Euros 1.1 billion
BIO-Invest is a public limited company established in November 2001 with an initial capital of €5 million, fully owned by the Belgian State. Over time, it received additional capital through development certificates from the Federal Public Service (FPS) for Development Cooperation, along with retained profits, reaching over €1.1 billion in assets under management by the end of 2022.
BIO operates under the BIO law, with oversight from the Minister for Development Cooperation, and its collaboration with the FPS is governed by a 5-year management contract.
BIO targets SMEs in emerging and developing countries, aiming to promote socio-economic growth through direct and indirect investments, with a focus on confidentiality and tailored approaches.
Belgium
The Business Development Support Fund allows current and prospective portfolio companies to increase their business performance and improve sustainable business development practices by offering grants and by co-financing Technical Assistance (TA), Feasibility Studies (FS), and Investment Support for innovative SMEs.
Find more details here
BIO's Assessment, Monitoring, and Evaluation framework (AME) establishes development objectives and monitors projects throughout their entire lifecycle, both at the individual project level and within the broader portfolio.
- Ex ante assessment – BIO developed a new tool to assess ex ante the alignment with the new Strategic Impact Targets. This tool is complementary to the more general development assessment tool (also being updated in 2025). As part of the due diligence, those tools allow structuring and documenting the development rationale of an investment project, and its financial and non-financial additionality.
- Monitoring – BIO is performing a yearly monitoring of key development metrics (pre-defined to reflect the envisaged development goals) for all portfolio projects and uses the Joint Impact Model (JIM) to assess indirect development effects.
- Evaluation – BIO has updated its evaluation plan, covering both the strategic level and individual projects.
While there is some interdependence between these, each element follows its own procedure and addresses specific needs at different stages of the investment process.
More details can be found here
BIO consists of three important departments: Investments & Portfolio, Finance, and Corporate Partners (Legal & HR).
In addition, the Development & Sustainability team continually screens the development impact of BIO’s investments, especially regarding ESG.
They also collaborate with EDFI and DGD on standards to monitor the development goals. The team Special Operations works on the financial viability, and the development of companies and projects which ran into trouble. They take into account the financial and reputational risks, the development impact, the cost efficiency and the client’s cooperation.
Finally, BIO also has an internal auditor and a communications team.
More details can be found here
Must be a current or prospective portfolio company of BIO.
- Typically includes:
- Entrepreneurs and SMEs
- Financial institutions
- Private infrastructure projects
Eligible sectors include:
- Renewable energy / climate change
- Agriculture / agri-business
- Digitisation / digitalisation
Must operate in countries listed on the OECD DAC list.
- Priority is given to:
- Least Developed Countries
- Low and Lower-middle Income Countries
- Select Upper-middle Income Countries aligned with Belgian development priorities
Projects must demonstrate:
- Strong development impact
- Alignment with BIO’s investment strategy
- Compliance with country eligibility criteria
Must adhere to BIO’s Environmental, Social, and Governance (ESG) standards
- Must not be involved in activities listed on the EDFI Exclusion List, such as:
- Child or forced labor
- Unsustainable environmental practices
- Pornography, weapons, or tobacco (except beer/wine)
For grants or co-financing under the Business Development Support Fund (BDSF):
- Projects must be innovative in the local context
- Eligible costs include:
- External expert services
- Feasibility studies
- Investment support for innovative SMEs
- Maximum funding:
- €350,000 for TA and investment support
- €100,000 for feasibility studies (up to 50% of total cost)
For more details, please check here
Find more about the exclusion list here
Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Paraguay, Peru, Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, Palestinian Territories, Syria, Tunisia, Benin, Burkina Faso, Burundi, Cameroon, Côte d’Ivoire, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Kenya, Madagascar, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia, Bangladesh, Cambodia, India, Indonesia, Myanmar, Nepal, Pakistan, Philippines, Sri Lanka, Vietnam.