Swedfund Annual Report 2025: Investments drive jobs and growth in a more uncertain world

Geopolitical tensions, conflicts, climate change and economic volatility continue to shape global development. Swedfund’s Annual and Sustainability Report 2025 shows that long-term investments in developing countries contribute to positive development outcomes, while the portfolio has continued to deliver stable results.

In 2025, Swedfund received SEK 1.8 billion in capital injections and invested approximately SEK 3.7 billion, enabled by reflows from the portfolio. During the year, Swedfund also mobilised approximately SEK 1 billion in additional capital alongside its investments. At year-end, the value of the portfolio amounted to approximately SEK 14 billion.

“Our investments enable companies to grow, create jobs and increase access to essential goods and services such as electricity, food and digital connectivity. They also contribute to building sustainable and more resilient local businesses,” says Maria Hammarskjöld Håkansson, CEO of Swedfund.

Swedfund is Sweden’s development finance institution, with the mission to contribute to poverty reduction through sustainable investments in developing countries. Investments are made in the private sector and, since 2016, Swedfund also finances feasibility studies in the public sector through the Project Accelerator to support the development of sustainable and critical infrastructure.

Portfolio companies employ 488,000 people, and 50 percent of portfolio companies increased the number of employees during the year. The portfolio’s annual energy production amounts to 14 TWh. At the end of 2025, 58 percent of investments contribute to women’s economic empowerment, and 36 percent of investments are in the least developed countries.

“Global uncertainty is increasing rapidly. Experience in complex markets, regional presence, and strong risk management capabilities are critical to delivering investments and achieving results. Our business model demonstrates that sustainable investments with good returns are possible even in complex contexts,” says Maria Hammarskjöld Håkansson.

During 2025, Swedfund increased its investments and projects in Ukraine. With a focus on energy and other critical infrastructure, these efforts strengthen Ukraine’s economic resilience and help lay the foundation for long-term reconstruction.