Finnfund Plans to Open its First Regional Office in Nairobi
Posted on 02/09/2022
Finnish Fund for Industrial Cooperation Ltd (Finnfund) will open its first regional office in Nairobi, Kenya, in May 2022. Like other Nordic development funds, Finnfund seeks to invest in businesses in developing countries that solve global development challenges. The opening of the Nairobi office will strengthen the updated strategic goals. The newly released strategy places a strong emphasis on Africa, with half of Finnfund’s upcoming investments in Africa. Local presence is seen as a key factor for growing the volume of investments in the region.
“Africa is the place to be for European development financiers. It is a continent where jobs and investments are very much needed, and at the same time, it is the new frontier, where opportunities are abound, and life is getting better for millions of people. Some of our best and most impactful investments are in East Africa, and we intend to make many more such investments in the coming years,” says Jaakko Kangasniemi, the CEO of Finnfund, in a press release.
At the start, 2 to 3 investment professionals will be deployed in the Nairobi office.
Finnfund invests 200 to 250 million euros in 20 to 30 companies throughout developing countries each year. Finnfund places special emphasis on sectors that are critical to sustainable development, namely: renewable energy, sustainable forestry, sustainable agriculture, financial institutions, and digital infrastructure and solutions. At the moment, Finnfund’s investments and commitments total about 1.070 billion euros. The company currently has 90 employees.