Impact Fund Denmark is Denmark’s development finance institution and has worked since 1967. It is state-owned, and the Danish Minister for Development Cooperation appoints its board. It invests only in developing countries as defined by the OECD Development Assistance Committee (DAC), where private sector financing is unavailable or insufficient. It provides equity, loans and mezzanine financing, generally as a minority investor, and supports startups through venture capital. Its four core sectors are: - Green Energy and Infrastructure - Financial Services - Sustainable Food Systems - Healthcare It uses concessional capital from development partners to reach underserved and frontier markets, and it can access EU-backed guarantees that reduce investment risk. Its other instruments include: - Development Guarantees: launched in 2022 with the Danish Ministry of Foreign Affairs, these underwrite credit risk to encourage lending where market failures create finance gaps. - Public Infrastructure Finance: fully funded by Danish development aid, this offers concessional loans, strategic grants and technical assistance to governments in poor and fragile countries. - Investment funds with Danish pension funds: these include the Growth Markets Impact Fund (SDG Fund II), which totals DKK 5 billion. IFU has made more than 1,300 investments across more than 100 developing economies. It has a strong presence in Africa, Asia, Latin America and parts of Europe, including Ukraine.