British International Investment, the UK’s development finance institution and impact investor, announced today that it had committed £1.09 billion to African companies in 2024 to create jobs, reduce aid dependency and combat the climate emergency.
The sum was nearly 40 per cent more than its 2023 total of £725 million, despite the difficult investment environment caused by macroeconomic headwinds.
BII’s total net assets increased to £9.9 billion (£8.5 billion in 2023) while post-tax profits improved to £213.3m compared with a £44 million loss in 2023.
In total, BII invested $903 million (£708 million) in climate finance in 2024 – 41 per cent of its overall commitments for the year.
This compares with just $104 million (£80 million) in 2020. The company’s climate finance assets now make up over 26 per cent of its entire portfolio, up from just over 15 per cent in 2020. Over the last three years, BII has invested over $2 billion in climate finance.
Based on all direct renewable energy investments in BII’s 2023 portfolio, 1.5 million tons of CO2e emissions were avoided on an attributed basis, a 54 per cent year-on-year increase.
This was driven by a growing renewable asset base in the portfolio and increases in the amount of renewable power produced.
BII also made £499 million of gender finance commitments in 2024 and £880m of commitments to the poorer and most fragile countries across the regions where it invests.

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.”

Introducing the 2024 Annual Review, Diana Layfield, chair of BII, said:
“In a constrained financial environment, BII’s ability to put capital to work repeatedly to secure development impact, while also delivering a financial return for the UK taxpayer, is particularly valuable. In an increasingly unpredictable geopolitical environment, our investments – which support emerging economies to grow, create jobs, and develop sustainable infrastructure to mitigate climate change and its impacts – are critically important.”