Nopef – the Nordic Project Fund

About Nopef

The objective of the Nordic Project Fund (Nopef) is to facilitate the scale-up of Nordic green solutions on global markets. Nordic small and medium-sized enterprises (SMEs) and mid-cap companies can apply for grant funding for their internationalisation projects aimed at markets outside the EU/EFTA.

Grants provided by Nopef can cover costs for feasibility studies and other preparatory business activities. Supported projects shall contribute to direct or indirect positive impact on the environment or climate, and have a Nordic interest through job creation, export opportunities, technology transfer and the promotion of Nordic values.

To date, some 3,200 projects have received financing from Nopef to a total sum of over EUR 113 million, resulting in more than 1,150 established businesses outside the Nordic countries. See also annual statistics

The Nordic countries established Nopef in 1982 with the aim of strengthening the competitiveness of Nordic companies on global markets. Nopef is financed through an annual budget from the Nordic Council of Ministers and managed by Nefco – the Nordic Green Bank. In addition, Nopef collaborates with national, international and other Nordic organisations to create synergies for companies seeking financing at different stages.

Contributing to job creation and export of Nordic green solutions

The internationalisation of Nordic small and medium-sized companies contributes to increased employment in both the Nordic and the project countries. According to surveys carried out among the Nordic companies that have received grants from Nopef, the financial support has contributed to significantly improved competitiveness, positive economic outcomes and increased employment.

With its current project activity, Nopef supports 60-70 Nordic SMEs annually to develop international business and investment opportunities. Based on the results from the funded projects, Nopef’s project activities are expected to contribute annually to more than 30 established Nordic businesses on international markets, some 400 new jobs and about EUR 30 million in green investments.

The Nordic Council of Ministers (NCM) finances Nopef through its annual budget. NCM and the Nordic Council are the main forums for official Nordic cooperation involving Denmark, Finland, Iceland, Norway, Sweden, the Faroe Islands, Greenland and Åland. Nordic cooperation is one of the world’s most extensive forms of regional collaboration, with firm traditions in politics, the economy and culture. Nordic cooperation seeks to safeguard Nordic and regional interests and principles in the global community. Shared Nordic values help solidify its position as one of the world’s most innovative and competitive regions.


Fund manager of Nopef since 2014, Nefco is an international financial institution (IFI) established by the Nordic countries in 1990. Nefco’s task is to accelerate the green transition by financing the initial scale-up of Nordic green solutions and technologies that have the potential to grow on global markets.

While Nopef supports the early stage of internationalisation of Nordic SMEs, Nefco can facilitate the scale-up of these on global markets by offering loan or equity-type financing in the critical growth phase to complement other types of financing.

For further information on Nefco and financing opportunities for companies going international, go to

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