Nopef – The Nordic Project Fund


Nordic co-operation

The Nordic project fund (Nopef) was established by the Nordic countries in 1982, with an aim to strengthen the competitiveness of Nordic companies through support for internationalisation feasibility studies. Nopef currently funds feasibility studies related to green growth for Nordic small and medium-sized companies (SMEs) and administers a portfolio of 150 active projects. Nopef is administered by the Nordic Environment Finance Corporation (NEFCO) and is financed through an annual budget from the Nordic Council of Ministers.

The aim of the fund is to strengthen Nordic companies’ international competitiveness by part-financing feasibility studies which contribute in promoting the internationalisation of Nordic companies. To achieve this aim, the fund collaborates with national, Nordic and international organisations.

Nopef supports feasibility projects which have major opportunities for commercial realisation, and we prioritise projects that promote green growth and sustainable development. The feasibility studies will contribute to direct or indirect environmental impact and an increased environmental awareness in the project countries.

To date, Nopef has granted over EUR 100 million and has part-financed over 2,800 feasibility studies.

Nopef contributes to increased employment in the Nordic countries

The internationalisation of Nordic small and medium-sized companies contributes to increased employment in the Nordic countries and the project countries themselves. This has been proven by Nopef’s customer survey that was carried out in September 2015. According to the companies, Nopef’s financing has contributed to significantly improved competitiveness and positive economic effects for the companies through increased employment and turnover.

Of the companies that have gained an international presence through Nopef’s support, a total of 61% consider that the support has had a significant impact on the decision to attempt establishing a foreign business presence. Each establishment of a foreign business presence has, on average, created 14 jobs 2 of which are in the Nordic countries and 12 in the project country. Nopef has thereby annually contributed in creating approximately 75 jobs in the Nordic countries and 400 new jobs in the project countries.

According to the companies, the projects have lead to an average of EUR 1 million in direct investments, which on an annual level is expected to contribute to a combined EUR 30 million in foreign investments. According to the companies, Nopef’s financing has contributed to significantly improved competitiveness and positive economic effects for the companies through increased employment and turnover.

Nordic Council of Ministers

Nopef’s business operations are financed by the Nordic Council of Ministers. The business operations of Nopef aim to promote and encourage Nordic co-operation and contribute to the benefits provided by Nordic countries. To achieve this business concept and objectives, Nopef is provided an annual budget from the Nordic Council of Ministers. These funds are used to strengthen Nordic small and medium-sized companies’ international competitiveness by granting preferential loans for part-financing of feasibility studies.

Nopef’s partners

Nopef is administered by Nordic Environment Finance Corporation – NEFCO