Interview with Luc CoolNew CEO of Alterfin

You’ve been on Alterfin’s Board of Directors since 2024. Can you tell us how you first came into contact with Alterfin?

I spent many years working abroad. When I returned to Belgium three years ago, I joined EDFI, a development bank.

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Alterfin happened to be one of the partners we financed — and one with an excellent reputation. Later, I came across the vacancy for the Board of Directors, and from there, joining felt like a natural next step.

How would you summarize your career so far?

Over the years, I’ve built up broad experience in the financial sector, which will come in handy at Alterfin. I started at a Belgian bank, where I learned the ins and outs of finance. After that, I worked in areas such as agricultural finance, investment funds, lending, and risk management — both in Belgium and abroad.

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After many personal trips to Asia, I eventually began working there in microfinance banks and microinsurance. That brought me into a completely different reality, and it taught me an important life lesson: development cooperation is not only about fighting poverty, but also about tackling the lack of opportunity.

"I am convinced that people must take their lives into their own hands, but for that they need the right opportunities."

In Asia today, you see less extreme poverty than in the past, but you also see an incredible amount of untapped talent that cannot flourish due to a lack of resources. I am convinced that people must take their lives into their own hands, but for that they need the right opportunities. And creating those opportunities is exactly what I want to work on.

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When I returned to Belgium, it was therefore only natural to continue dedicating myself to development finance.

You’ve been active in the financial sector for more than three decades. What do you see as the main differences between 1990 and today?

As everyone knows, digitalization has transformed the sector completely. There are also far fewer banks today, and most have become large international organizations.

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Another major change is the rise of ESG investments. Back in the 1990s, corporate social responsibility was still new and considered “alternative.” Today, it’s mainstream. Of course, this sometimes comes with greenwashing, but overall the shift has been towards greater responsibility. Alterfin has always played a pioneering role in this regard, and it’s important that we continue to do so.

In these challenging times for international development cooperation, it’s not always easy to stay positive. What gives you hope?

"We shouldn’t let ourselves be thrown off balance too quickly."

First of all: let’s put things in perspective. History moves in waves: sometimes you move forward, sometimes unfortunately a bit backward. We are coming out of a phase of accelerated globalization. Things may be moving more slowly now, but that doesn’t mean the underlying current has changed direction. We shouldn’t let ourselves be thrown off balance too quickly.

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The key question for the entire development sector today is: how do we continue to make an impact with fewer resources? For me, the answer starts with greater collaboration. The development landscape is very fragmented. Partnerships already exist, but often in a loose way. The challenge is how to strengthen them without losing our identity.

"Even if there is less government funding available, there is still — especially in Belgium — an enormous pool of pension capital."

Secondly, even if there is less government funding available, there is still — especially in Belgium — an enormous pool of pension capital. A part of the population saves much more than they spend. If we can convince people to channel some of those funds into development finance, the potential is huge. This can also be done in new ways; I believe there is definitely room for financial innovation at Alterfin.

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It will not always be easy, but Alterfin has already achieved so much and built up enormous expertise and a strong network. We can withstand some headwinds, as long as we continue to believe in our own strengths.

Finally, is there a fun fact about yourself that you’d like to share with our cooperative members?

I’m a convinced user of public transport. We don’t have a car at home, and we don’t miss it. Of course, that also means walking more — but I enjoy that. This summer, I even walked part of the Camino de Santiago. A truly enriching experience!