new projects


EUR 1.3m

in project


Nordic SMEs established
on international markets

Activities and results in 2022

Nopef portfolio
in the end of 2022:


conditional loans

EUR 4.8 million



project countries
In 2022, all Nopef’s operational goals for the year were achieved. During the year, funding was granted for 35 new projects worth EUR 1.3 million. All approved projects contributed to the Nordic Council of Ministers’ action plans for the Nordic Vision 2030, particularly initiatives related to circular economy, sustainable construction and buildings and sustainable ocean economy.
Nopef provides funding for feasibility studies into international establishments and the implementation of commercial pilots and demonstrations of Nordic green solutions. Pilots and demonstration projects continued to see significant demand in 2022 and resulted in nine approved projects, representing 25% of all project financing. The approved projects focus on the demonstration and installation of sustainable and green Nordic solutions in countries such as Brazil, Georgia, India, Indonesia, Kenya and Uganda.
All approved projects have been analysed by Nefco’s environmental and sustainability experts and are expected to provide measurable environmental benefits when implemented. Of the projects approved for funding by Nopef in 2022, 16 (46%) are climate projects aimed at reducing greenhouse gas emissions through increased energy efficiency or renewable energy production. The share of projects focused on solutions for the transition to a circular economy increased during the year to 14, representing 40% of all approved projects.

Our portfolio

Nopef’s active project portfolio at the end of the year consisted of 140 conditional loans worth EUR 4.8 million, compared with 157 conditional loans worth EUR 5.3 million last year. Nopef’s portfolio represented 40 project countries. The largest number of active projects was in the US (25), followed by India (19), China (12), Brazil (6), Canada (6), Colombia (6) and Indonesia (6).

Completed projects

During the year, 23 feasibility studies (target 23) resulted in the establishment of an international business or a completed investment in the project country. This corresponds to a success rate of 50% (target 50%) for projects completed in 2022.
The completed projects represented all five Nordic countries and were spread across 15 project countries, including six projects in the USA and two in Brazil, Colombia and India respectively.

Additional financing for Nopef companies

Nopef has continued its collaboration with Nefco to promote further financing options for SMEs. Many Nopef clients turn to Nefco to apply for further financing once their plans have proceeded. As a result of this collaboration, Nefco approved financing for eight of Nopef’s past and current client companies in 2022 to scale up Nordic green solutions globally. To date, some 70% of clients that have received fast-track loans from Nefco previously conducted a feasibility study with support from Nopef.
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