As Minister for Development Cooperation, I strongly believe in international solidarity to achieve the objectives of the Sustainable Development Goals. The challenges the world is facing, from climate change and poverty to inequalities, respect for human rights and the rule of law, transcend national borders. This is why a shared vision for a more just and sustainable future is of paramount importance. BIO's work exemplifies this: By partnering with private sector actors in developing countries, BIO stimulates sustainable investment that benefits local communities, and promotes inclusive economic growth through private sector development. By actively investing in companies and entrepreneurs who are driving positive change, BIO makes a real difference in a world that is often grappling with instability and injustice. Through its engagement, BIO supports economic growth, creates jobs, promotes women's empowerment, and contributes to a more sustainable future.

Let me first thank Mr Luuk Zonneveld for the past eleven years as CEO of BIO. I would like to express my sincere gratitude to him for his dedicated leadership.

Let me also congratulate and welcome Mr Joris Totté as the new CEO of BIO since March 2024.

Since January 2024 BIO has a new management contract that will guide its work for the next five years. It is strongly focused on BIO’s role as public investor for sustainable development in often difficult circumstances. It should ensure fair labour practices and living wages for small producers in developing countries while respecting and advancing the principles of Decent Work. It promotes the responsible use of natural resources and the protection of biodiversity in investment decisions. It contributes to the fight against climate change. There is a strong focus on investments in Africa, the Least Developed Countries and countries in a fragile context.

All this should lead to investing in initiatives that bridge the gap between developed and developing countries and tackle inequalities within countries, while respecting and promoting human rights. Indeed, BIO has now integrated a human rights based approach in all its investments as part of its duty of care.

I am convinced that BIO will continue to be an important actor of our Belgian Development Cooperation and a driving force for sustainable development in the world.

While entrepreneurship plays a vital role in job creation for developing economies, strengthening the private sector as a whole offers BIO a powerful tool to tackle human development challenges like gender inequality, poverty, climate change, and economic inequality, with a particular focus on promoting decent work opportunities and easier access to social protection for all genders.

Let's illustrate this with some specific examples:

Envision a cocoa processing unit in rural Tiassalé, Côte d’Ivoire that directly employs 122 workers in this remote rural area with little industrialisation and limited job opportunities, indirectly providing opportunities to tens of thousands of small-scale cocoa producers and their families.

Picture a world where Mr Ananda Verma, driven by innovation, invents a horticultural platform, which captures real-time data on growing conditions from on-farm sensors to deliver advice to Mr Vaibhav Changdev Aringale, a small-scale farmer in the arid Indian countryside, allowing him to optimise water usage and combat pests more effectively.

Foresee a world where developing countries, that are particularly vulnerable to climate change, get a helping hand from dedicated impact investors to adapt to the changes and allowing them to reach the goals of the Paris Climate Agreement.

Imagine a world where Ms Rajani Srichandana, a farmer's wife from a rural family of ten, transcends the limitations of depending solely on farming income. Through financial literacy training, she gains the power to secure loans and launch a thriving grocery shop alongside a dairy business. Freed from the burden of local moneylenders, her family and community flourish.

Imagine over 75% of Ghana’s households stop relying on charcoal and kerosene as their primary sources of cooking fuel, instead, greatly reducing greenhouse gas emissions and helping reduce deforestation at an affordable price.

Imagine young people in DRC will have it easier to find a first job because they can acquire professional experience in a call centre where they pass through a basic customer service training, and acquire expertise and efficiency.

These aren't simply dreams on paper; they're tangible proof of BIO's impact in the field. Through direct and indirect investments in companies like Compagnie Cacaoyère du Bandama, Fasal (an Omnivore investment), Annapurna, Xpress Gas, and the Congo Call Center (an African Rivers Fund III initiative), BIO empowers African and Least Developed Country entrepreneurs. With the right framework and support, these businesses allow local innovators to thrive and achieve success on their own terms. Can you imagine a better project?

The past four years presented us with many challenges – a global pandemic, geopolitical turmoil, and the growing threat of climate change. Developing nations particularly, have faced the brunt of these hardships.

