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


Bangladesh, Cambodia, India, Indonesia, Myanmar, Nepal, Pakistan, Philippines, Sri Lanka, Vietnam

Latin America & Caribean

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

Middle East & North Africa

Algeria, Egypt, Iraq, Jordan, Lebanon, Morocco, Palestinian Territories, Syria, Tunisia

Sub Saharan Africa

Benin, Burkina Faso, Burundi, Cameroon, Côte d'Ivoire, Dem. Rep. Congo, Ethiopia, Ghana, Guinea, Kenya, Madagascar, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia

Geographical spread (31.12.2021)

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”).