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.”

Chris Chijiutomi joined BII in 2017 as Investment Director in the Infrastructure Equity team before going on to head the business and was promoted in 2022 as an MD.

He led some of BII’s landmark infrastructure investments, most notably overseeing BII’s joint venture with DP World; supporting the expansion and modernisation of ports and inland logistics in Africa, to accelerate the continent’s potential in becoming a global trading powerhouse.

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He also sits on the board of key BII investments including Globeleq, a key player in unlocking Africa’s renewable potential and Gridworks, a pioneering development company he helped set up, that invests in Africa’s electricity transmission and distribution networks.

Prior to joining BII, Chijiutomi was a founding partner of a West Africa-focused Infra Fund based in Nigeria, where he oversaw investments in projects across the energy, water, wastewater, and transport sectors.  He has accumulated over 20 years of experience across Europe and Africa and is well-placed in the new role at BII to build on the DFI’s strong footprint across Africa as well as strengthen relationships with its investees, investors, governments and other stakeholders.

Chris Chijiutomi ’s appointment comes as BII implements its five-year strategy, committed to channelling 30 per cent of its total new commitments to climate finance and 25 per cent to gender finance.

As part of his new function, Chijiutomi will build on the next phase of the strategy – facilitating investments to support African countries on the pathway to net zero as well as leading the DFI’s efforts to drive inclusive growth, create partnerships with locally-owned businesses and increase investment in early-stage ventures.

Commenting on his new role, Chris Chijiutomi said: “I am delighted to take on this new opportunity as BII’s MD, Head of Africa, during this critical time as the continent is facing serious economic challenges exacerbated by global economic shocks, climate change, and rising inflation. I am keen to collaborate and work closely with our private sector partners and financial institutions to navigate the current challenges and increase investment to back the growth of African economies and industries.”

Chijiutomi will report directly to BII’s CEO Nick O’Donohoe, who said: “I am pleased to appoint Chris Chijiutomi as our new MD, Head of Africa. Chris’ appointment will allow us to continue to deepen our footprint across the continent, and leverage BII’s 75-year legacy in Africa to execute our strategic objectives of investing for productive, sustainable, and inclusive growth. I am confident that Chris’ extensive investment and leadership experience will be a key asset in maintaining BII’s reputation as one of the leading impact and private sector investors in Africa.  

Chris Chijiutomi is a British-Nigerian national, a Chartered Engineer and holds an MEng in Chemical and Process Engineering from the University of Surrey.