Chair’s statement

Summary

We operated in a year of global complexity, with widening development gaps and growing climate pressures, reinforcing the need for long‑term, partnership‑driven investment.
As we conclude our five‑year strategy, we delivered strongly against our goals – driving productive, sustainable and inclusive development, leading on climate and gender finance, expanding into South-East Asia and maintaining financial sustainability.
We continued to strengthen our transparency and accountability to Parliament and the public.

Impact in a new landscape

The past year has been defined by global shifts that are reshaping the landscape for development finance. As we conclude our current strategy period and look ahead to the next, it is clear the world in which we operate has become more complex and more demanding of long‑term investment.

Financing for development is changing. At the same time, the gap between countries – particularly the most climate‑ and conflict‑vulnerable – is widening. And the urgency of tackling climate change is greater than ever. This context underscores the need for more effective partnerships, greater mobilisation of private capital and investment that delivers sustainable economic growth.

Against this backdrop, British International Investment is strongly aligned with the UK Government’s ambitions, and we’re a vital part of its work to make the world a more prosperous place for everyone. Our work reflects the UK’s approach to partnership – focused on building long‑term relationships and shared prosperity.

British International Investment is strongly aligned with the UK Government’s ambitions, and we’re a vital part of its work to make the world a more prosperous place for everyone.”

Delivering our strategy

As we turn our attention to our new 2026–31 Strategy, it is an opportune moment to reflect on what we set out to achieve in our 2022–26 Strategy, and what we have delivered.

We have delivered on our core commitment to productive, sustainable and inclusive development. Across the strategy period, our investments have supported growth in sectors that create jobs and opportunities, expand access to essential services and strengthen economies, so that countries build the conditions to shape their own futures. We have met the ambitious commitments we set for climate finance and investing with a gender lens, areas where BII continues to lead among our peers.

This period also marked our expansion into South-East Asia. In just a few years, we have established a strong presence and committed significant capital to the region, supporting countries undergoing rapid transformation and facing acute climate vulnerability.

Financial sustainability has remained at the foundation of our model. We have continued to generate long‑term returns that allow us to reinvest in more businesses across Africa and Asia, scale our impact and provide value to the UK taxpayer.

As we conclude one strategy period and move to the next, the Board has been closely involved in shaping our future direction, ensuring we remain focused, resilient and ready for the years ahead.

Our investments have supported growth in sectors that create jobs and opportunities, expand access to essential services and strengthen economies, so that countries build the conditions to shape their own futures.”

Accountability and transparency

As the UK’s development finance institution (DFI), we have a responsibility to be accountable to the public and to Parliament. Over the past year, we have continued to engage transparently and constructively with Parliamentarians, to demonstrate clearly how we invest and the impact we deliver.

In 2025, we were also proud to be recognised by Publish What You Fund as the world’s most transparent bilateral DFI – an important marker of the standards we set and the leadership role we play across the sector.

I would like to express my sincere thanks to our partners across the Foreign, Commonwealth & Development Office (FCDO) and the wider UK Government. Their support and collaboration have been essential during this period of global change, and as we shape our new strategy for the years ahead.

I would also like to acknowledge the contributions of our Board. This year, we said farewell to Dolika Banda and Laurie Spengler, who have served with dedication and provided invaluable guidance. I am also grateful to Carolyn Sims, who stepped down as Chief Financial Officer this year. I would like to thank her for her steady leadership and significant contribution to BII.

Finally, my thanks go to the staff of BII. Their expertise, professionalism and commitment continue to underpin everything we achieve. The impact and action demonstrated in this Annual Review are a testament to their work.

Diana Layfield

Chair

Chair’s statement

Summary

Impact in a new landscape

Delivering our strategy

Accountability and transparency

Diana Layfield

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