The Nordic Development Fund (NDF) is the joint Nordic international finance institution of Denmark, Finland, Iceland, Norway and Sweden. Established in 1988, NDF focuses on the nexus between climate change and development, with an emphasis on lower-income countries and countries in fragile situations. NDF provides catalytic financing for both public and private sector activities. Its financing is provided on concessional terms through grants, loans and equity, which can be used individually or in combination depending on project needs. NDF also works extensively through co-financing with strategic partners to leverage additional financing, knowledge and expertise. In its private sector activities, NDF has a particular focus on early-stage financing and seeks to mobilise commercial and institutional investors into climate-related investments in developing countries. It uses its risk-bearing capacity and flexible financing instruments to support projects and financing structures that can help attract investors with lower risk appetites. Under Strategy 2030, NDF aims to strengthen its role in catalytic climate and development finance, with at least 60% of financing targeted towards lower-income countries in Sub-Saharan Africa and at least 50% directed towards adaptation projects, alongside an increased focus on nature and biodiversity.