External Evaluation

The annual external evaluation of at least five ongoing or completed investment projects allows BIO to gain insights into its development effects and effectiveness.

External Evaluation

2019 - Private Equity in Sub-Saharan Africa

In 2019, the study zoomed in on four PE funds, all with unique approaches to support African companies.

  • Adenia Capital III is a EUR 96m fund that holds control positions through equity investments in eight SMEs in the Indian Ocean and the West Africa region.
  • Cauris Croissance II is a EUR 60m fund that holds minority investments through equity and quasi equity in six SMEs in Francophone West Africa.
  • AfricInvest II is a EUR 143m fund that holds minority investments through equity and provides debt to 15 companies throughout Africa.
  • African Rivers Fund is a EUR 46m fund that primarily provides debt to 28 companies in the DR Congo and Uganda.

2018 - Financial Institutions in LAC

In 2018 the external evaluation had a look at two investments in Peru (Acceso Crediticio, Cooperativa PacĂ­fico) and three in Ecuador (Banco D-Miro, Banco Pichincha, Vision Fund). This informs BIO and other stakeholders, in particular the Belgian State, about the effectiveness of its operations in stimulating human and economic development. It also provides lessons to be learned and practical recommendations.