Evaluating BII’s Financial Services Portfolio: Synthesis Report — Key findings and lessons from phases one and two
British International Investment / FCDO–BII Evaluation and Learning Programme
UK public financial bodies
British International Investment
Formerly CDC Group
Wholly ownedInternational · Africa, Asia and other eligible developing markets
The UK’s development finance institution invests in private businesses and funds in developing economies. Government owns the institution; its portfolio investments sit beneath that shareholding.
- UK ownership or participation
- 100% of ordinary shares held by FCDO for the UK government
- Lead department or body
- Foreign, Commonwealth & Development Office
- UK voting rights
- Sole shareholder
- Mandate
- International development
UK financial position
UK shareholding carrying value£9.880bn31 March 2026
FCDO balance-sheet fair value; not cumulative cash invested. Note 6, printed p.191.
Underlying source ↗New UK share subscriptions£480mFY 2025–26
Includes £60m for Ukraine; funded with promissory notes. Subscription is distinct from cash encashment.
Underlying source ↗Planned new UK capital£429mFY 2026–27 to 2028–29
FCDO plan announced 23 April 2026 for core portfolio and Ukraine; not evidence of payment.
Underlying source ↗Accounting values, paid-in capital and funding commitments have different meanings and reporting dates. These figures are not added together.
Institution finances and activity
These describe the institution or the assets it administers. They are separate from the UK government’s holding.
Gross investment commitments£1.82bnCalendar year 2025
BII commitments to investees during the year, not new capital paid by government.
Underlying source ↗Ownership and accountability
FCDO agrees the strategy and investment parameters and appoints the chair and two non-executive directors. BII’s board and management make day-to-day investment decisions.
Research hub
7 publications relevant to BII · Institution-specific research shown first
Investment for development: The UK’s strategy towards Development Finance Institutions
UK Parliament
Evaluating CDC’s Financial Institutions Portfolio
Foreign, Commonwealth & Development Office
News and announcements
View in News and announcements →- FCDO reports £480m of new BII share subscriptions ↗
The 2025–26 accounts record subscriptions funded by promissory notes and a £9.880bn year-end carrying value for the UK’s holding.
- Government agrees BII’s 2026–31 strategy ↗
The strategy targets £7–8bn of investment commitments, mainly financed by investment reflows. FCDO plans £429m in new capital over three financial years.