BII boosts African investments by 40%
British International Investment had committed £1.09 billion to African companies in 2024.
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British International Investment (BII), the UK’s development finance institution, had committed £1.09 billion to African companies in 2024.
The sum was nearly 40% more than its 2023 total of £725 million. BII’s total net assets increased to £9.9 billion (£8.5 billion in 2023) while post-tax profits improved to £213.3 million compared with a £44 million loss in 2023.
The figures are contained in BII’s Annual Review. About 62% of investments were made in African companies while businesses in Asia received 36% (£626 million). Commitments to companies with operations in both continents received £29 million.
In total, BII invested $903 million (£708 million) in climate finance in 2024 – 41% of its overall commitments for the year.
Chris Chijiutomi, managing director and head of Africa at BII, added: “BII is a trusted and long-term partner to African nations and the continent’s world class community of entrepreneurs and business leaders. Our 2024 investment performance demonstrates our unwavering commitment to supporting African companies at a time when investment to create quality jobs, reduce aid dependency and meet the challenge of the climate emergency has never been more vital.”
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