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The '''Nordic Environment Finance Corporation''' ('''NEFCO''') is an international finance institution established in 1990 by the five Nordic countries: [[Denmark]], [[Finland]], [[Iceland]], [[Norway]] and [[Sweden]]. To date, NEFCO has financed a wide range of environmental projects in Central and Eastern European countries, including Russia, Belarus and Ukraine. From its headquarters in [[Helsinki]], NEFCO's activities are focused on projects that achieve cost-effective environmental benefits across the region.
{{Short description|International finance institution}}
{{Infobox company
| name = Nefco - the Nordic Green Bank
| logo = Nefco Logo Green.png
| logo_caption =
| logo_alt = Nefco's logo
| former_name = Nordic Environment Finance Corporation
| type = International financial institutions
| industry = Financing
| hq_location = Helsinki, Finland
| key_people = Trond Moe, Managing Director
| aum = €598 million
| owner = The five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden
| website = {{URL|https://www.nefco.int}}
}}


'''Nefco - the Nordic Green Bank''' (or the Nordic Environment Finance Corporation) is an international finance institution. Nefco was established by the Nordic governments Denmark, Finland, Iceland, Norway and Sweden in 1990.<ref>{{Cite web|title=About Nefco|url=https://www.nefco.int/about-nefco/|access-date=2021-07-27|website=Nefco|language=en-US}}</ref> In Eastern Europe, Nefco primarily finances municipal projects. Additionally, Nefco works with several [[Sustainable energy|green]] initiatives from the Arctic to Africa. Nefco is headquartered in [[Helsinki]].
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NEFCO's portfolio currently comprises nearly 300 small and medium-sized projects spread across different sectors, including: chemical, mineral and metals, food and engineering, agriculture, water treatment, power utilities, municipal services, waste management, nuclear remediation, environmental management and environmental equipment manufacturing.


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Nefco has a broad range of projects spread across different sectors, including: chemical, mineral and metals, food and engineering, agriculture, water treatment, power utilities, municipal services, waste management, nuclear remediation, environmental management and environmental equipment manufacturing.
To provide the capital necessary to support projects, NEFCO works with a series of different funding bodies. The most significant of these are the Investment Fund, the Nordic Environmental Development Fund, the Testing Ground Facility carbon fund and the Barents Hot Spots Facility. NEFCO also administers funds on behalf of other parties who are providing resourses to environmental projects. These include among others the European Commission and the governments of the Nordic countries.


To provide the capital necessary to support projects, Nefco works with its own paid-in capital and a series of different funding bodies. Nefco manages a number of trust funds and facilities such as the [[Nordic Project Fund]] (Nopef),<ref>{{Cite web|title=Nopef – Helping Nordic green solutions to global markets|url=https://nopef.com/|access-date=2021-07-27|website=Nopef|language=en-GB}}</ref> the [[Arctic Council]]'s Project Support Instrument, the HS Barents Hot Spots Facility, Beyond the Grid Fund for Africa, and a range of funds of the Governments of the Nordic countries. Nefco also implements projects funded by various public programmes of the [[European Union]],<ref>{{Cite web |date=2022-12-15 |title=The EU provides EUR 50 million to repair critical infrastructure as part of Nefco’s green recovery activities in Ukraine |url=https://www.nefco.int/news/the-eu-provides-eur-50-million-to-repair-critical-infrastructure-as-part-of-nefcos-green-recovery-activities-in-ukraine/ |access-date=2022-12-15 |website=Nefco |language=en-US}}</ref><ref>{{Cite web |title=European Fund for Sustainable Development Plus (EFSD+) |url=https://international-partnerships.ec.europa.eu/funding/funding-instruments/european-fund-sustainable-development-plus-efsd_en |access-date=2022-12-15 |website=international-partnerships.ec.europa.eu |language=en}}</ref><ref>{{Cite web |url=https://e5p.eu/news-detail/49|title=E5P Grant Agreement signed for NEFCO’s Energy Efficiency project in Georgia |access-date=2022-12-15 |website=e5p.eu}}</ref> along with multilateral development programmes such as the [[Eastern Europe Energy Efficiency and Environment Partnership]] (E5P)<ref>{{Cite web|url=https://e5p.eu/implementing-agencies |title=E5P Implementing Agencies|publisher=EASTERN EUROPE ENERGY EFFICIENCY AND ENVIRONMENT PARTNERSHIP|website=e5p.eu|access-date=2021-07-27}}</ref> and the [[Northern Dimension Environmental Partnership]] (NDEP).
NEFCO projects are usually run in partnership with the enterprise that 'owns' the project. Emphasis is placed on direct investments from, for example, public-private partnerships and corporate public services. The structure of any project supported by NEFCO needs to create reasonable equilibrium between risk and reward for all interested parties. The aim is to achieve a fair and transparent balance between the structuring of investments and their environmental return. Viewed in the context of associated risk, NEFCO aims to offer competitive terms at all times.


