British International Investment (BII), the UK government’s development finance institution, has disclosed that it committed £1.09bn to African companies in 2024, marking a 40 per cent increase from the £725m invested in the region the previous year.
The figure represents 62 per cent of BII’s total global investment commitments of £1.76bn for the year, underlining Africa’s central position in the institution’s development finance strategy.
The disclosure was contained in BII’s 2024 Annual Review. The report underscores the institution’s sharpened focus on job creation, climate resilience, and long-term economic development in emerging markets.
Asia accounted for 36 per cent of the funding, with £626m in commitments, while the remaining 2 per cent (£29m) went to companies operating across both Africa and Asia, reflecting BII’s dual-market investment footprint.
“In 2024, British International Investment committed £1.75bn to tackle pressing global challenges—such as employment, climate resilience, and aid dependency—by supporting private sector-led development,” the report stated.
A key highlight of the review was BII’s expanded climate-related financing, which grew to $903m (£708m) in 2024—representing 41 per cent of its total annual commitments. This marks a dramatic increase from just $104m in climate investments in 2020 and brings BII’s total climate finance over the last three years to more than $2bn.
Climate finance now constitutes over 26 per cent of BII’s overall portfolio, aligning with the institution’s commitment to support countries and businesses transitioning to greener, more sustainable models.
BII also reported that £499m was directed toward gender finance initiatives, aimed at increasing economic participation and opportunity for women. In addition, £880m—half of the year’s total investments—was committed to companies operating in some of the world’s poorest and most fragile economies.
These initiatives are part of BII’s broader mandate to mobilise capital where it is most needed and to help build inclusive and resilient economies across Africa and Asia.
In a significant financial turnaround, BII posted a post-tax profit of £213.3m in 2024, recovering from a £44m loss recorded in 2023. Its net assets grew to £9.9bn, up from £8.5bn the previous year, reflecting stronger returns and a robust investment pipeline.
Chair of BII, Diana Layfield, emphasized the importance of development capital in a constrained global financial environment. “BII’s ability to deliver both impact and financial returns for the UK taxpayer is especially important in today’s unpredictable geopolitical climate,” she said.
BII Chief Executive Leslie Maasdorp stressed the role of the private sector in driving large-scale development outcomes. “BII is a unique platform to scale development finance at a time when it is urgently needed,” Maasdorp said. He called for bold approaches to investment, with a focus on finding new ways to deploy capital and attract private-sector participation.
