Belgian Investment Company for Developing Countries

The Belgian Investment Company for Developing Countries (BIO) is an economic development agency located in Brussels, Belgium, founded in 2001. Its primary goal is to foster a robust private sector in developing and emerging countries, facilitating access to sustainable growth and development. BIO directly invests in private sector projects, contributing significantly to the socio-economic development of the host countries. The agency's mandate emphasizes specific geographical targets, diverse financing tools, and a strong focus on the impact of its investments on development, aligning with international development goals. The management of BIO's assets is overseen by its executive management team, ensuring that its initiatives effectively support sustainable economic progress in the regions it serves.

Carole Maman

Chief Investment Officer

Past deals in Impact Investing

Compagnie Africaine de Crédit

Non Equity Assistance in 2022
Compagnie Africaine de Crédit is a pan-African microfinance group focusing on income-generating loans and guarantees to unbanked MSMEs.

Green Sustainable Ventures

Non Equity Assistance in 2022
Green Sustainable Ventures builds and operates a solar PV park. It handles the construction and operationalisation of a 20 MW photovoltaic panel solar plant in Svay Rieng in Southeast Cambodia.

Social Performance Task Force

Non Equity Assistance in 2022
Social Performance Task Force is a nonprofit membership organization promoting social and environmental performance management for financial service providers. The organization's vision is to be a transparent, responsible, and inclusive financial sector that achieves positive outcomes for low-income people. They believe the social impact is not automatically achieved by all pro-poor financial institutions. In fact, achieving positive outcomes for clients requires careful and balanced management. It aims to show the financial industry how to manage social performance.

Cofina Mali

Debt Financing in 2021
Cofina Mali is a microfinance group that focuses on supporting the growth of informal micro-enterprises in the region. As part of the broader Groupe COFINA, which was established in 2013, it operates in six French-speaking African countries, including Mali. The institution is dedicated to mesofinance and aims to enhance financial inclusion while promoting the formalization of the African business market. By investing in the dynamic private sector, Cofina Mali plays a crucial role in providing financial services that cater to the needs of small businesses, thereby contributing to the economic development of the area.

PT Mitra Bisnis Keluarga Ventura

Debt Financing in 2021
PT Mitra Bisnis Keluarga Ventura is a microfinance institution that provides working capital to low-income women to provide them with formal and cost-effective financial services (financial inclusion), reduce their vulnerability, and improve their lives. The institution's objective is to contribute to the government’s Sustainable Development Goals, particularly in fighting poverty and empowering women.

EDFI Management Company

Debt Financing in 2020
Founded in 2003, European Development Finance Institutions is an investment firm based in Brussels, Belgium. The firm offers services of development finance, and financing partnerships.

FINCA Malawi

Debt Financing in 2019
FINCA Malawi is a licensed deposit-taking financial institution offering individual loans, savings, and insurance products designed for the local market.

South Asia Growth Fund II (SAGFII)

Venture Round in 2019
South Asia Growth Fund II (SAGF II), an investment fund dedicated to support energy and water efficiency in India and Bangladesh,

Cofina Sénégal

Debt Financing in 2019
Cofina Sénégal is a microfinance group focusing its activities on income-generating loans and guarantees to unbanked MSMEs. In 2016, it started to deploy retail activities providing current accounts, savings accounts, notes, bank cards, online transfer services, and insurance products to its clients who were usually excluded from formal financial services.

Acep Burkina

Debt Financing in 2016
ACEP Burkina is a MFI specialized in the financing of micro companies and very small enterprises existing in towns and close suburbs. Granted credits are mainly used to finance required working capital and investments. I&P and ACEP International which are old partners have decided to partner in 2008 to try to start a microfinance institution like ACEP in the country. In spite of a preexisting important mutual fund present in town zone, small entrepreneurs remain hardly linked to microfinance. Besides, it does not exist for the moment in Burkina Faso, a microfinance institution specialized in individual credit with an effective and appropriate technique of credit risk analysis towards very small companies. Financings trough subventions have been secured from the French Agency of Development then an agreement has been obtained from the ministry of finances in June 2012. The microfinance institution has started its activities in October 2012.

Fusion Microfinance

Series C in 2015
Fusion Microfinance Private Limited is a non-banking financial company based in New Delhi, specializing in providing micro-credit services to women entrepreneurs in rural and semi-urban regions of India. Established in 1994, the company began its Greenfield operations in January 2010 and expanded its reach by acquiring the microfinance division of Aajeevika, which had a loan book of Rs 6.3 million and 1,280 members at the time of acquisition. Fusion Microfinance focuses on facilitating the establishment and growth of small businesses by offering micro-loans and life insurance products. As of March 31, 2019, the company operated through a network of 504 branches across less penetrated areas in North Central India, including Madhya Pradesh, Uttarakhand, Uttar Pradesh, Delhi, and Haryana.

Interact Climate Change Facility

Venture Round in 2011
Interact Climate Change Facility is a co-financing facility dedicated to climate-friendly investments. It finances renewable energy and energy efficiency projects in the private sector in developing countries and emerging economies.

Polaris Infrastructure

Debt Financing in 2010
Polaris Infrastructure is a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America.
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