Key data
Our portfolio
Making a financial return means we can recycle the money into new investments, to create jobs and pay taxes beyond our involvement. In 2021, we committed $2.5 billion (£1.87 billion) and we increased our portfolio to $8.1 billion (£6 billion).
Our portfolio size
2016
$4760m
2017
$5303m
2018
$5552m
2019
$6200m
2020
$7100m
2021
$8142m
How we invest in regions
The countries we invest in each have unique opportunities and needs. We invest in countries in Africa, Asia and the Caribbean. At the end of 2021, we had direct and indirect investments in more than 1,300 businesses – including 705 in Africa and 541 in our target countries in Asia.
Top 10 countries we are invested in
India
28%
Nigeria
7%
Kenya
5%
Egypt
5%
Morocco
4%
Bangladesh
3%
Pakistan
3%
Ghana
2%
South Africa
2%
Cameroon
1%
Regional breakdown of our portfolio
Africa
57%
South Asia
34%
Rest of World
9%
Regional breakdown of our 2021 commitments
Africa
72%
South Asia
27%
Pan-region (Africa + South Asia)
1%
Country breakdown of our portfolio
| Country | 2021 closing valuation ($m) | Country | 2021 closing valuation ($m) |
| India | 2,299,051,584 | Mauritania | 12,539,251 |
| Africa region | 1,627,747,355 | Brazil | 12,201,445 |
| Nigeria | 569,767,935 | Madagascar | 11,877,945 |
| Kenya | 402,072,299 | Malaysia | 11,290,065 |
| Egypt | 397,195,640 | Vietnam | 9,983,763 |
| Global | 354,254,150 | Philippines | 8,298,240 |
| Morocco | 348,533,451 | Senegal | 8,265,119 |
| Bangladesh | 276,269,044 | Mali | 6,285,512 |
| Pakistan | 207,178,196 | Namibia | 6,015,830 |
| East Africa | 174,984,318 | Indonesia | 5,635,589 |
| Ghana | 151,378,725 | Rwanda | 5,480,457 |
| South Africa | 142,352,672 | Singapore | 4,488,077 |
| Cameroon | 119,885,060 | Botswana | 4,428,907 |
| Ethiopia | 110,783,503 | Georgia | 3,660,883 |
| China | 103,642,580 | Burkina Faso | 3,105,933 |
| West Africa | 94,045,589 | USA | 3,038,396 |
| Uganda | 91,981,397 | Rajasthan | 2,805,625 |
| Zambia | 80,402,273 | Eswatini | 2,411,264 |
| Gabon | 56,123,051 | Mongolia | 2,165,884 |
| Sri Lanka | 53,060,084 | Honduras | 1,799,192 |
| Zimbabwe | 52,390,327 | Cape Verde | 1,567,853 |
| Asia | 45,534,933 | Thailand | 1,205,287 |
| Nepal | 45,179,114 | Angola | 1,082,086 |
| Cote d’Ivoire | 44,247,047 | Turkey | 850,191 |
| Cambodia | 42,269,484 | Peru | 839,636 |
| Mozambique | 30,677,262 | Burundi | 642,725 |
| Guinea | 29,214,727 | Liberia | 597,134 |
| Myanmar | 26,366,054 | Chad | 487,854 |
| Tunisia | 20,703,012 | Colombia | 455,778 |
| Tanzania | 20,221,319 | Sierra Leone | 326,217 |
| Malawi | 18,542,511 | Niger | 304,878 |
| Algeria | 15,962,655 | Yemen | 112,641 |
| Democratic Republic of Congo | 15,441,031 | Papua New Guinea | 85,638 |
| Mauritius | 14,304,484 | Yemen | 112,641 |
| Papua New Guinea | 85,638 |
How we invest in sectors
Our priority sectors are financial services, infrastructure and climate, health, manufacturing, technology and telecoms, food and agriculture, construction and real estate, and education. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.
Sector breakdown of our portfolio
Financial services
34%
Infrastructure
25%
Manufacturing
5%
Health
7%
Food and agriculture
5%
Construction and real estate
3%
Education
2%
Other
18%
Sector breakdown of our 2021 commitments
Infrastructure
40%
Financial services
26%
Technology and telecoms
11%
Food and agriculture
10%
Other
9%
Health
2%
Manufacturing
1%
Construction and real estate
1%
Education
0%
How we invest in different product types
We provide the flexible long-term investment that many businesses in developing countries need to grow. This capital is provided in different ways, through direct equity, intermediated equity, debt and trade finance.
Product breakdown of our portfolio
Direct equity
35%
Intermediated equity
33%
Debt
30%
Guarantees
2%
Product breakdown of our 2021 commitments
Direct equity
35%
Intermediated equity
22%
Debt
38%
Guarantees
5%
The impact of our investments
In 2021, our portfolio of businesses in Africa and South Asia provided direct jobs for 938,360 people (in full-time equivalents). Of these workers, 22,310 were new hires.
