BIO was incorporated by the law of 3 November 2001, published in the "Moniteur Belge" (Belgian Official Journal) of 17 November 2001, at the initiative of the Minister for Development Cooperation. The law was lastly modified by the law of 20 November 2018, and BIO is now held to a Management contract signed every 5 years between BIO and the Belgian State.

BIO is a private company whose capital is held by the Belgian State

(Ministry for Development Cooperation). Its early-stage capital amounts to €5,000,000 and it makes investments using additional equity granted by the Ministry for Development Cooperation.

BIO enjoys decisional and operational independence, which provides the autonomy and flexibility it needs when analysing and evaluating the financing applications. Various control levels and processes ensure the efficient and correct use of its investment resources and the smooth implementation of its mission.

BIO operates according to a commercial logic inherent to its status and its development finance mission. The financial contributions made by BIO are not conditioned by the involvement of other Belgian players of any type (companies, banks, etc.), but do not exclude it either.

BIO is careful to ensure the additionality of its investments to avoid entering into direct competition with the local established financial sector. BIO’s role is to provide long-term financial products that are generally unavailable or inaccessible on the local markets.

All projects must demonstrate long term financial viability and have a lasting impact on the development of the country in question, whether in terms of employment, the environment or economic and social growth. BIO also sets out to provide added value, in particular by contributing to good governance, by backing pioneering concepts and/or new initiatives or by attracting other investors.

Management bodies

The Belgian State has given BIO a clear and well-defined role and mission with strict criteria in terms of geographical targets, financing instruments and, above all, development impact. Furthermore, various control levels and processes aim at the efficient and correct use of its investment resources and the smooth implementation of its mission.

Board of directors

The BIO Board of Directors includes twelve members, amongst which two Government Commissioners (one appointed by the Minister of Budget and the other one by the Minister of Development Cooperation). The General Director for Development Cooperation and Humanitarian Aid, Heidy Rombouts, represents the Directorate-General for Development Cooperation and Humanitarian Aid from the Federal Public Service Foreign Affairs, Foreign Trade and Development Cooperation in the Board of Directors. The director of Enabel, Jean Van Wetter, is also invited to the Board of Directors’ meetings. The latter two have no voting rights.

The Board of Directors oversees the implementation of BIO’s mandate and its realisation in its strategy and policies, and has the final word on all investment projects. It carries out a rigorous internal assessment based on regular reporting. The Board of Directors’ chairman is a permanent invitee to all other committees.

The Government Commissioners oversee the implementation of BIO’s mandate’s compliance with its legal framework and with the general interest. They are also permanent invitees to all other committees.

Chair

  • Géraldine Georges

Vice Chair

  • Pieter Verhelst

Members

  • Samira Bersoul
  • Jean-Christophe Charlier
  • Laurence Christians
  • Annelies De Backer
  • Nathalie Gilson
  • Aline Godfrin
  • Illias Marraha
  • Peter Moors
  • Sophie Tibesar
  • Annuschka Vandewalle

Government Commissioners

  • Eddy Van Der Meersch
  • Dirk Van der Maelen

Observer

  • Jean Van Wetter

Representative DGD

  • Heidy Rombouts

Investment Committee

The Investment Committee includes 6 members of the Board of Directors and one independent expert (Isabelle Tennstedt). It is responsible for the following activities:

  • Advice to the Board of Directors on investment decisions
  • Analysis and monitoring of the portfolio

Chair

  • Peter Moors

Members

  • Jean-Christophe Charlier
  • Laurence Christians
  • Annelies De Backer
  • Aline Godfrin
  • Isabelle Tennstedt
  • Annuschka Vandewalle

Audit Committee

The Audit Committee is appointed by the Board to consult with respect to internal assessment in the broadest sense, especially financial reporting.

Chair

  • Pieter Verhelst

Members

  • Nathalie Gilson
  • Sophie Tibesar

Human Resources Committee

The HR Committee assists the Board in staff management.

Chair

  • Illias Marraha

Members

  • Samira Bersoul
  • Annuschka Vandewalle

Internal Review Committee

The Internal Review Committee formulates recommendations to the CEO with regard to the final investment decisions up to a maximum limit of €2 million.

Chair

  • Carole Maman, CIO

Members

  • Denis Pomikala, Risk & Special Operations Manager
  • Manager of the concerned investment team
  • Staff members belonging to the deal team

Executive Committee

The Executive Committee is responsible for sharing information within the management team, discussing current business, coordinating the Company’s activities and drawing up recommendations for the Board of Directors.

Composition

  • Luuk Zonneveld, CEO
  • Carole Maman, CIO
  • Tine Vlietinck, CLO

External Monitoring

The funds entrusted to BIO by the Belgian government are subject to careful monitoring:

  • The implementation of BIO’s mandate is supervised by two Government Commissioners, one appointed by the Minister of Development Cooperation and the other one by the Minister of Budget.
  • A college composed of two external auditors, one of which is appointed from amongst the members of the Belgian Institute for Company auditors, and the other of which amongst the members of the Belgian Court of Audit. This college conducts a financial audit twice a year.
  • A selection of current or closed investments is subject to an annual thorough evaluation by an external consultancy team (external evaluation by case studies).