2024 was a year of profound global disruption — from deepening geopolitical tensions to accelerating climate challenges. In this fragmented world, BIO stayed true to its mission while evolving to meet the moment. With a renewed strategic framework, stronger focus on impact, and an emphasis on the most vulnerable regions, we made purposeful progress where it matters most. Our investments, partnerships, and policies reflect a clear commitment: to build resilient private sectors that drive inclusive, sustainable development — even in the face of uncertainty.

In this rapidly changing world, it’s clear that Belgian foreign policy and international cooperation must adapt to be able to meet these new challenges.

In this context, BIO’s role is more crucial than ever. Our new management contract for 2024–2028 sets out a more strategic and results-driven approach to development investments. While our mission remains the same - promoting sustainable development in developing countries by supporting the private sector - our focus is becoming more targeted. We’re placing greater emphasis on specific regions (especially Africa), key sectors (with a strong focus on climate), and cross-cutting themes such as decent work and human rights. Importantly, the new contract also reinforces BIO’s mandate to invest in least developed countries, and adds an emphasis on countries with fragile and conflict-affected situations (FCAS). This was later amended to also cover Ukraine, where BIO can support the country’s reconstruction and resilience in the face of ongoing conflict.

At the heart of the changes in the new management contract is the introduction of a Strategic Impact Framework, which sets out clear and measurable development goals. Alongside this, BIO has updated several key policies, including our evaluation strategy, gender policy, climate strategy, and theory of change. We’ve also formalised our human rights approach in a comprehensive new policy and begun implementing the Corporate Sustainability Reporting Directive (CSRD).

This annual report highlights how BIO, in this challenging context, continues to fulfil its commitment to sustainable development, with a focus on impact, collaboration, and responsibility.

Aiming to maximise development impact, BIO assesses in which domains – gender, decent work, the fight against climate change, the promotion of basic services to the population, etc. – an investment project has high development potential. BIO then collaborates closely with sponsors to prioritise these aspects during project implementation.

BIO also carefully assesses a client’s potential economic, social and environmental challenges, and proposes measures to mitigate these, with clear milestones for improvements over time. Additionally, BIO offers expert advice and technical assistance to enhance business management, performance, sustainability, and overall development effectiveness of its projects.

In 2024, BIO opted for a more strategic and impactful approach to development investments, introducing some fundamental changes in the way it measures and monitors its impact. At the core of this innovated approach is the Strategic Impact Framework, with clear and measurable development goals, accompanied by an update of BIO’s theory of change.

Other important changes include updates to BIO’s evaluation strategy, gender policy, and climate strategy. In addition, we have formalised our approach to human rights through a comprehensive new policy, and we have begun the preparation for aligning BIO reporting with new international standards (incl. CSRD).

BIO’s new Strategic Impact Framework (SIF) is a structured and impact-driven approach for ensuring that BIO’s activities generate measurable and meaningful contributions to sustainable development. Rooted in BIO’s 2024-2028 Management Contract and integrated in its Theory of Change, the framework sets the foundations to ensure the alignment of BIO’s investment activities with UN Sustainable Development Goals (SDGs). The SIF builds on three core sustainability pillars: Economic, Social, and Environmental, which provide a comprehensive (although not exhaustive) strategic framework to approach impact management.

At the core of the framework lie the Strategic Impact Targets (SITs), which define BIO’s specific impact commitments across ten priority areas, associated with most striking development finance gaps. These SITs reflect BIO’s strategic priorities within the SDG agenda and are underpinned by three key transversal commitments: Decent Work, Gender Equality and Climate and ecological sustainability. These cross-cutting commitments ensure that all investments contribute not only to economic growth but also to broader sustainability and social equity goals. By embedding these commitments across investment decision-making processes, BIO reinforces its role as a Development Finance Institution dedicated to long-term, inclusive and sustainable economic development.

Strengthening the private sector gives BIO an important lever to promote decent work and gender equality, and to fight poverty and climate change – the main barriers to human development. Below are some updates on what BIO has done in 2024 on these three transversal priorities.

BIO is fully committed to respecting all human rights outlined in the International Bill of Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work. We follow international human rights standards as defined in the UN Guiding Principles on Business and Human Rights (UNGPs), and we align our actions with the OECD Guidelines for Multinational Enterprises — including those specifically tailored for responsible business conduct by institutional investors.