BIO managed to overcome these difficulties and is proud to report a return to profitability in 2023, achieving a positive balance of EUR 17.4 million. We exceeded our EUR 200 M target for new investment commitments, securing EUR 207.6 million. We also surpassed our target of approving 15 Business Development Support Fund (BDSF) projects, approving 16. BIO's financial health improved considerably in 2023. We project a net profit of at least EUR 15 M with a very low Cost of Risk. Finally, we’ve invested a lot of time in our stakeholder communication. We held several consultations with NGOs and other impact players.

2024 marks a turning point for BIO. We've secured a new management contract with the Belgian State for the period 2024-2028, with ten ambitious development goals that reflect the urgency of our time. The coming years, BIO will focus on the creation of decent jobs, reducing inequalities and fighting climate change. We will strive to invest 45% of our capital in Africa and 30% in Least Developed Countries. In addition we are strengthening our investment approach by integrating human rights principles and decent work practices into our investment strategy.

In 2024, building on our achievements of 2023, we aim to commit EUR 220 million in new impactful investments in local companies to realise this ambition.

BIO is starting an exciting new chapter in a rapidly changing world. With the return of geopolitics, BIO, as a national development finance institution, is a key player to advance the foreign policy and development priorities of Belgium. We will do this together with our European colleagues, as well as our Belgian key stakeholders.

I am confident that the BIO team possesses the resources, expertise, and global networks necessary to continue to contribute significantly to a more sustainable and equitable world.

In 2023, a number of our investments ended, many of which had an important and lasting impact on their region. For example:

• Puratos Grand Place Vietnam, a local cocoa and chocolate processing company, that – also thanks to BIO’s investment - integrated its local value chain thus replacing the importation of raw material required for the chocolate-making process. Puratos supports over 1,500 smallholder farmers, providing them with decent revenues and specialized training.
• Société de Cultures Légumières, northern Senegal's horticulture leader, produces, packages and exports fresh vegetables to the UK during its winter season. BIO supported the 2013’s land expansion project concerning 690 ha to produce sweet corn, sweet potatoes, and butternut. SCL is also a major job creator, improving lives and fostering skills development in the region.
• Banco Solidario is a leading microfinance player in Ecuador. Thanks to BIO’s investment, it successfully increased its microenterprise portfolio, that now represents 55% of total outstanding loan portfolio. By providing non-financial services to MSMEs such as trainings and technical assistance, Banco Solidario equips these businesses with the necessary skills while contributing to the local economic development.
• Banco Guayaquil, an Ecuadorian universal bank committed to financial inclusion. BIO's investment contributed to the growth of the SME portfolio and to the development of green businesses financing and energy efficiency projects. Banco Guayaquil has made reaching rural clients a priority through their 'Banco del Barrio' initiative aimed at reaching clients in underserved areas through 20,000 attention points across Ecuador.

For organisational reasons, BIO divides all of its investments into 4 categories: Funds, Financial Institutions, Enterprises & Infrastructure. Additionally, all grants are taken care of by our Business Development Support Fund.

The enterprises department achieved its objective of investing at least EUR 30 million, with 4 projects worth EUR 13 million in regular projects, and 3 projects in riskier but more impactful ones.

Small and medium-sized enterprises are a significant source of job creation, but are navigating an increasingly complex and competitive global landscape. Global competition puts pressure on their operations, demanding innovation and efficiency. Disorganised value chains create logistical hurdles that hinder growth. Limited access to financing for working capital restricts the ability to scale up. Traceability remains a challenge in agricultural sectors, making it difficult to meet international standards. Strict quality requirements in the agro-industry pose specific difficulties for producers trying to access global markets. Climate change further disrupts agricultural production, jeopardising food security and livelihoods.

However, there are reasons for optimism. A growing middle class with evolving consumption patterns creates new local markets for SMEs to cater to. The potential for increased local processing of agricultural products adds value, creates jobs, and reduces reliance on international markets. Development of direct logistic routes can improve efficiency and reduce costs for SMEs. Finally, there's a growing need for the services SMEs can offer in the medical sector and basic infrastructure development.

