2018 marked the end of the former mandate of IDF, which called for a recalibration of the Fund to set the strategic goals for the next 10 years. In anticipation of the new mandate, we worked towards increasing the portfolio in the agribusiness value chain, infrastructure and climate. IDF invested in green and innovative business models. The investments made in 2018 are a good reflection of the vision for the next 10 years. With an average deal-size of around EUR 5 mln, the portfolio diversification is further strengthened. The revolvability has continued to increase towards the target of 100% and is now at a level of 95.6%.

IDF's fund capital at year end was EUR 332 mln. The total funding received from DGIS is currently EUR 355 mln. At the end of the year, IDF counted 52 clients in its portfolio, in 22 individual countries and 4 different regions. The total comprehensive income increased significantly from a negative amount of EUR 12.7 mln to a positive amount of EUR 12.4 mln, largely due to positive foreign exchange results and dividend income.

IDF made 11 new investments (vs 7 in 2017), including 2 development equity investments. The development equity investments included a convertible grant into Hydropenta, a hydropower project in Nicaragua, and a convertible grant into Djibouti Wind Farm.

In 2018 the loan to IDF Client Bujagali Energy Ltd was refinanced. IDF provided a subordinated loan in Bujagali in 2007 alongside a senior loan from FMO-A, when access to electricity was limited in Uganda and the country’s energy sector was in the midst of a serious crisis. The building of the Bujagali power complex was essential to the sector’s recovery; when it came into operations, subsidies to the Uganda power sector could be stopped. The Uganda government felt that the cost of Bujagali per kWh was too high and wanted lenders to extend the tenor of their loans to reduce the cost. At that time, loans were partly repaid, raising the solvency of the company which allowed the IDF funding to be replaced by commercial funding. This is good example of the role of IDF.