The Norwegian Investment Fund for Developing Countries (Norfund) Thursday opened its office in Maputo, Mozambique during a visit by Norwegian International Development Minister, Heikki Holmas, to the country, the Mozambican press reported.
Norfund is a “is a hybrid company with limited liability established and operated under special legislation and owned by the Norwegian Government through the ministry of foreign affairs,” and acts as a key instrument of Norwegian development policy. The fund receives annual capital grants approved by the Norwegian parliament.
On its website Norfund says that its aim is to help set up profitable companies in poor countries, by investing in markets in which conventional companies will not enter due to the high risks involved.
At the inauguration of the office in Maputo, the managing director of Norfund said that the ceremony was a sign of Norfund’s commitment to invest in the agricultural sector in Southern Africa, “in order to contribute to reducing poverty in the long term,” and noted the case of his own country, which rose from being a poor nation at the beginning of the 20th century to become what is one of the wealthiest nations in the world. (macauhub)