Annual report 2025
2025
25 years of BIO
Dear friends of BIO
The year 2025 unfolded against a backdrop of deep complexity. Across the globe, we witnessed a retrenchment of political ambition on sustainability, even as climate challenges intensified and inequalities deepened. Geopolitical uncertainty, financial exclusion, and fragile supply chains continued to test the resilience of the entrepreneurs and communities we serve.
Yet, in this risky environment, the role of the private sector as driver for development has never been more widely recognised—or more urgently needed. For development finance institutions like BIO, this is both a challenge and a call to action. It reaffirms our mandate: to channel long-term, patient capital where it is needed most, and to prove that investing in sustainable development is not just sound ethics, but also sound economics.
I am proud to report that 2025 was an exceptional year for BIO. We approved €235 M in new financing across 30 projects. A remarkable 25% increase in the number of approvals compared to the previous year and the highest level of net approvals since 2019. These investments are not merely statistics; they represent tangible progress toward the impact we set out to deliver. We are on track to meet most of our goals, with notable progress in job creation, climate finance, and climate adaptation. We have also moved forward on our commitment to reducing inequality both within and between countries. Investments in Least Developed Countries (LDCs) and Fragile and Conflict-Affected States (FCAS) are at an all-time high, and we have made significant strides in gender-lens investing—57% of our investments in 2024–25 contribute to gender equality, exceeding the 40% target.
Geographically, our 2025 portfolio growth strongly reflects our strategic priorities. A historic 55% of approved investments were directed to Africa, well above our 45% benchmark. Additionally, we reached a major milestone with our second approved investment in Ukraine after Bank Lviv —$6 M in the Rebuilding Ukraine Fund—demonstrating BIO’s readiness to operate in Fragile and Conflict affected States where resilient partners are needed most.
This strong performance is not achieved alone. It is the result of a deliberate and collaborative approach that lies at the heart of our identity. As the dedicated development finance instrument of the Belgian State, we actively work with DGD and Enabel, and with our Belgian NGOs and impact investors such as Kampani, Incofin, and Alterfin. Signing our investment in Kampani in 2025 exemplifies this logic: together, we bridge the gap between early-stage support and larger-scale financing, ensuring that companies receive the right capital at the right time. Minister Prévot captured this perfectly when he remarked,
Within our Belgian ecosystem, BIO plays a pivotal role. As it celebrates 25 years, BIO intervenes at critical junctures, when enterprises are ready to grow, to scale up, to take the next decisive step. This is the logic of an ecosystem that works: each actor plays its role, and together we achieve more.
At the European level, our role has also grown increasingly important. By deepening our collaboration with other DFIs and the European Commission, we are leveraging EU guarantees, mobilising private capital, and tackling challenges that no single institution can face alone. The EDFI Management Company and Association are key instruments in this shared European ambition.
As we look towards 2026, our mission feels more relevant than ever. We will build on the momentum of 2025, sharpening our focus on areas where we fell slightly short of our targets and continuing to embed the human rights-based approach we formally adopted this year.
Thank you to our dedicated team, whose passion and commitment made this record year possible. And thank you to our partners and clients, who walk this path with us every day.
Together, we are proving that finance, when deployed with purpose, can be a powerful force for good.
Contents
Departments
For organisational purposes, BIO divides its investments into four categories: Enterprises, Financial Institutions, Infrastructure, and Investment Companies & Funds.
Partnerships
International cooperation aims to create mutually beneficial partnerships that address global challenges such as peace, security, climate change, biodiversity, and health.