The SME department plays a vital role in empowering these businesses. By offering financial instruments tailored to their needs, such as working capital and equity solutions, the department bridges the financing gap and fosters growth. Partnering with local institutions addresses traceability and quality challenges in agricultural products. Advocating for policies that support local processing of agricultural products creates jobs and adds value within local economies. Additionally, developing programs to help SMEs navigate international trade and logistics enhance their competitiveness in the global marketplace. Finally, partnering with NGOs to support climate-resilient agricultural practices equips farmers to adapt to a changing climate and ensures long-term sustainability.

The Financial Institutions department has been updating its investment strategy, leading to achievements in both the volume invested and the diversification of project types.

The department boasts a strong presence in Latin America and the Caribbean (LAC). It has also made inroads into Asia with a first-time transaction with Mutual Trust Bank (MTB) in Bangladesh and EVN Finance in Vietnam. The department is currently exploring opportunities for expansion in Africa, keeping in mind the potential risks associated with less developed regulatory frameworks in Least Developed Countries (LDCs).

Looking forward:

Building resilience and impact

As a Development Finance Institution, BIO takes pride in contributing to a more resilient financial sector. Our investments are aimed not only at financial sustainability but also at fostering institutions that can weather challenges like climate risk, a growing concern in the post-pandemic world. By supporting responsible microfinance, exploring new markets, and embracing technological advancements, the Financial Institutions department is committed to making a positive and lasting impact.

The landscape of infrastructure project financing has undergone significant changes in recent years. Stricter regulations for Independent Power Producers (IPPs) have rendered traditional financing models less attractive, and a decline in participation from medium-sized IPPs has further limited options. BIO's project size limitations have also restricted its involvement in large clean energy projects. The department faces increased competition from other impact investors with deeper pockets and access to blended finance tools. Investors are grappling with additional burdens such as withholding taxes, local currency depreciation, and rising interest rates which threaten project viability. Local Currency Power Purchase Agreements remain problematic in certain countries, and high legal costs associated with non-local legal frameworks add further complexity. Finally, dependence on public subsidies introduces an element of political risk in some projects.

To navigate this new reality, the Infrastructure department must embrace blended finance to offer more competitive solutions. Exploring partnerships with other DFIs for co-financing opportunities can leverage combined resources and expertise. Streamlining internal processes can expedite project approvals and improve efficiency. Finally, advocating for policy changes that incentivise private sector participation in renewable energy is crucial for long-term sustainability.

In 2023, the private equity team invested a total of EUR 56.2 million in eight projects in Africa, Asia, and Latin America. Building on the arrival of a new manager and the momentum of the new management contract, BIO's private equity department is poised for a significant expansion in 2024. The team will focus on increased investment, social and environmental impact, and collaborative partnerships.

Scaling up investment

The Private Equity department’s target for new investments in 2024 is EUR 85 million, marking a clear commitment to this asset class. This allocation is further divided to reflect strategic priorities:

• EUR 40 million: Investments in private equity funds
• EUR 30 million: Direct investments in companies
• EUR 15 million: Investments categorised under "code 5"

Recognising the continent's vast potential, BIO prioritises Africa for new investments. The target is to allocate at least 45% (ideally 50%) of the EUR 85 million specifically to African ventures. This focus extends to Least Developed Countries (LDCs), many of which are located in Africa.

Expanding Investment Strategies

BIO's private equity toolbox will see some exciting additions:

• Fund Investments: BIO will continue to invest in both generalist and thematic private equity funds to foster a robust investment ecosystem.
• Direct Investments: A noteworthy shift involves expanding direct investments beyond financial institutions to include non-financial institutions, particularly in the agricultural sector. This broadens BIO's reach and impact.
• Co-investments: For the next two years, BIO will prioritise co-investing in direct equity deals alongside other development finance institutions. This collaborative approach streamlines due diligence and leverages combined expertise.

BIO is moving beyond a purely transactional approach towards a more holistic perspective:

• Impact Assessment: Investments will be evaluated not only on their individual merits but also on their broader impact on the entire portfolio, ensuring a cohesive and impactful strategy.
• Active Ownership: There's a renewed emphasis on actively engaging with portfolio companies to promote best practices and maximise positive outcomes. This ensures companies deliver not just financial returns, but also contribute to broader development goals.

