Our owners – the Nordic countries

Nefco is owned by the five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden. All countries have paid in capital to Nefco’s Investment Fund in 1990 and to the Nordic Environment Development Fund in 1996. In addition, Nefco manages several initiatives financed separately by the Nordic countries, and others, for financing programs targeting a specific country or region.


The Danish Ministry of Foreign Affairs is financing a trust fund for promoting energy-efficiency awareness and demonstration projects in Georgia. Denmark is also a contributor to the Nefco Carbon Fund.


The Ministry for Foreign Affairs of Finland is financing the Finland Ukraine Tust Fund promoting cooperation between Finland and Ukraine in the fields of energy efficiency, renewable energy and waste-to-energy and smart energy systems.

Finland is also a contributor to the Arctic Council Project Support Instrument, the Barents Hot Spot Facility, the Nordic Initiative for Energy Efficiency and Humanitarian Support – Ukraine, and the Nefco Carbon Fund.


Iceland is a contributor to the Arctic Council Project Support Instrument and the Barents Hot Spot Facility.


The Norwegian Ministry of Foreign Affairs is financing the Norway-Ukraine Energy Efficiency Initiative aiming to scale up the use of external municipal financing to achieve energy efficiency in public buildings, strengthened self-governance and sustainable procurement practices in Ukraine.

The Norwegian Ministry of Climate and Environment is financing the global Nefco Norwegian Carbon Procurement Facility (NorCaP). NorCaP purchases Certified Emission Reduction Units (CERs) from the second commitment period of the Kyoto Protocol (2013–2020).

Norway is also a contributor to the Nordic Initiative for Energy Efficiency and Humanitarian Support – Ukraine, the Arctic Council Project Support Instrument, the Barents Hot Spot Facility and the Nefco Carbon Fund.


The Swedish International Development Cooperation Agency (Sida) is financing the Beyond the Grid Fund for Africa, the Sweden-Ukraine District Heating Fund and funds for technical assistance in Nefco financed investment projects.

Sweden is also a contributor to the Arctic Council Project Support Instrument, the Barents Hot Spot Facility, the Nordic Initiative for Energy Efficiency and Humanitarian Support – Ukraine.

Nordic Institutions

Nordic Investment Bank

The Nordic Investment Bank (NIB), owned by Denmark, Finland, Iceland, Norway, Sweden, Estonia, Latvia and Lithuania, offers long-term financing to projects to private and public projects in and outside the member countries. NIB and Nefco have been cooperating since the beginning and co-manage the Baltic Sea Action Plan Fund. NIB also provides capital for on-lending to Nefco.

Nordic Council of Ministers

The Nordic Council of Ministers (NCM) is the official body for Nordic intergovernmental co-operation. The Nordic prime ministers have overall responsibility for Nordic co-operation. In practice, responsibility is delegated to the Ministers for Nordic Co-operation and to the Nordic Committee for Co-operation, which co-ordinates the day-to-day work of official political Nordic co-operation.

NCM is financing the Nefco managed Nordic Project Fund (Nopef), which provides grants for internationalisation to Nordic small and medium-sized enterprises and mid-cap companies. NCM is also one of the contributors to the Nordic Environmental Development Fund, managed by Nefco since 1996. NCM also contributes with financing to the Nordic-Russian Programme for Environment and Climate Co-operation (PECC) in Northwest Russia.


European Union

Nefco has passed the European Commission’s pillar assessment and is eligible to manage EU funds. We are today an implementing agency both for the Eastern Europe Energy Efficiency and Environment Partnership (E5P), the EU Neighbourhood Investment Platform (NIP) and the Northern Dimension Environmental Partnership (NDEP). 

The Green Climate Fund

Nefco became accredited by the Green Climate Fund (GCF) in September 2018. The accreditation offers new opportunities for Nefco to blend its financing with GCF and other accredited entities and further increase the capabilities of developing countries to grow in a sustainable way. GCF was set up by the 194 countries who are parties to the United Nations Framework Convention on Climate Change (UNFCCC) in 2010.