BIO, the Belgian Investment Company for Developing Countries has announced its results for the 2007 financial year. The company’s investment portfolio has grown substantially and net profits amounted to 2.942 million EUR. These results are the fruit of a judicious and calculated investment policy and of the efficient management of the resources granted by the Belgian government.

After a prudent start during its first year of activities in 2002, BIO recorded gradual and steady growth over the last six years. In 2007, its net commitments[1] amounted to € 126 millions, 44% of which were loans and 56% were equity participations.

Strong growth of results

Revenues[2] rose from 6.594 million in 2006 to 7.085 million EUR in 2007. Profits after taxes amounted to 2.942 million EUR while operational costs calculated over available means were maintained at a low level (1.87%). "BIO has shown it is capable of managing the granted resources efficiently and profitably, in the fullest observance of its mission to provide support to the private sector in developing countries. We will continue along this road and make every effort to help local entrepreneurs who are committed to projects that are valuable in terms of development and viable from a financial point of view".

Portfolio development

At the end of 2007, the balance amounted to 87.182 million EUR, 30% of which went to projects in Africa. During the course of 2007, BIO assumed new commitments for an amount of 30.325 million EUR and signed seventeen new contracts.

Projects involving SMEs increased considerably, accounting for more than 55% of net commitments in 2006 and rising to 69% in 2007.