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A captain of capital reflects on eight years at the helm of Norfund

Business July 16, 2026 / By: Bjørn H Amland

During Tellef Thorleifsson’s tenure as CEO, Norfund received NOK 8 billion in capital for new mandates on climate and Ukraine, but capital for development has fallen off. In an interview with Development Today, he says he hopes the on-going revamp of Norway’s aid policy will change this.

Thorleifsson Bujagali .jpg

“My thinking has been: let’s exit every investment where we are no longer additional and put pressure on ourselves to do so,” says Tellef Thorleifsson, reflecting on eight years as CEO of Norfund. Here, from a visit to Bujagali hydropower plant in Uganda, which Norfund exited last year. (Photo by Norfund)

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