment Portfolio with Norwegian Sponsors As of FY23, IFC’s long-term investment portfolio with Norwegian sponsors amounted to $292 million. Norwegian 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 Norwegian Sponsors ($292 million) by Region with Norwegian Sponsors ($292 million) IFC Long-Term Investment Portfolio • Mobilization: IFC has a strong relationship with Norwegian as of June 2023 (Dollar Amounts in Millions) financial institutions (FIs) and an active engagement across multiple sectors. As of June 2023, Norwegian FIs held $34 million in IFC Syndicated Loans. • Global Trade Finance Program (GTFP): As of June 2023, IFC issued 42 guarantees amounting to a cumulative total of $40 million for the Norwegian bank DNB since the GTFP began in 2005. *The World Bank Group fiscal year runs from July 1 to June 30 of the following calendar year. PARTNERSHIP WITH THE GOVERNMENT AND DEVELOPMENT FINANCE INSTITUTION Between FY19-23, Norway committed over $45 million to support IFC Advisory Services. Norwegian funding contributes to improvements in the legislative business enabling environment through the Foreign Investment Advisory Services Facility (FIAS), the promotion of private sector development in fragile countries through the Africa Fragility Initiative (AFI), or the improvement of local health care services and the facilitation of locally manufactured vaccines through the Global Health Platform (GHP). Norway has also partnered with IFC to advance gender equality and to foster investments in clean energy. IFC also collaborates with Norfund, Norway’s Development Finance Institution, which seeks to develop and establish sustainable and profitable businesses in emerging markets. Examples of Successful Cooperation Scatec, Global In February 2023, IFC acted as anchor investor in Scatec’s NOK 1,000 million senior unsecured green bond issuance by taking a participation of NOK 222 million ($20 million). Scatec ASA is an integrated global renewable energy solutions provider (solar, wind, hydro and battery storage) headquartered in Norway, which is exclusively focused on emerging markets. Issued in the Nordic bond market at a time when global financial market conditions were challenging, the green bond’s proceeds will provide Scatec with liquidity to be deployed for the development of new renewable energy assets in emerging markets through the refinancing of a corporate facility. IFC’s investment in the green bond enables Scatec to access international climate finance markets, and channel that financing to emerging markets for renewable energy growth. Scatec, Malawi and Uganda In September 2022, the Government of Malawi, IFC, Scatec and EDF signed a binding commercial agreement to undertake the co-development of the Mpatamanga hydropower project. IFC worked closely with the Government of Malawi to support the early-stage project development and provided funding for activities that allowed the government to launch a competitive tender process. Located on the Shire River, the 350 MW facility will be a first-of-its-kind in Malawi. The project is expected to contribute to reducing energy shortages and to enhancing energy security in Malawi, providing much needed energy during peak demand hours of the day and overall grid stability. Mpatamanga will deliver electricity to approximately two million people and save 520,000 tons of CO2 emissions per year. In June 2018, IFC also collaborated with SN Power (now fully owned by Scatec) on the refinancing of the 250 MW hydropower plant in Uganda, which is owned and operated by Bujagali Energy Limited (BEL). BEL produced close to 32% of the country’s annual electricity generation in 2020. The investment reduced BEL’s annual debt servicing payments, lowering the tariff of electricity produced by the hydropower plant. Scatec, Mozambique In June 2017, IFC committed a $55 million debt package as the sole lead arranger to Central Solar de Mocuba S.A., a special purpose vehicle owned by Scatec, along with Norfund, which is a leading renewable energy investor in Africa, and EDM, Mozambique’s state-owned public power utility. The package, which includes a $19 million A loan from IFC, $19 million from the IFC-Climate Investment Fund, and a $17 million B loan, supported the development, construction, operation and maintenance of a 40.5 MW solar PV project in Mocuba, Mozambique. The project started commercial operations in August 2019. IFC’s investment contributes to increasing energy security in a rural region of the country and to diversifying the energy mix, helping to adapt to the long-term impacts of climate change. CONTACT PARIS LONDON FRANKFURT BRUSSELS Jan van Bilsen 66, avenue d’Iéna 1 Tudor Street Bockenheimer Landstrasse 43 17, Avenue Marnix Tel: +49 69 74 34 82 50 75116 Paris 6th Floor 60325 Frankfurt am Main 2nd Floor E-mail: jvanbilsen@ifc.org France EC4Y 0AH London, UK Germany 1000 Brussels, Belgium Tel: +33 1 4069 3060 Tel: +44 207 592 8400 Tel: +49 69 743 48230 Tel: +32 2 522 00 39 September 2023