AfriPulse
Norway’s development finance institution Norfund has appointed long-time executive Erik Sandersen as its new chief executive officer, entrusting a seasoned insider to lead its expanding portfolio across emerging markets, climate investments and Ukraine reconstruction.
Sandersen, who has spent a decade leading Norfund’s financial inclusion unit, will take over on July 1, succeeding Tellef Thorleifsson, who is stepping down after 7.5 years in the role.
The appointment comes at a time when demand for development capital is rising sharply amid climate pressures, constrained global financing conditions and the need for post-war rebuilding in Ukraine.
“The Board is very pleased to have appointed Erik Sandersen as the new CEO of Norfund,” Chair Olaug Svarva said in a statement, citing his investment expertise, institutional knowledge and commitment to the fund’s mission.
Norfund, established in 1997, invests in businesses in developing countries with the aim of reducing poverty through job creation. Its mandate has broadened in recent years to include managing Norway’s Climate Investment Fund since 2022 and, more recently, a Ukraine-focused vehicle launched in December 2024.
Sandersen said profitable investments remain a key lever for development impact.
“Whether it is about creating jobs in low-income countries, avoiding emissions in emerging economies or contributing to reconstruction in Ukraine, access to capital and expertise is becoming increasingly important,” he said.
Since joining Norfund in 2014 as an investment director, Sandersen has played a central role in deploying capital into banks, microfinance institutions and fintech firms, targeting small and medium-sized enterprises. He has led the financial inclusion department since 2016 and took on responsibility for the Ukraine Fund in 2024.
He also brings private sector experience, having co-founded a Norwegian venture capital firm and worked at Boston Consulting Group, alongside leadership roles in the IT sector. Sandersen holds a master’s degree in computer science from NTNU and an MBA from Stanford University.
Norfund employs 152 staff from 33 nationalities and has increasingly positioned itself as a purpose-driven investor bridging public capital and private markets in frontier economies.
Sandersen said he aims to build on that founda
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