New investment pool to spark innovation

A majority in the Parliament has agreed to join major private investors in setting up a USD 530 million (NOK 5 billion) investment company whose goal is to increase the availability of venture capital in Norway.

The ruling Labour Party received support for such a company from the centrist Christian Democratic and Centre parties, but the price was to allow the centrists to dictate its investment profile. Under the plan approved, the government will put up 49 percent of the capital while private investors and investment companies will control the remaining 51 percent. The Conservative, Liberal and Progress parties all oppose the plan.