The Nordic DFIs (IFU, Swedfund, Norfund, Finnfund) are experienced increased attention from the public and the NGOs due to their increased importance in the Nordic development aid landscape. They are used as a channel of support of ODA as well as fund- and programme managers. Especially IFU has experienced an increase in the number of funds is administers for Danida. This increased attention prompts questions about the development impact as well as the accountability of the DFIs.
The study investigates the frameworks the DFIs uses for risk assessments and due diligence procedures (do no harm) on the one hand and the measures for development impact of their activities on the other. The study is framed within the Global Goals agenda and analyse to what degree the DFIs have managed to integrate their activities, performance measures and frameworks to the sustainable development goals.  The level of transparency of the DFIs is a key feature of the study.

- In-depth assessment of the most progressive standards and frameworks for responsible business conduct (UN guiding principles on business and human rights, ILO conventions and decent work agenda, OECD framework for anti-corruption, bribery and OFC principles, IFC performance standards, UN Global Compact etc) and to what extent each of the DFIs make use of and comply with the standards, incl. assessment of their ESG sustainability frameworks.
- Analysis of the results frameworks of the four Nordic DFIs, and in-depth scrutiny of their results reporting.
- Interviews with investments managers, ESG managers and sustainability departments of IFU, Swedfund, Norfund and Finnfund.
- Analysis of the actual development impact of the Nordic DFIs and recommendations for improvement.
- Presentation of research report.



Study of the development impact of the Nordic Development Finance Institutions (DFIs)






NCG Consultant(s):

Marie-Louise Appelquist

Project duration:

Start date:
End date:

Total Contract Value:

DKK 155,000