Direct jobs supported at the start of the year by our investee companies
2016
604,870
2017
671,150
2018
820,040
2019
833,660
2020
951,930
2021
938,360
Additional jobs supported at end of year
2016
43,950
2017
62,820
2018
32,090
2019
42,130
2020
33,890
2021
22,310
Direct jobs supported by our investee companies by country in 2021
| Country | Jobs | Country | Jobs |
| India | 522,088 | Angola | 2,900 |
| Africa | 43,177 | Botswana | 2,223 |
| Kenya | 39,107 | Madagascar | 2,013 |
| Bangladesh | 36,668 | Gabon | 1,661 |
| Egypt | 32,048 | Algeria | 1,648 |
| Nigeria | 29,932 | Namibia | 1,606 |
| Pakistan | 29,872 | Eswatini | 1,522 |
| South Africa | 29,741 | Democratic Republic of Congo | 1,235 |
| Ethiopia | 26,919 | Asia | 1,122 |
| Morocco | 24,742 | Rwanda | 984 |
| Cote d’Ivoire | 18,347 | Global | 762 |
| Ghana | 10,084 | Burkina Faso | 717 |
| Cameroon | 9,798 | Mauritius | 583 |
| Tanzania | 9,467 | East Africa | 492 |
| Zambia | 9,287 | Senegal | 358 |
| Tunisia | 6,573 | Liberia | 350 |
| Nepal | 6,316 | Sierra Leone | 326 |
| Uganda | 6,308 | Cape Verde | 206 |
| Zimbabwe | 5,818 | Mali | 130 |
| Myanmar | 4,991 | Afghanistan | 104 |
| West Africa | 4,925 | Niger | 76 |
| Mozambique | 4,445 | Cambodia | 38 |
| Malawi | 3,419 | Guinea | 14 |
| Sri Lanka | 3,221 |
Direct jobs supported by our investee companies by region in 2021
Africa
35%
Asia
61%
Rest of the world
4%
Direct jobs supported by our investee companies by sector
Agribusiness and food
10.5%
Consumer services
11.4%
Education
2.2%
Financials
29.9%
Healthcare
9.2%
ICT
5.1%
Industrials
19.3%
Infastructure
13%
Real estate
0.2%
Other
0.1%
Direct jobs supported by our investee companies by gender in 2021
Women
28%
Men
72%
Private sector capital our investments have helped mobilise: Organisation for Economic Co-operation and Development Method
2016
$1107m
2017
$690m
2018
$576m
2019
$876m
2020
$555m
2021
$2064m
Private sector capital our investments have helped mobilise: Multilateral Development Bank Method
2016
$1033m
2017
$593m
2018
$570m
2019
$917m
2020
$559m
2021
$2085m
Taxes paid by our investee companies
2016
$4.1bn
2017
$3.5bn
2018
$3.24bn
2019
$3.31bn
2020
$2.22bn
2021
$1.51bn
Taxes paid by our investee companies by sector
Agribusiness and food
2.1%
Consumer Services
3.1%
Education
0.2%
Financials
48.7%
Healthcare
7.3%
ICT
4.7%
Industrials
12.9%
Infrastructure
20.4%
Real estate
0.3%
Other
0.4%
Taxes paid by our investee companies by country in 2021
| Country | Taxes paid ($) | Country | Taxes paid ($) |
| India | 500,835,308 | Ethiopia | 6,866,001 |
| Pakistan | 166,180,553 | Uganda | 3,069,792 |
| Africa | 143,743,299 | Myanmar | 2,518,140 |
| Morocco | 121,186,427 | Algeria | 1,833,404 |
| West Africa | 100,127,032 | Zimbabwe | 1,739,270 |
| Tanzania | 89,853,675 | Rwanda | 1,513,000 |
| Nigeria | 70,449,576 | Malawi | 1,356,583 |
| South Africa | 64,721,836 | Zambia | 1,181,272 |
| Cameroon | 59,870,949 | Namibia | 799,497 |
| Cote d’Ivoire | 54,051,990 | Mauritius | 428,363 |
| Egypt | 44,938,976 | Mozambique | 262,253 |
| Ghana | 20,308,067 | Madagascar | 251,075 |
| Kenya | 18,243,651 | Afghanistan | 192,472 |
| Bangladesh | 14,798,673 | Sierra Leone | 121,892 |
| Gabon | 12,121,684 | Sri Lanka | 56,606 |
| Nepal | 10,701,458 | Niger | 16,884 |
Gigawatt hours of electricity produced by our investments
2016
69,272
2017
46,311
2018
48,724
2019
57,000
2020
55,000
2021
58,040
Loans supplied by our investee companies
2016
$140.3bn
2017
$115.4bn
2018
$89.6bn
2019
$89.7bn
2020
$108.7bn
2021
$99.8bn
Publications
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