Green financing around the globe | Nefco

Enriched Nordic · Found: 2026-03-11 08:07

Nefco is financing and implementing pioneering projects around the globe that support climate action and sustainable development.

Source: https://www.nefco.int/financing/other-regions/

Funding Details

Funder

Nefco (Nordic Green Bank)

Funding Goal

Finance and implement pioneering projects globally that support climate action, Baltic Sea environmental health, and sustainable development, with focus on scaling Nordic green solutions.

Funding Amount

BSAP Fund: EUR 1.3 million total awarded in 2025 across 8 projects (~EUR 160K average per project). Loans: typically EUR 2-5 million. Feasibility studies: up to EUR 50,000 (conditional loan convertible to grant). (50.000 € – 5.000.000 €)

How to Apply

Nefco uses a six-stage investment cycle: (1) Initial contact with Nefco experts, (2) Proposal submission with financing proposal and business plan, (3) Pipeline entry with full financial and environmental assessment, (4) Clearance in Principle with board review and Term Sheet, (5) Final board approval with loan agreement signing and disbursement, (6) Ongoing monitoring with regular reporting. The BSAP Fund operates through periodic calls for proposals. BGFA uses separate calls for proposals announced at beyondthegrid.africa.

Target Region

Baltic Sea region (8 countries), Sub-Saharan Africa (Burkina Faso, DRC, Liberia, Mozambique, Uganda, Zambia), Eastern Europe (Ukraine, Moldova, Georgia, Armenia), Nordic countries

Contact

Nefco, Fabianinkatu 34, FI-00171 Helsinki, Finland. Phone: +358 10 618 003. Email: info@nefco.int. BSAP Fund: bsapfund@nefco.int. BGFA: bgfa@nefco.int

Last Checked

2026-03-12 03:35

Application Checklist

Eligibility

• Applicant must demonstrate positive environmental or climate impact
• Projects must align with EU Taxonomy and UN Sustainable Development Goals
• BGFA: Applicant must be a private company in the off-grid energy sector with a local entity in a programme country

Project Scope

• BSAP Fund: Projects must address Baltic Sea environmental challenges (eutrophication, pollution, biodiversity)

Required Documents

• Submit financing proposal and business plan through Nefco's investment cycle

Constraints

• Projects must demonstrate technical and financial feasibility and scaling potential
• Regular environmental and financial performance reporting required post-approval

Summary

Nefco, the Nordic Green Bank, finances small and medium-sized green projects with a focus on scaling Nordic solutions in global markets. The "Other Regions" portfolio encompasses several distinct programs: the Baltic Sea Action Plan (BSAP) Fund providing early-stage grants for demonstration projects improving the Baltic Sea's ecological health; the Beyond the Grid Fund for Africa (BGFA) delivering clean off-grid energy to rural Sub-Saharan Africa; the Modern Cooking Facility for Africa (MCFA) scaling access to clean cooking solutions; and carbon market mechanisms. The BSAP Fund, established in 2010 by Sweden and Finland, has financed 74 projects across 8 Baltic Sea countries with a 7x leverage ratio. Approximately 80% of projects address biodiversity conservation or pollution prevention, including eutrophication reduction, wastewater treatment, nutrient recycling, and microplastics removal. In 2025, the fund received record applications and awarded EUR 1.3 million across eight new projects. The fund is co-managed by the Nordic Investment Bank (NIB) and Nefco. The BGFA operates in Burkina Faso, DRC, Liberia, Mozambique, Uganda, and Zambia, targeting 1.75 million energy connections by 2029. Nefco's financing instruments include loans (EUR 2-5 million typical), blended finance, grants through trust funds, results-based financing, and feasibility study support (up to EUR 50,000). All investments must demonstrate positive climate and environmental impact aligned with the EU Taxonomy and UN SDGs.

Historical Context

Nefco established the BSAP Fund in 2010 with contributions from Sweden, Finland, and the Nordic Environmental Development Fund. As of end 2023, 74 projects have been financed across 8 Baltic Sea countries. In 2025, the fund received record applications and awarded EUR 1.3 million across 8 new projects. The BGFA was established in 2019, with six funding rounds announced between 2020-2024. Carbon market mechanisms have been active since 2003.

Sources

• https://www.nefco.int/financing/other-regions/
• https://www.nefco.int/financing/
• https://www.nefco.int/financing/financing-options/
• https://www.nefco.int/financing/investment-criteria-and-cycle/
• https://www.nefco.int/financing/other-regions/baltic-sea-action-plan-fund/
• https://www.nefco.int/financing/other-regions/beyond-the-grid-fund-for-africa/

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