Chief Financial Officer

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Website Belgian Investment Company for Developing Countries

Company details
The Belgian Investment Company for Developing Countries (“BIO”) is a development finance institution controlled by the Belgian government that seeks to support the private sector in developing countries by investing in local enterprises, either directly or indirectly (e.g. through financial institutions or investment funds).

BIO is looking for a new Chief Financial Officer.

This recruitment is handled exclusively by Odgers Berndtson. Please send your questions and applications to the following address: [email protected]

All applications must be sent to Odgers Berndtson.


As CFO, you are responsible for the strategy and management of the Finance department consisting of the teams Accounting, Control, Treasury, ICT, and Special Operations (at risk investment files) (12 persons). You assure optimal financial planning and management, and devise and implement strategies and innovation projects to achieve this goal. You make sure that the ICT environment supports an efficient, business-oriented and safe working environment.

You supervise the introduction and implementation of the company’s financial processes and projects, as well as the financial reporting, within the boundaries of the long-term strategy and business plan as approved by the board of directors and the applicable legal framework.

As CFO, you also lead the company’s financial and risk management, the long and short-term budgeting and ICT operations. You supervise the treasury and the financial planning, as well as the analysis of the company’s financial strengths and weaknesses, and proposals for corrective measures. You contribute to the development of the corporate strategy and objectives in all sectors by putting the hypotheses and decision-making into a financial perspective, and by providing a financial analysis and advice on all activities, plans, targets and operational factors.

You lead the financial and ICT aspects of strategic projects such as the local liaison offices, the investment facility code 5, the SDG Frontier Fund, the management of EU funds and other third party funds, and the improvement of treasury management.

You are the privileged partner of financial and ICT stakeholders and service providers of the company and assure proper representation of the company towards the shareholder, public authorities, banks and other financial institutions, auditors, etc.

As a member of the Executive Management (ExCom), you are a leader who communicates clearly and respectfully within the company, and who acts as an example with regards to the core values of the company: responsibility, sustainability, determination and open-mindedness.


1. Team Management

You manage the team managers: you set objectives and monitor results, direct, and conceptualise:

  • You define a strategy at department level with coherent individual and collective objectives;
  • You plan and monitor the work. If necessary, you will carry out corrective actions to improve results and achieve objectives;
  • You evaluate the work, efficiency and competences of staff, particularly during annual appraisal interviews and by setting SMART objectives;
  • You give appropriate feedback in a timely manner.


You organise: you distribute and coordinate the work:

  • You know the role of each person and the evolution of this role and associated objectives. With this information, and in collaboration with the managers, you draw up a coherent schedule of tasks;
  • In coordination with the managers, you ensure that the workload is well-balanced within the team and you raise any possible need for additional resources or team adaptation;
  • You encourage autonomy, decision-making and involvement by delegating certain responsibilities;
  • You are aware of innovation and you strive for continuous improvement of the team’s knowledge, skills and organisation in an evolving market (use of AI for example).


You animate: you lead and mobilise team members to achieve a common goal:

  • You pilot continuous training to motivate team members to improve and develop their skills;
  • You encourage internal communication within the team;
  • You bring the team together and you develop team spirit and cohesion;
  • You work constructively to find win-win solutions during negotiations or conflicts.


You communicate:

  • You (re)present the work of the whole team, both internally and externally;
  • You inform and train other teams about the work of the Finance department.


2. ExCom

  • You review all notes presented for discussion or approval in weekly meetings and assure that the opinion of the Finance department is duly conveyed.
  • You prepare and draft high level strategic notes and proposals for decisions to be submitted to the ExCom.
  • You explain decisions to your team and, if applicable, to the company.
  • You ensure a fruitful and effective collaboration with the other members of the ExCom.
  • You ensure compliance with budgetary constraints defined at company and department level.
  • You lead by example and your behaviour represents the culture and values of the company.


3. Finance, treasury and control

  • You manage the planning, budgeting and reporting of the company’s financial activities.
  • You make sure that BIO’s financial systems are solid, compliant, and support the current activities and future growth.
  • You ensure cash flow is appropriately managed for the organisation’s operations.
  • You manage the financial risks (FX, interest rate, etc.).
  • You monitor disbursements and oversee hedging arrangements.
  • You compare profit projections to actual figures and budgeted expenses to actual expenses; you ensure necessary adjustments to future projections and budgets.
  • You review and seek to improve planning and other processes.
  • You manage and optimise relationships with the banks and other partners.
  • You analyse operations to identify areas with potential for innovation or increased efficiency.


4. Accounting

  • You make sure the applicable accounting and tax regulations are complied with, as well as the requirements of public authorities.
  • You direct and oversee the preparation and communication of monthly and annual financial statements (including income statements and balance sheets), reports to shareholders and governmental agencies, tax returns and other reporting.
  • You review and seek to improve planning and other processes.
  • You oversee the annual audit.
  • You ensure key financial data and relevant updates are timely communicated to the CEO, Board of Directors and other key stakeholders.


5. Special Operations

  • You ensure adequate special operations procedures and are responsible for the management of at-risk investment files. You seek to maximize efficiency and recovery.
  • You are responsible for the development and implementation of a risk management strategy and policy.
  • You ensure proper collaboration and information sharing on projects at risk within the company.


6. ICT

  • You ensure an ICT infrastructure that is appropriate for the company’s current and future operations, and adequately manage ICT risks.
  • You make executive decisions regarding the purchase of IT equipment and the creation of new IT systems.
  • You design and implement both the ICT strategy and ICT policy of the organisation. The ICT strategy covers future proofing, procurement, and the external and internal standards laid out by the organisation. The ICT policy details how ICT is utilised and applied.
  • You evaluate existing and emerging trends and technologies in view of innovating and optimising ICT systems.
  • You manage day to day ICT operations and lead the development of ICT projects of major importance for the company (MIS, eFront, etc.).


  • You have obtained a Master’s degree in Financial Management or equivalent.
  • You have at least 15 years of relevant professional experience demonstrating a combination of experience in financial management, in an international environment and at least 5 years in a leadership role.
  • Experience in investment transactions (debt & equity) is mandatory, preferably in an emerging market context.
  • Experience in an ICT environment is desirable.
  • You have extensive knowledge of economic principles and excellent knowledge of data analyses and forecasting methods.
  • You have a thorough understanding of audit practices and principles.
  • A previous work experience with organisations linked to the government or development cooperation is an asset.
  • Knowledge of, or an interest in non- financial matters such as HR, ESG, development is also an asset.
  • You have a very good written and spoken command of Dutch, French and English.


Generic skills:

  • You have a high degree of integrity.
  • You have strong negotiation and persuasion skills.
  • You are able to develop trusting professional relationships with stakeholders within and outside the organisation.
  • You have good diplomacy skills and the capacity to adequately express yourself in a political environment.
  • You have good management, supervision, planning and organisational skills.
  • You have good people management skills: capacity to motivate, to contribute to the development and growth of team members, to listen, to provide guidance and to lead.
  • You have strong leadership, decision-making and communication skills (written and spoken).
  • You know how to deal with sensitive matters.
  • You have an analytical, innovative, anticipative and flexible mindset.
  • You are able to bring and manage change.
  • You are an intellectual, strategic and creative leader who encourages change.



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