A focus on Infrastructure

Adequate access to reliable energy, digital connectivity, and transport are essential for well-being and for building competitive, resilient economies. Demand for clean and affordable energy continues to rise, creating opportunities for renewable solutions even as regulatory and market conditions grow more complex. In recent years, BIO has focused its infrastructure investments mainly on telecommunications and renewable energy—both on and off grid—, with most projects directly contributing to climate objectives.

This focus aligns with BIO’s Theory of Change and supports the strategic impact targets on Job Creation (SIT1), Climate Adaptation (SIT8), Climate Finance (SIT7), and Ecological Sustainability (SIT9).

In addition, as traditional medium‑sized independent power projects become harder to finance, BIO plays a catalytic role by backing smaller, more innovative projects that diversify green energy sources and fill market gaps. Through this approach, BIO expands access to reliable services and accelerates the shift toward sustainable economies. BIO also invests in telecommunications infrastructure, because access to affordable, reliable internet is now considered a fundamental enabler of economic progress, as essential as energy or transport.

BIO supports the development of digital infrastructure as well as small and innovative distributed renewable energy projects as they are essential for building a truly inclusive system.

Marie Watelet, SME & Infrastructure Manager at BIO

Approved and signed commitments in 2025

In 2025, BIO approved 3 new investments in infrastructure for a total of €21.8 M. The two renewable energy infrastructures directly contribute to substantial climate change mitigation (2 projects aligned with SIT7). Infra investments also contributed to LDC/FCAS development (2 projects aligned with SIT4).

In terms of signed commitments in infrastructure, BIO signed 1 infrastructure investment for €12.8 M in information and communication in 2025.

Example - BCS - Bandwidth and Cloud Services

At the end of 2025, BIO signed a $15 M financing agreement—alongside DEG’s $25 M —to support BCS, a fibre‑optic network operator active across seven Sub‑Saharan African markets. The joint facility finances BCS’s large‑scale expansion plan, adding 15,000 km of new fibre across the DRC, Malawi, Mozambique, Zambia, and Zimbabwe. BIO contributes $3 M to the first tranche and $12 M to the second, enabling the rollout of 6,600 km of backbone fibre and 3,000 km of metro fibre through railroad, submarine, and overhead routes, significantly strengthening regional connectivity.

BCS already had relevant E&S policies and systems to manage some of the key risks related to the project (gender equality, land acquisition and compensation, engagement with local Indigenous communities, etc.). To complement those, BIO worked with the co-investor, DEG Invest, and an external expert E&S consultant to further assess the broader E&S risks and develop an E&S Action Plan (ESAP) to ensure that the financed project is fully compliant with the IFC PS. The ESAP notably covers the development of an E&S Management System tailored to the scale of the project, the establishment of an external grievance mechanism, and a waste and hazardous waste management program.

Total approved investments in Infrastructure 31/12/2025

The table below presents BIO’s total investments in infrastructure projects. For clarity, the number of investments in infrastructure funds has been included, as BIO also reaches the sector indirectly through fund investments. The figures confirm a clear focus on infrastructure in Africa—both direct and indirect—in line with the priorities set out in BIO’s investment strategy.

Technical assistance projects for infrastructure

In 2025, BIO approved 1 technical assistance through the BDSF for one infrastructure project in Uganda, Sawa Energy, to support a company’s due diligence efforts. The total amount of this project is €29,500.