2025 Annual Report: Scaling Impact Where It Matters Most

Investing where needs are greatest

In 2025, we further diversified our portfolio while reinforcing our commitment to the world’s most vulnerable contexts. Our continued shift toward Least Developed Countries (LDCs), Low-Income Countries (LICs), and fragile settings reflects our strategic focus on reducing global inequalities.

Africa remained at the heart of our activities, accounting for 55% of total approvals—exceeding our target. Through these investments, we continue to deliver meaningful contributions to more inclusive and equitable development across regions.

Accelerating direct investments in agri-food systems

A major highlight of the year was the sharp increase in direct enterprise investments, rising to 11 transactions compared to just 2 in 2024. This growth was largely driven by opportunities in agri-food value chains, while also marking our expansion into new sectors.

These investments play a key role in advancing inclusive business models and supporting our climate objectives, reinforcing the central role of sustainable agriculture in economic development.

Advancing decent work and human rights

In 2025, we made significant progress in strengthening our social impact. We formally adopted a Human Rights-Based Approach (HRBA), embedding human rights considerations more systematically across our operations.

We also intensified our focus on job quality and working conditions, ensuring that growth translates into better livelihoods. Today, our portfolio is estimated to support approximately 388,000 direct jobs and around 10 million indirect jobs, demonstrating the scale of our contribution to decent work.

Our  2025 Annual Report highlights how we are scaling impact—by investing more, targeting better, and prioritizing people and sustainability at every step.