BIO has formulated a human rights policy and integrated human rights into its organisational structure and investment process to deliver on this human rights commitment. The respect and application of those international standards translate into the integration of stakeholder engagement principles, responsible exit strategies, and the identification of a methodology that allows for determining the level of responsibility for accessing remedies.

In 2024, BIO updated its gender strategy to better be able to support gender equality and women's economic empowerment. Building on what we've already achieved, this new strategy sets more explicit targets and provides a complete framework for 2024-2028, matching the ambitions of our new management agreement.

BIO is a member of 2X Global, a global organisation dedicated to unlocking gender-smart capital on a significant scale. It is an initiative launched at the G7 Summit in 2018 which seeks to inspire DFIs to concentrate their financing efforts on advancing women's economic empowerment and fostering gender equality. This challenge calls for directing resources towards initiatives that enable women in developing nations to access leadership opportunities, quality employment, financial support, enterprise resources, and products and services that promote the inclusion of women and girls.

The qualifying projects demonstrated 2X alignment in various ways, most frequently meeting the criteria under the Employment (10 projects) and Leadership (8 projects) dimensions. As from July, the updated 2X Criteria (including the Governance and Accountability dimension) have been more systematically assessed and strictly required for 2X eligibility.

Additionality is BIO’s added value to an investment, both financially and non-financially. It’s a key part of our approach and is assessed for each investment.

As international certifications such as Fairtrade, Forest Stewardship Council, ISO or Organic can be instrumental in reaching a company’s objectives, grants from the BDSF can help clients obtain them. Alternatively, technical assistance and feasibility studies may be used to finance gender equality programmes, to create green financial products, to implement best lending practices, and develop client protection measures for the clients of microfinance institutions. To ensure an alignment of interests and maximise a project’s chances of success, BIO always requires clients to bear part of the costs of the subsidised activities.

In 2024, BIO approved 19 BDSF projects, totalling EUR 1,261,293.

Of the 19 projects, nine focused on managing environmental and social risks, while three were about measuring impact and contributing to the SDGs. The remaining projects aimed at improving the company's operations and financial performance by supporting strategic planning, financial planning, and improving management tools.

In 2024, BIO signed 15 BDSF projects, totalling EUR 879,375.

BIO's Assessment, Monitoring, and Evaluation framework (AME) establishes development objectives and monitors projects throughout their entire lifecycle, both at the individual project level and within the broader portfolio.

• Ex ante assessment – BIO developed a new tool to assess ex ante the alignment with the new Strategic Impact Targets. This tool is complementary to the more general development assessment tool (also being updated in 2025). As part of the due diligence, those tools allow structuring and documenting the development rationale of an investment project, and its financial and non-financial additionality.
• Monitoring – BIO is performing a yearly monitoring of key development metrics (pre-defined to reflect the envisaged development goals) for all portfolio projects and uses the Joint Impact Model (JIM) to assess indirect development effects.
• Evaluation – BIO has updated its evaluation plan, covering both the strategic level and individual projects.

While there is some interdependence between these, each element follows its own procedure and addresses specific needs at different stages of the investment process.

The nature and the structure of the development impact reporting remains the same for our 2023 portfolio as it was under our previous management contract. Taking into account the new Theory of Change and the new Strategic Impact Framework, changes are under way for our 2024 data, but those will only be integrated as from next year.

Below you can read the most remarkable results on BIO's six priority SDGs from our portfolio at the end of 2023 and some contributions of projects approved in 2024, based on the key development indicators to measure the contribution of BIO's projects to each of these SDGs, as mentioned in the previous Theory of Change.

BIO engages with (prospective) clients to enhance their E&S performance, with its E&S team offering advice, appropriate tools, and assistance in developing E&S action plans.

If insufficient progress is noted, BIO talks to its clients to identify the challenge, and to see how they can catch up on the ESAP's execution.

BIO is committed to supporting its clients’ E&S capacity and competences, providing assistance through the BDSF or by offering guidance and training sessions led by BIO staff. Companies posing a higher reputational risk or companies in non-compliance with essential actions outlined in their ESAP are placed on an E&S watchlist, prompting intensified monitoring by BIO's E&S team. At the end of 2024 four projects were on this list, out of a total portfolio of 154. Main E&S issues were linked to management of extreme weather events, of health and safety measures and of relations with local communities.

For organisational purposes, BIO divides its investments into four categories: Enterprises, Financial Institutions, Infrastructure and Investment Companies & Funds.

Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth by creating jobs, reducing poverty, and strengthening local economies and expertise. However, these important businesses face an increasingly complex global environment, with challenges like high inflation, rising interest rates, geopolitical tensions, disorganised value chains, limited access to working capital and tough competition that demands constant innovation. Agricultural SMEs, in particular, also struggle with traceability for international markets and meeting strict agro-industrial quality standards. On top of that, the growing impact of climate change threatens both their production and the livelihoods they support.

Despite these challenges, there are new market opportunities emerging, thanks to a growing middle class and the potential for local processing of agricultural products. Developing direct logistics and the rising need for SME services in infrastructure also offer avenues for growth.

BIO's SME department helps these businesses by providing financial support tailored to their needs, such as capex financing and equity, to bridge financing gaps. Furthermore, through technical assistance programs, BIO partners with local institutions to address challenges such as governance, traceability and quality in agriculture or other environmental and social issues.

This brings the total number of approved investments in SMEs to 24, totalling EUR 78.8 M.

As part of the BDSF, BIO also approved 8 technical assistance projects, one due diligence, and support for an innovative MSME project, totalling EUR 148,866.

BIO invests in financial institutions to build a stronger, more inclusive financial backbone for developing economies. We go beyond financial stability to support institutions that can withstand challenges such as climate change and create lasting positive impact. Our deep understanding of local contexts, coupled with our patient capital and commitment to sustainable development, makes DFIs like BIO uniquely suited to support these critical financial intermediaries. Our focus is on expanding access to finance for micro, small and medium-sized enterprises (MSMEs) through responsible microfinance, opening new markets and harnessing technological innovation. By strengthening these businesses, we foster entrepreneurship and unlock local economic growth.

This brings the total number of approved investments in financial institutions to 46, with a total value of EUR 391.5 million.

As part of the BDSF, BIO also approved 9 technical assistance projects for financial institutions, totalling EUR 377,428.

Adequate access to essential infrastructure like energy, water, telecoms, waste management and transport is crucial for both the well-being of the population and sustainable economic growth in developing countries, which are facing a volatile global environment. Despite growing regulatory and political challenges, there are significant opportunities in renewable energy financing, driven by the growing demand for cleaner energy. The potential of smaller-scale independent power producers in Africa offers promising prospects.

This brings the total number of approved infrastructure projects to 14, totalling EUR 131.1 M – with infrastructure funds accounting for an additional 12 projects, totalling EUR 96.8 M.

Investing in funds is an important way for BIO to build a well-balanced portfolio, give entrepreneurs the long-term capital they need, support the financing system, and contribute to building a private equity ecosystem. This approach also supports the growth of strong, sustainable business models for the SMEs they back — a key driver of economic growth in developing countries.

BIO is committed to playing a catalytic role in all of its investments, attracting private sector funding alongside its own. This collaborative approach is central to BIO’s mission, helping create broader, more sustainable impact and BIO’s goal of doing more with greater reach.

This brings the total number of approved investments in investment companies & funds to 69, totalling EUR 494.0 M.

As part of the BDSF, BIO also approved 2 technical assistance facilities for investment companies and funds, totalling EUR 735,000.

The Board of Directors sets the strategic course for the company. To ensure well-rounded decision-making, they have expert committees by their side:

• The Investment Committee provides key advice on investment decisions.
• The Audit Committee keeps a close eye on the company’s finances, advising the Board on financial reporting, audits, and risk management.
• With a focus on people and policy, the HR Committee works with the Board to shape effective human resources strategies and foster a positive, productive workplace.

_{Composition and remuneration of the Board of Directors}

Dirk Van der Maelen has been the government commissioner (ministry for development cooperation) as of 17 February 2021. Eddy Van Der Meersch has been the government commissioner (ministry for budget) as of 17 July 2021.

Heidy Rombouts, Director General Development Cooperation and Humanitarian Aid, attends the board meetings as representative of the DGD. Jean Van Wetter, CEO of Enabel, is also invited to board meetings as an observer.

The SDG Frontier Fund (SDG FF) is a Belgian self-managed fund-of-funds (FoF) that invests in private equity funds active in Africa and Asia, with the objective of generating positive social and environmental impacts alongside financial returns. Established in December 2019 at BIO’s initiative, the fund has a total size of EUR 36 million, contributed by 14 Belgian institutional and private investors, including BIO.

In 2024, the SDG FF signed a USD 5 million investment in the Navis Asia Credit Fund, marking it as the twelfth and final investment, making the fund fully committed.

