Our geographical scope

BIO invests in Least Developed Countries, Low Income Countries, and Lower-middle Income Countries (i.e. the OECD's DAC-list). BIO can also invest in upper middle-income countries and pays particular attention to the partner countries of the Belgian Development Cooperation and to less developed countries.

Our geographical scope

BIO operates, directly and indirectly, in 52 countries.

Our geographical scope


Algeria, Angola, Benin, Burkina Faso, Burundi, Cameroon, Democratic Republic of Congo, Ethiopia, Ghana, Guinea, Ivory Coast, Kenya, Madagascar, Malawi, Mali, Morocco, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Togo, Tunisia, Uganda, Zambia, Zimbabwe


Bangladesh, Cambodia, India, Indonesia, Laos, Mongolia, Myanmar, Nepal, Philippines, Sri Lanka, Vietnam

Latin America

Bolivia, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Paraguay, Peru



Geographical spread (31.12.2018)

Our geographical scope

Prohibited jurisdictions

Some countries, like offshore Financial Centers, are clearly off limits and BIO is not allowed to invest in them, either directly or indirectly. These countries are defined by Royal Decree and by the "Global Forum on Transparency and Exchange of Information for Tax Purposes (the “Global Forum”). Click here to learn more about BIO's policy with regards to certain jurisdictions.