Annual Review 2025
2025 was a year of shifting global dynamics. The world in which we operate became more complex and even more demanding of long-term investment, reshaping the role of development finance.
Against this backdrop, we responded with action. Throughout the year, and as we approached the end of our five-year strategy, we continued to generate impact and results for people and the planet.
We accelerated collaboration with other development finance institutions (DFIs) and local partners. We crowded in private finance to scale climate action and invest in small and medium-sized enterprises (SMEs). We went deeper into frontier markets, where our partnerships and patient capital make the greatest difference. We empowered women by improving access to finance. And we reflected on what we learned and applied those lessons to shape our next strategy.
We believe impact is built through action. In our Annual Review 2025, we show how we turned our commitment into results, responded to change and prepared for what comes next.
Chair’s statement“As we conclude our five-year strategy and look ahead to the next, it is clear the world has become more complex and more demanding of long-term investment.”
CEO’s statement“In this Annual Review, we show how we put our approach into action – in the markets we serve, through the partnerships we build and in the outcomes we seek to achieve.”
We combine passionate teams, a commitment to partnerships and a determined pursuit of innovative solutions. We positively impact lives today and build a foundation for a better tomorrow, while delivering a financial return for the UK taxpayer. Here is what that means in numbers:
Our investment is bringing fast, affordable broadband to underserved communities, improving access to digital services and driving wider market change
WorldLink customers in 2025 – around 15 per cent of Nepali households
Investment name: WorldLink
Location: Nepal
Investment type: Growth Portfolio
Our investment is helping commercial and industrial businesses switch to clean, low-cost power through scalable solar solutions
tonnes of carbon emissions expected avoided every year
Investment name: Skye Renewables
Location: South-East Asia
Investment type: Growth Portfolio
Our investment in a successful local currency funding model is helping fuel economic growth
of all Zambian businesses are MSMEs
Investment name: Growth Investment Partners (GIP)
Location: Ghana and Zambia
Investment type: Growth and Catalyst Portfolios
Our investment is improving food security while improving the livelihoods of smallholder farmers
smallholder farmers will be supported through our investment
Investment name: Babban Gona
Location: Nigeria
Investment type: Kinetic Portfolio