This private credit fund provides debt financing to underserved companies in Southeast Asia, with a 60% climate finance target. It's a great final addition to the SDG FF’s portfolio, helping to create a well-balanced exposure between Asia and Africa.

Meanwhile, the other 11 portfolio funds continued to deploy capital during the period, reaching 56% effective deployment into 124 SMEs—well above the initial target of indirectly supporting 100 SMEs.

Another significant achievement was that 2024 marked the first year SDG FF realized a positive net income, driven by some advantageous early exits at the level of its portfolio funds.

EDFI is the association of the 15 European bilateral development finance institutions. Its mission is to promote the joint interests of its members, inform policy and drive innovation in industry standards. It aims to foster cooperation amongst its members and strengthen their relationship with the institutions of the European Union. BIO has been a member of EDFI since 2002.

While the Belgian State is BIO's sole shareholder, the company recognises its accountability to a broader community. This includes Belgian taxpayers, civil society organisations, and fellow impact investors. BIO actively fosters collaboration with these stakeholders to maximise its impact on development goals.

Synergy within Belgian Development Cooperation

BIO collaborates closely with other key players in Belgian development cooperation, including the directorate-general for Development Cooperation and Humanitarian Aid (DGD), the Belgian development agency Enabel, and civil society organisations. For example, BIO has consulted with NGOs on the new investment strategy and change theory for agricultural value chains, as well as with the DGD and the external Special Evaluation Office in revising the theory of change, implementing the Strategic Impact Framework, and developing the evaluation plan.

BIO also participated in three working meetings of the Platform on Agriculture and Food Security (PLVZ), covering topics such as sustainable food systems and decent work, food systems in the context of COP (climate, biodiversity, desertification), and mechanisation and agrochemicals in food systems. Additionally, BIO served as an observer in the Gender and Development Advisory Council (ARGO/CCGD). In Senegal, BIO seconded an investment expert to Enabel's agricultural project, where the expert supported the development of an industrial zone (Agropole) in the Sine Saloum region.

BIO is proud to have partnered with the Belgian development agency Enabel on the Awa Prize, a groundbreaking initiative that championed women's entrepreneurship in Africa and the Middle East.

The 2024 competition honoured women entrepreneurs in the cultural and creative industries. A total of 1,313 women from 18 countries submitted their projects in four categories: start-up, scale-up, innovation, and public prize. At the end of the selection process, four winners were chosen.

The 2024 winners

In 2024, BIO experienced some important changes that set the stage for its next phase of growth and impact. The Executive Committee saw key leadership transitions. After the outstanding service of his predecessor, Luuk Zonneveld—who was honoured by His Majesty the King with the Order of the Crown for his contributions—Joris Totté took over as CEO, bringing his expertise and vision to lead BIO forward. At the same time, Tine Vlietinck stepped into the role of Chief Corporate Officer, with a focus on shaping BIO's strategy and growth. The search for a new Chief Financial Officer began in 2024 and was successfully completed with the appointment of Rebecca Scheps in early 2025, strengthening BIO's financial leadership.

There were also changes in BIO's liaison offices, which are key to engaging locally and building partnerships. In the East Africa Office, Alexis Losseau handed over the reins to Nada Shall, who will continue to receive valuable support from Pearl Nyaosi to maintain BIO's strong relationships in the region. In Abidjan, Maximilien d'Harcourt passed the baton to Gilles Dossogne, who will be supported by Dorian Zohou to keep BIO’s presence strong in West Africa.

Another notable change took place within the SDG Frontier Fund (SDG FF), one of BIO's key investment tools. Eric Van den Bosch, who was instrumental in establishing the fund, was succeeded by Maximilien d'Harcourt, who will now lead the fund into its next phase.

The Belgian Investment Company for Developing Countries, BIO, is a development finance institution established in 2001 by the Belgian development cooperation to support private sector growth in Africa, Asia & Latin America. BIO provides long-term financing to enterprises, the financial sector, and private infrastructure projects, as well as grants for feasibility studies and technical assistance programmes. BIO invests in projects targeting both high and sustainable development impact, and a modest financial return. BIO is a member of EDFI.

Responsible publisher

Joris Totté, CEO BIO nv/sa
Boulevard Bischoffsheimlaan 15
1000 Brussels, Belgium

Content

BIO and its investees

Concept & editing

Tom De Latte, supported by Gemini.

Layout & graphic design

Tom De Latte

Translation

Evi Vanhooren and the translation department of Enabel

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Copyright with BIO and its investees