From experience to impact: Pieter Verhelst takes the helm of BIO’s Board

A natural continuation

For Pieter Verhelst, the presidency of BIO's Board is the continuation of a longstanding commitment rather than a new beginning. His connection with BIO originated through his work at Boerenbond, where he advised on European and international policy. Agriculture, a sector that remains central to economic development in many of BIO's partner countries, created a natural bridge between his professional expertise and BIO's mission. 

Over more than a decade as a Board member, he has witnessed both the evolution of the institution and the broader transformation of development finance. Today, that experience provides a strong foundation as he takes on the responsibility of helping guide BIO through a rapidly changing global context. 

Development finance at a turning point

The environment in which BIO operates has changed profoundly over the past decade. Geopolitical tensions, climate challenges and shifting international priorities are forcing development finance institutions to rethink their role. Traditional development cooperation is increasingly complemented by approaches that seek to leverage private investment as a driver of sustainable development. 

Pieter Verhelst sees this transition as one of the defining challenges of the coming years. For him, BIO plays an important role in this evolving landscape thanks to its expertise, track record and focus on some of the world's most challenging markets. "As one of the smaller development finance institutions, BIO positions itself as a DFI investing in the sustainable development and growth of SMEs in very fragile economic environments. It is a challenging investment environment, but one with high leverage potential and long-lasting impact." 

At the same time, he believes adaptation will be essential. Remaining effective will require BIO to continue innovating, strengthening partnerships and finding new ways to mobilise private capital towards development objectives.

Why SMEs remain at the heart of BIO's mission

As development finance evolves, Pieter Verhelst remains convinced that one principle will not change: sustainable development is built from the ground up. For him, small and medium-sized enterprises are the backbone of resilient local economies, creating jobs, generating income and offering opportunities where they are often needed most. "States create the necessary context for sustainable development, but eventually private actors create value and growth. Facilitating private investments in underserved regions and sectors is where the real development impact of our investments lies." 

This conviction has shaped BIO's strategy for years. Whether through direct investments in businesses, support to financial institutions, investment funds or infrastructure projects, the objective is ultimately the same: strengthening the ecosystem in which entrepreneurs can grow and create lasting economic opportunities. 

Pieter sees these different investment channels not as separate activities, but as complementary building blocks of a broader development ecosystem. "It is the interplay between the different investment clusters that forms the SME fabric." 

Supporting SMEs is particularly relevant in today's environment. As governments face budget constraints and development needs continue to grow, mobilising private investment has become increasingly important. SMEs are often at the centre of this effort, acting as drivers of innovation, productivity and job creation. For Pieter, helping these businesses access finance and scale their activities remains one of the most effective ways to generate long-term development impact. 

Learning from challenges

Working in frontier and emerging markets inevitably involves uncertainty and risk. Throughout his years on the Board, Pieter Verhelst has observed investments that generated transformative results, but also projects that fell short of expectations. 

What matters most, he argues, is how an organisation responds when things do not go according to plan. "If an investment eventually fails and is criticised, you cannot simply follow the criticism and fail the team and the organisation. You have to make an honest and objective analysis of how you got there, how it was managed and what can be learned from it." 

This emphasis on accountability without losing sight of learning and improvement continues to shape his approach to governance. For Pieter, strong supervision is not about avoiding risk altogether, but about understanding risks, managing them responsibly and continuously improving decision-making. 

Looking ahead

When asked where he hopes BIO will be in five years, Pieter's answer centres on partnership. He believes the institution's future strength will lie not only in what it can finance directly, but in its ability to bring together public and private actors around a shared development agenda. "I hope we will have evolved and grown in our role as a leveraging partner for other impact investors and the private sector. Together we can do more and better." 

As BIO enters this new chapter, his vision is both ambitious and collaborative. In a world where development challenges are becoming increasingly complex, he sees BIO's greatest asset in the people and partners who contribute to its mission. "BIO's strength lies in the combination of dedicated professionals, ambitious entrepreneurs, financial partners and stakeholders who all share the belief that sustainable economic development can create lasting opportunities for people and communities." 

For Pieter Verhelst, the future of development finance will increasingly be about partnership, leverage and impact. He believes that if BIO remains true to its mission but also adapts to the rapidly changing world, it can continue to play a unique role in supporting entrepreneurs, strengthening local economies and creating opportunities where they are needed most.