Denmark earmarks venture capital millions for developing nations
In an effort to urge more Danish companies to engage in investment projects in developing nations, Denmark has set aside 50 million kroner in venture capital.
The funds will be obtained through the Investment Fund for Developing Nations (IFU) and will go to help fund the 17 new global goals that were top of the agenda at the 3GF summit in Copenhagen last week.
“The new global goals offer huge opportunities for Danish companies,” said the foreign minister, Kristian Jensen.
“Therefore, we are now setting aside 50 million kroner in venture capital for the development of new investment projects in Africa, Asia and Latin America. This will help promote sustainable investments in people and environments with maximum opportunities for Danish companies.”
The initiative comes following the 3GF summit in Copenhagen last week, during which Jensen discussed the global goals as part of business opportunities with a number of players, including Grundfos chief executive Mads Nipper and a former British minister, Lord Mark Malloch-Brown.
Both are members of a Danish-supported international commission that aims to promote contributions from the business sector to help reach the 17 new global goals.
“There are still many Danish companies and financial institutions that avoid larger investment in developing nations,” said Jensen.
“That’s down to the great risk that can be associated with the investments, as well as the investments taking a lot of time and being relatively costly, so it’s important we release state development funds for their disposal in the form of venture capital.”