Mobilising Private Capital

BIO remains committed to its catalytic role, aiming to reignite private sector investment alongside its own contributions. This collaborative approach fosters broader development efforts.

The Business Development Support Fund continues to be a valuable tool for BIO, supporting current and prospective portfolio companies in their journey towards improved business performance and sustainable development practices. Through grants and co-financing of technical assistance (TA), feasibility studies (FS), and investment support, the BDSF empowers SMEs.

On the one hand, the BDSF allocates funds to fund managers, who then provide technical assistance to their clients. On the other, the fund grants subsidies directly to companies, with a particular focus on projects that promote environmental and social well-being and adherence to international standards. While these grants often target social and environmental issues, the BDSF's versatility extends to more operational improvements, such as enhancing HR practices.

2023 proved to be a successful year for the fund, with 16 new projects approved with a total allocation of EUR 1.15 million. The team proactively sought new opportunities by collaborating with the investment department and directly connecting with clients to understand their specific needs and how the BDSF could be of assistance. Notably, repeat clients often reach out to the BDSF independently, a testament to the program's effectiveness.

The BDSF also has ambitious plans for 2024. With a projected 15 new projects valued at EUR 1.2 million, the program remains dedicated to supporting innovation and sustainable growth. Furthermore, the upcoming external case study evaluation will focus on "non-financial additionality" – the positive, non-monetary impact created by BDSF investments, extending beyond just financial gains. This emphasis underscores BIO's commitment to fostering holistic development and creating lasting positive change.

Finally, in April 2024, the BDSF attended the annual EDFI TA officers meeting in Geneva and dedicated resources to developing a framework for BDSF evaluation and impact communication. These initiatives will further strengthen the program's effectiveness and transparency.

In 2023, BIO negotiated a new roadmap for the next five years. Building on previous agreements with the Belgian state, this 2024-2028 management contract outlines a more strategic and impactful approach to development investment.

At its core, BIO's mission of promoting sustainable development in developing countries remains unchanged. However, the focus is sharpening. Specific geographic regions (particularly Africa), sectors (with a strong emphasis on climate action), and themes (like decent work and human rights) will be prioritised. Clearer guidelines will also steer investments under different funding codes.

A key shift is how BIO's performance is measured. Instead of yearly case studies, the focus moves to assessing BIO's overall development impact over the entire five-year term. This aligns with a new emphasis on collaboration – stronger dialogue with civil society organisations and enhanced cooperation with the Belgian state.

Several new developments mark this contract. A strategic impact framework with measurable targets linked to the UN's Sustainable Development Goals (SDGs) will be implemented. There will also be a stricter focus on responsible investing, excluding fossil fuels and setting limitations on certain projects. At the same time, specific provisions promote climate action, decent work, and human rights. To manage risk effectively, BIO will develop a new policy based on its risk tolerance.

Operationally, cost of risk and minimum annual investments in climate action become key objectives. Geographically, 85% of the portfolio will target 30 specific countries, with a focus on Africa, Least Developed Countries (LDCs), and Fragile States. A significant increase in funding for Code 5 investments will specifically target projects promoting reduced inequality. While core sectors like microfinance and agriculture remain important, climate change takes centre stage with a minimum annual investment of EUR 25 million dedicated to mitigation and adaptation efforts.

In essence, this new management contract positions BIO for a more strategic and impactful approach. By aligning activities with the SDGs and prioritising climate action, social equity, and good governance, BIO is poised to make a significant contribution to sustainable development in the years to come.

Who guides the ship? The Board of Directors and its committees.

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

• Investment committee: These financial gurus provide crucial investment advice to the board.
• Audit committee: Keeping a watchful eye on the company's finances, this committee advises the board on matters of financial reporting, audits, and risk management.
• HR committee: When it comes to human resources policies, this committee works closely with the board to ensure a happy and productive workforce.

