Annual report
2024
Navigating a Changing World
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.
With its targeted investments in Africa, climate action, and the reconstruction of Ukraine, BIO contributes in a concrete and strategic way to the implementation of Belgian foreign policy. Its role as an impact investor reflects our commitment to sustainable development, international solidarity, and European stability.
Maxime Prévot, Deputy Prime Minister and Minister of Foreign Affairs, European Affairs and Development Cooperation
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.
Belgium has consistently stood with Ukraine, and BIO is committed to playing its part. We are actively developing impact investment opportunities in the Ukrainian private sector, including financial institutions, renewable energy, private equity, and agriculture.
Joris Totté, CEO
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).
2024 highlights
- New management contract
- New CEO & CCO
- Updated Theory of Change, a new Strategic Impact Framework and associated 10 Strategic Impact Targets
- New Human Rights Policy, Updated Gender Policy, updated Climate Strategy
- 22 investments & 19 BDSF projects approved for EUR 217 M and EUR 1.26 M
- 18 investments signed for EUR 214 M
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.
Our ultimate goal is to help countries build dynamic private sectors that convert growth into local jobs — not by shifting work from developed countries, but by unlocking opportunity where people already live. That means strengthening sectors like energy, infrastructure, agribusiness, healthcare, tourism and manufacturing in mineral-rich nations to fuel a more vibrant, homegrown economy.
Contents
Impact & sustainability
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.
Departments
For organisational purposes, BIO divides its investments into four categories: Enterprises, Financial Institutions, Infrastructure, and Investment Companies & Funds.
Governance
The Board of Directors sets the strategic course for the company. To ensure well-rounded decision-making, they have expert committees by their side.
Financials
In 2024, the balance sheet total increased to EUR 1,179 M.
The retained profit enables BIO to propose a dividend of EUR 4.8 million to its shareholder. After the dividend, the profit carried forward will be EUR 30.4 million.
Partnerships
International cooperation aims to create mutually beneficial partnerships that address global challenges such as peace, security, climate change, biodiversity, and health.