Nefco-funded projects are usually run in partnership with the enterprise or organisation that 'owns' the project. Emphasis is placed on direct investments from, for example, public-private partnerships and corporate public services.
Through its network of partnerships, NEFCO supplements finance from other interested parties and financial institutions. NEFCO also co-operates with bilateral environmental assistance programmes.


== Activities in Russia and Belarus ==
==External links==
The European Union sanctioned various Russian companies and individuals in 2014 after the Russian [[Annexation of Crimea by the Russian Federation|annexation of Ukraine's Crimean peninsula]]. Nefco winded down most of its cooperative projects. After the disputed [[2020 Belarusian presidential election|Belarusian election in 2020]] and the [[2020–2021 Belarusian protests|sequential protests]], no new projects were funded in Belarus.<ref>{{Cite web |title=EU sanctions and projects in Belarus and Russia |url=https://www.nefco.int/about-nefco/eu-sanctions-and-projects-in-russia/ |access-date=2022-12-15 |website=Nefco |language=en-US}}</ref>
* http://www.nefco.org/


Following the full-scale [[2022 Russian invasion of Ukraine|Russian invasion of Ukraine]] in 2022, Nefco suspended the last remaining projects in the Russian Federation.<ref>{{Cite web |title=EU sanctions and projects in Belarus and Russia |url=https://www.nefco.int/about-nefco/eu-sanctions-and-projects-in-russia/ |access-date=2022-12-15 |website=Nefco |language=en-US}}</ref>


==References==
[[fi:Nefco]]
{{reflist}}


{{authority control}}
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[[Category:Financial services companies of Finland]]

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[[Category:Financial services companies established in 1990]]
[[Category:Companies based in Helsinki]]

Latest revision as of 08:05, 25 October 2024

Nefco - the Nordic Green Bank
FormerlyNordic Environment Finance Corporation
Company typeInternational financial institutions
IndustryFinancing
HeadquartersHelsinki, Finland
Key people
Trond Moe, Managing Director
AUM€598 million
OwnerThe five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden
Websitewww.nefco.int

Nefco - the Nordic Green Bank (or the Nordic Environment Finance Corporation) is an international finance institution. Nefco was established by the Nordic governments Denmark, Finland, Iceland, Norway and Sweden in 1990.[1] In Eastern Europe, Nefco primarily finances municipal projects. Additionally, Nefco works with several green initiatives from the Arctic to Africa. Nefco is headquartered in Helsinki.

Nefco has a broad range of projects spread across different sectors, including: chemical, mineral and metals, food and engineering, agriculture, water treatment, power utilities, municipal services, waste management, nuclear remediation, environmental management and environmental equipment manufacturing.

To provide the capital necessary to support projects, Nefco works with its own paid-in capital and a series of different funding bodies. Nefco manages a number of trust funds and facilities such as the Nordic Project Fund (Nopef),[2] the Arctic Council's Project Support Instrument, the HS Barents Hot Spots Facility, Beyond the Grid Fund for Africa, and a range of funds of the Governments of the Nordic countries. Nefco also implements projects funded by various public programmes of the European Union,[3][4][5] along with multilateral development programmes such as the Eastern Europe Energy Efficiency and Environment Partnership (E5P)[6] and the Northern Dimension Environmental Partnership (NDEP).

Nefco-funded projects are usually run in partnership with the enterprise or organisation that 'owns' the project. Emphasis is placed on direct investments from, for example, public-private partnerships and corporate public services.

Activities in Russia and Belarus

[edit]

The European Union sanctioned various Russian companies and individuals in 2014 after the Russian annexation of Ukraine's Crimean peninsula. Nefco winded down most of its cooperative projects. After the disputed Belarusian election in 2020 and the sequential protests, no new projects were funded in Belarus.[7]

Following the full-scale Russian invasion of Ukraine in 2022, Nefco suspended the last remaining projects in the Russian Federation.[8]

References

[edit]
  1. ^ "About Nefco". Nefco. Retrieved 27 July 2021.
  2. ^ "Nopef – Helping Nordic green solutions to global markets". Nopef. Retrieved 27 July 2021.
  3. ^ "The EU provides EUR 50 million to repair critical infrastructure as part of Nefco's green recovery activities in Ukraine". Nefco. 15 December 2022. Retrieved 15 December 2022.
  4. ^ "European Fund for Sustainable Development Plus (EFSD+)". international-partnerships.ec.europa.eu. Retrieved 15 December 2022.
  5. ^ "E5P Grant Agreement signed for NEFCO's Energy Efficiency project in Georgia". e5p.eu. Retrieved 15 December 2022.
  6. ^ "E5P Implementing Agencies". e5p.eu. EASTERN EUROPE ENERGY EFFICIENCY AND ENVIRONMENT PARTNERSHIP. Retrieved 27 July 2021.
  7. ^ "EU sanctions and projects in Belarus and Russia". Nefco. Retrieved 15 December 2022.
  8. ^ "EU sanctions and projects in Belarus and Russia". Nefco. Retrieved 15 December 2022.
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