_{Board of Directors and executive committee, together with Minister Gennez in 2023}

_{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 balance sheet total increased by € 20.1 M (+2%) from € 1,112 M to € 1,133 M.

Our net financial investments increased by € 43 M (+7 %) and our current assets decreased by € 23 M (-4%).

The increase on net financial investments is the consequence of the following elements :

• increase of the gross portfolio by € 35.3 M
• decrease of the stock of risk provision by € 7.8 M.

The treasury decreased by € 24.9 M mainly due to a higher level of disbursements compared to last year (+ 40 M).

Financial fixed assets, consisting almost exclusively of the investment portfolio, increased by 7% in 2023.

Shareholder equity increased by € 19.7 M under the cumulative effect of (i) the profit for the financial year of € 17.4 M and (ii) the net capital subsidies of € 2.3 M.

After four years of contrasted financial performance, BIO becomes profitable again with a net income of € 17.4 M. This good performance is the result of a low materialization on risk (Cost of Risk at 0.3%), a good tenure of the loan and direct equity portfolios, and the important income generated on the placements of our treasury.

In addition, our portfolio achieved significant successes:

• Approval of new projects reached € 205 M, exceeding the objective by 5 M ;
• Net commitment reached € 1.079 M (+86 M) ;
• Net portfolio reached € 624 M (+ 7%) ;
• Gross portfolio increased by € 35 M to reach € 716 M (+ 5%).

BIO generated € 37.3 M of net revenues, which represents an increase of 11.2 M compared to the previous year.

The main drivers of this increase come from the treasury income generated by our treasury account held at the debt agency (+ € 10.6 M after withholding tax).

After deducting direct costs linked to projects (various commissions, travel expenses, bank transfer costs, etc.), the gross margin also increased by 35% and is aligned with the increase of the reported revenues.

Operating costs after deduction of the management fees increased by 2.5 M and reached € 13.3 M. This increase is significant but was expected considering the index on personal costs (11.08% index) and the inflation observed during the last two years.

The net margin is sufficient to cover the cost of risk and the operating result shows a positive balance of € 21 M.

Finally, we register a net foreign exchange loss of € 3.6 M.

The SDG Frontier Fund (SDG FF) is a Belgian investment vehicle focused on generating positive social and environmental impact alongside financial returns. Established in December 2019 as an initiative of BIO, the fund operates as a self-managed fund-of-funds (FoF). This chapter explores the SDG FF's approach to achieving its dual objectives in frontier markets across Africa and Asia.

In 2023, the SDG FF invested in the Omnivore Agritech & Climate Sustainability Fund 3, focusing on sustainable agricultural practices, bringing the total number of funds in its portfolio to eleven.

Additional investments were made in the Incofin India Progress Fund, demonstrating the SDG FF's continued commitment to fostering development in Asia.

The number of investees indirectly supported by SDG Frontier Fund reached 98 at the end of 2023, already very close to the target that was defined at the outset to support a total of 100 SMEs.

The SDG FF targets micro, small, and medium-sized enterprises in developing countries. It achieves this by co-investing with BIO in private equity funds managed by experienced fund managers. These funds then directly invest in promising MSMEs across various sectors.

The core objective of the SDG FF is to contribute to the achievement of the SDGs adopted by the United Nations. These goals tackle critical global challenges like poverty, inequality, climate change, and environmental degradation. By investing in SMEs that align with these goals, the SDG FF aims to generate a positive development impact.

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 works hand-in-hand with other key players in Belgian development cooperation. This includes the directorate-general for Development Cooperation and Humanitarian Aid (DGD), the Belgian development agency Enabel, and civil society organisations.

Concrete examples

• In Senegal, BIO seconded an investment expert to Enabel's agricultural project, supporting the development of an industrial zone (Agropole) in the Sine Saloum region.
• In Côte d'Ivoire, Enabel supports smallholder cocoa farmers who supply BIO's client La Compagnie Cacaoyère du Bandama.
• Additionally, BIO is involved in Enabel's Awa Prize, promoting women entrepreneurs from developing nations.

