British International Investment (BII), the UK government's development finance institution, has announced a total investment of £1.09 billion into African companies in 2024, a move aimed at job creation, reducing reliance on aid, and tackling climate challenges.
The figure marks a 40% increase from the £725 million committed in 2023, despite ongoing global economic headwinds. According to BII's 2024 Annual Review, 62% of its investments were channeled into African firms, while 36% supported businesses in Asia.
BII's Managing Director and Head of Africa, Chris Chijiutomi, described the investment as a strong demonstration of the UK's support for African entrepreneurs. "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 climate emergency has never been more vital," he said.
The development finance institution invested $903 million in climate-focused projects in 2024 alone—41% of its total portfolio—compared to just $104 million in 2020. The company's climate-related assets now represent over a quarter of its entire portfolio.
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Other highlights of the 2024 review include:
£499 million committed to gender finance initiatives.
£880 million directed toward businesses in poor and fragile countries.
1.5 million tons of CO₂ emissions avoided through renewable energy investments—a 54% increase from the previous year.
Chair of BII, Diana Layfield, praised the performance amid global instability, stating, "Our investments support emerging economies to grow, create jobs, and develop sustainable infrastructure to mitigate climate change and its impacts."
BII has investments in over 1,600 businesses across 70 countries, with total net assets rising to £9.9 billion in 2024 from £8.5 billion in 2023.
As part of its long-term strategy, BII has pledged to commit at least 30% of new investment value to climate finance between 2022 and 2026 and continues to support female-led business growth through the global 2X Challenge initiative.
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