The Alliance has remained financially robust during our second year of implementation, continuing to gain efficiencies and increasing the level of research activities without negative financial impacts related to the pandemic.
Overall, our revenue increased from US$ 104.8MM in 2020 to US$ 128.1MM in 2021, reflecting growth of 22%. In the case of Bioversity International, revenue grew from US$ 23.2MM to US$ 25.2MM, where US$ 9.3MM belongs to CGIAR Research Programs (CRPs) and US$ 15.9MM to Bilateral Programs. In the case of CIAT, revenue increased from US$ 81.7MM to US$ 102.8MM, where US$ 43.6MM was from CRP Programs and US$ 59.2MM from Bilateral Programs.
At the end of 2021, the Alliance implemented US$ 125.5MM, reflecting an increase of 22% compared with the US$ 103.5MM implemented in 2020. Bioversity International contributed to 19.6% and CIAT to 80.4% of the Research activities implemented during 2021. Additionally, the Non-Operating surplus at the Alliance level ended the year at US$ 1.1MM.
The Alliance ended the year with a surplus of US$ 3.7MM, consisting of US$ 1.4MM for Bioversity International and US$ 2.3MM for CIAT. The total reserves have increased in each entity exceeding the Alliance’s target of 120 days. Bioversity International ended with 171 days or US$ 10.9MM, and CIAT with 119 days or US$ 24.9MM. Also, the Alliance closed the year with an Investment Portfolio of US$ 58MM, generating US$ 1.0MM in income in line with the 2021 budget.
Related to our main Capital Investment, Future Seeds, we implemented US$ 16.2MM of the US$ 17.2MM budget. We finalized the building in 2022, and based on the recent Bezos Earth Fund donation, we will give back US$ 6.0MM to CIAT’s reserves.