NDF - Financing for climate change and development projects

Milestones

1988
Denmark, Finland, Iceland, Norway and Sweden sign an agreement regarding the establishment of NDF.

1989
NDF opens up its office in Helsinki and begins its operations providing concessionary credits for social and economic development.

1991
NDF´s credit portfolio amounts to EUR 4 million.

1994 
NDF’s credit portfolio amounts to EUR 60 million.
 
1995 
NDF signs its first private sector loan agreement.
 
1998
Denmark, Finland, Iceland, Norway and Sweden sign a new treaty on NDF reinforcing NDF’s legal status as an international organisation and granting NDF and the staff immunities and privileges customary for international organisations.

2000 
NDF’s credit portfolio amounts to EUR 360 million.
 
2005 
NDF’s member countries do not succeed in reaching an agreement on a fifth capital increase of the Fund and thus discussions on and studies for winding-up NDF begin. 
 
2008 
NDF’s credit portfolio amounts to EUR 691 million.
 
2009 
Analyses show that there are valid reasons for NDF to continue its activities and the member countries approve a change of Statues encompassing a new strategic direction and mandate or NDF, securing continued operations. Consequently, NDF shifts focus from concessionary credits for social and economic development to grants for climate change interventions. NDF Board of Directors takes its first grant decisions under the new mandate.

2010
During the first 18 months of operations under its new mandate, NDF allocates EUR 75 million to 22 new grants for climate change interventions.

2012
An external evaluation of NDF’s progress under the climate mandate confirms positive results and is encouraging in showing that the reforms done at NDF have paid off.

2014
NDF’s 25th Anniversary and two NDF-financed projects receive international recognition.

2015
Four NDF-backed projects receive UNFCCC’s Momentum for Change Lighthouse Award.

2016
NDF starts to utilise a greater variety of financial instruments, providing equity and loans for selected new projects, in addition to grants.

2017
NDF approves its 100th new project under the mandate of focusing on climate change and development.

2018
Total of climate change financing by NDF amounts to EUR 375 million. NDF establishes and becomes manager of the multi-donor Energy and Environment Partnership Trust Fund for Africa, which earlier had existed as a program.

2019
NDF celebrates its 10 years of climate financing and 30 years of operations. An external evaluation about NDF's activities confirms NDF's strong position as an impactful player and a tool for Nordic financing in climate change and development.

2020
The Board of Directors adopts a new strategy for NDF and the member countries take a decision on the fifth capital increase of NDF in the amount of EUR 350 million.