Olaug Svarva to be new chair of Norfund board

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Norfund’s general meeting has today elected Ms Olaug Svarva to be the new chair of its board of directors.

‘I would like to congratulate Olaug Svarva on her new position as chair of the Norfund board. Her extensive managerial experience from the finance sector will be an important asset for Norfund in its current growth phase. I look forward to cooperating with Ms Svarva in her new role,’ said Minister of International Development Dag-Inge Ulstein. 

Ms Svarva was CEO of Folketrygdfondet, the investment manager of the Government Pension Fund Norway, from 2006 to 2018. She will be replacing Ms Kristin Clemet, who was chair of the Norfund board from 2007 to 2019.

‘I am very grateful for the tremendous effort Ms Clemet has put into Norfund and for the results she has achieved. She has been a key figure in Norwegian development cooperation. Her leadership and insight have been essential for the favourable development Norfund has undergone during her years as chair,’ Mr Ulstein said.

Norfund is a state investment fund and Norway’s most important instrument for promoting business development in poor countries. The state’s ownership of Norfund is administered by the Ministry of Foreign Affairs. At the end of 2018, Norfund’s investment portfolio was valued at NOK 22.3 billion. Half of the portfolio was invested in renewable energy. Fresh capital is allocated to Norfund over the annual central government budget; NOK 1.875 billion has been made available in 2019.

You can read more about Norfund by clicking on this link.