British International Investment (BII), the UK’s development finance institution, announced it increased funding to African firms by 40% in 2024, reaching £1.09 billion, up from £725 million in 2023.
The disclosure was contained in a statement on the company’s website as part of its Annual Review for the 2024 financial year which it published recently.
The funds directed to Africa accounted for 62% of BII’s total global commitments, which stood at £1.76 billion in 2024.
Asia received 36% of the total funding, while the remaining 2% was channelled to companies operating across both continents, reflecting BII’s broad emerging markets focus.
According to the institution, these investments were aimed at creating jobs, reducing long-term aid dependency, and combating the climate emergency across the regions where it operates.
“British International Investment, the UK’s development finance institution and impact investor, announced today that it had committed £1.75 billion in 2024 to create jobs, reduce aid dependency and combat the climate emergency,” the statement read in part.
It added, “The figures are contained in BII’s Annual Review, which was published today. Over £1.09 billion of investments were made in African companies (62% of total commitments), while businesses in Asia received £626 million (36%). Commitments to companies with operations in both continents received £29 million.”
British International Investment (BII) also reported strong growth in climate-related financing. In 2024, it invested $903 million (£708 million) in climate finance, representing 41% of its total commitments for the year—a significant increase from just $104 million in 2020.
The review further revealed that BII has invested more than $2 billion in climate-related projects over the past three years. As of 2024, climate finance accounts for over 26% of the institution’s total portfolio.
BII’s net assets rose to £9.9 billion in 2024, up from £8.5 billion in the previous year. It also recorded a post-tax profit of £213.3 million, reversing a £44 million loss reported in 2023.
The report noted that £499 million was directed to gender finance initiatives, while £880 million went to companies operating in poorer and more fragile economies.
Chief Executive Leslie Maasdorp said BII represents a unique platform to scale development finance at a time when it is urgently needed.
He noted the need to be bold about development impact and emphasised the role of the private sector in driving transformation. According to him, BII must find effective ways to deploy capital and mobilise private investment to serve as a catalyst for change.