Building Alliances for Sustainable Change:

• The Shift: BIO is part of The Shift, a multi-sectoral platform connecting companies, NGOs, academic institutions, and other societal actors. This collaboration fosters partnerships for a more sustainable future.
• Global Gateway: BIO actively participates in the Belgian Interdepartmental Consultation Platform on Global Gateway. This platform facilitates collaboration between public and private actors within Belgium and aligns with the European Commission's global development initiative.

Overall, BIO positions itself as a collaborative force within the Belgian development ecosystem. By working alongside diverse stakeholders, BIO amplifies its impact and contributes to a more sustainable and equitable world.

The Ubora Prize, meaning "excellence" in Swahili, aims to promote the development of strong and sustainable businesses in the Democratic Republic of Congo (DRC) by recognising companies that prioritise environmental, social, and governance (ESG) standards.

The Ubora Prize builds upon a legacy of prior initiatives focused on promoting good corporate governance in the DRC. It is overseen by I&F Entrepreneuriat and Kivu Entrepreneurs, organisations with a proven track record of supporting small and medium-sized enterprises (SMEs) across the country.

The inaugural Ubora Prize received a strong response, with 478 applications submitted by businesses from Kinshasa, Goma, and Matadi. The jury, comprised of distinguished professionals with expertise in various aspects of business and social responsibility, meticulously evaluated the applications. Ultimately, four outstanding companies were chosen as laureates.

The 2023 winners

Winners of the AWA prize 2023

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.

DFIs in Europe post record new investments in 2023

Fifteen Europe-based development finance institutions in 2023 recorded their strongest year for total level of combined commitments. Together, they channelled €9.5 billion in capital to private sector clients in emerging and developing economies who would otherwise not have accessed capital for impact-rich business activity.

Despite a lumpy macroeconomic landscape and geopolitical unease, EDFI members increased new investments by 10%, bringing them beyond the pre-Covid commitment level.

• Africa remains top DFI investment destination:
  Africa once again took in the largest share of total new commitments, at 40 per cent of 2023 financing and valued at €3.8 billion, up 12 per cent from 2022.
• Gender finance marches forward:
  DFIs continued to narrow the void between impact and finance, especially for gender finance, which climbed year-on-year by 38 per cent, reaching €2.3 billion.
• Climate finance up third straight year: DFI climate finance portfolio swelled during the past three years, up 260 per cent since the start of 2020. The rise came as sales of climate-focused mutual funds fell 75% during the past two calendar years, says a Financial Times report, due to high interest rate spikes, poor fund performance and political challenges.
• Focus remains on SMEs, low-income & least-developed countries:
  European DFIs in 2023 remained on impact priorities, including support for SMEs and enabling investments in low-income or least-developed countries (LICs/LDCs). Combined LIC and LDC3 activity totalled €1.2 billion, up 5 per cent, while SME commitments dipped by 3 per cent compared with 2022, reaching €2.6 billion in 2023.

The European Union's ambitious Global Gateway initiative aims to turbocharge sustainable and impactful investments in regions around the world. A key instrument within this endeavour is the European Fund for Sustainable Development Plus (EFSD+).

EFSD+ provides partial guarantees that de-risk investments by European Development Finance Institutions (DFIs) and multilateral development banks. This allows them to channel more resources into crucial sectors like renewable energy, digital infrastructure, climate resilience, and healthcare.

The EU has already approved seven investment guarantee facilities totalling EUR 1.28 billion. Managed by the EDFI Management Company, these facilities empower BIO and other European DFIs to confidently invest in higher-risk projects and environments that hold significant development potential.

The EDFI Management Company itself is a collaborative platform co-owned by ten DFIs. It acts as a central hub for concessional financing from the EU, potentially attracting additional financing partners in the future.

2023 was a transformative year for BIO. We embraced environmental responsibility with the addition of a dedicated climate officer, reflecting BIO's commitment to a greener future. We also tackled significant recruitment needs due to management team changes, ensuring our workforce remains top-notch, with 84 staff members from 13 different nationalities.

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, Ben Jehaes, supported by Gemini.

Layout & graphic design

Tom De Latte

Translation

Evi Vanhooren

Pictures

Copyright with BIO and its investees