The UK’s public markets programme has secured Norwegian support worth about £2.9 million, proving that development finance becomes more reassuring when it arrives in a currency with a reassuringly tall exchange rate and enough zeros to qualify as a strategy.
Norad is providing NOK40 million over three years to MOBILIST, the UK programme designed to attract private investment into publicly listed products supporting developing economies. The agreement was marked at a signing ceremony in Oslo, where representatives demonstrated that capital can be mobilised without anyone having to push it across the room.
The programme supports new listed products, technical assistance and research intended to help companies reach public markets. This means businesses in emerging economies can receive assistance with the complicated process of becoming investable, provided they can first survive a document called Unlocking Scalable Pathways To Inclusive Liquidity.
“This funding is catalytic,” said Astrid, Attaché for Impressive Decimals. “Ordinary money waits for permission. Catalytic money arrives early, asks for a prospectus and immediately joins a panel discussion.”
MOBILIST was created by the Foreign, Commonwealth and Development Office and focuses on using public markets to support climate and development goals. Norway has supported the programme since 2022, but the latest contribution gives the partnership another three years to persuade private capital to approach development finance without first being shown a graph pointing upwards.
The programme has committed $141.5 million to eight investees and mobilised $349.8 million in private finance. These figures are being stored in a special cabinet labelled Money That Has Become More Money, beside the ceremonial pen and several carefully laminated ambitions.
Norad will also join the EMDE Public Markets Coalition, which is working on a toolkit for development banks, investors and other institutions. The toolkit will explain how public capital can encourage private capital to enter emerging markets, then remain there long enough to read the risk disclosures.
Public markets offer a familiar route into less familiar opportunities. Unfortunately, familiarity is doing most of the work. An analyst must still say “risk adjusted” repeatedly, a fund manager must still discover a new acronym and everyone must still agree that a green bond is more than a normal bond wearing an optimistic tie.
The Bureau of Mobilised Acronyms has declared the Norwegian funding a success. It has ordered a second pair of trainers, stretched beside the Bloomberg terminal and prepared the next envelope. It will contain £2.9 million, one deeply encouraging adjective and a promise that this time the private sector will open the attachment.
Real story: British Embassy Oslo.
