Enterprises
Investing in SMEs in Africa, Latin America, and Asia is investing in the future of global prosperity. These businesses create the jobs, resilience, and opportunity that growing economies—and their young people—urgently need.
Example – Glacier
In 2025, BIO strengthened its support to Kenya’s agrifood sector through an €8 M investment in Glacier Products Limited, a leading regional dairy manufacturer. This financing enables Glacier to expand its production and storage capacity to meet growing demand while securing a stable market for more than 7,000 smallholder dairy farmers who supply its milk. The investment is structured as a partnership with I&M Bank, a major Kenyan financial institution, and EXEO Capital, through its AgriVie Fund II equity fund, reinforcing both local and regional mobilisation of capital. By supporting the modernisation of Kenya’s dairy value chain and improving income prospects for rural producers, the investment illustrates BIO’s commitment to promote sustainable private sector development and broad-based economic impact in East Africa. In terms of impact, the investment is expected to contribute to BIO’s strategic impact targets on Job Creation (SIT1), SME finance (SIT2), Inclusive Businesses (SIT5), Gender Equality (SIT6) and Business Development Support (SIT10).
The table below illustrates the total approved investments in enterprises at BIO. Within investments in enterprises, apart from the focus on SMEs, BIO has a clear focus on agriculture and food, whether it is directly in production, in transformation, in distribution, or in other adjacent industries. Besides the focus on agri-food, it is important to mention also BIO’s portfolio in manufacturing, not just of food products but also of pharmaceuticals and medical supplies for instance. Investments of BIO in manufacturing are strong contributors to decent job creation (SIT 1). In terms of geographic focus, most enterprise investments are made in Africa.
Agri-dilemmas
In 2025, BIO organised two workshops with the Board Investment Committee, the DGD – the Directorate-General for Development Cooperation and Humanitarian Aid, the federal government department responsible for managing Belgium's official development aid and humanitarian policy - and Enabel experts to address some of the key dilemmas inherent in agricultural value chain investments. The outcome is a concise internal guidance note that clarifies priorities and prerequisites for financing and provides a shared framework for project selection and analysis.
Example - Limbua
In 2025, BIO provided a €2 M debt facility to Limbua, a German Kenyan agribusiness working with more than 9,000 smallholder farmers producing organic macadamia nuts, avocados and mangoes, strengthening the company’s working capital capacity and supporting its sustainable, Fairtrade model that improves farmer livelihoods and promotes environmentally responsible agriculture. The investment was made possible thanks to EDFI Management Company’s first guarantee under the EU Global Gateway TGVC programme, which covers up to 70% of BIO’s loan and enabled BIO to invest, supporting Limbua’s expansion and reinforcing inclusive, climate smart value chains. In addition, Limbua receives BDSF support to strengthen its financial and operational management through a grant to develop the CFO position, helping professionalise the company and enhance its attractiveness for future investment. BIO’s investment in Limbua adds to most of its strategic impact targets but in particular to those on Jobs (SIT1), SME finance (SIT2), Inclusive Businesses (SIT5), Climate Finance (SIT7), Climate Adaptation (SIT8) and Ecological Sustainability (9).
2025 investments in entreprises
BIO has granted a USD 10 M loan to ECOM Agroindustrial, one of the largest merchant of coffee, cocoa, cotton, nuts - worldwide.
BIO has granted a EUR 3 M loan to Foods'Co, an Ivorian food processing company.
BIO has granted a EUR 8M loan to Glacier Products Ltd, a family-owned Kenyan dairy company that
manufactures, sells and distributes a wide range of dairy products including ice-cream, chocolate and
yogurt.
BIO has granted a € 2 M loan to Limbua Group, a Kenyan company active in the sourcing, processing and distribution of macadamia nuts, mango and avocado.
BIO has invested EUR 10 M in equity in Orchidia Pharmaceutical Industries, the leading Egyptian developer and manufacturer of own branded pharmaceuticals generics specialized in the ophthalmic segment.
BIO has granted a USD 3.7 M loan to Super Silica Bangladesh Limited, a local family-owned manufacturing SME that is the first producer of Green Precipitated Silica in Bangladesh.