Financing of Wallonia

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Within the SPW Budget, Logistic and Information & Communication Technology, the Debt Cell is responsible for managing the cash cycle, managing the direct and indirect debt as well as monitoring the guaranteed debt of the Public Administration Units (UAP). 

It operates in accordance with the recommendations of the Regional Treasury Council and the decisions taken by the Minister for Budget and Finance of the Walloon Government. 

Since the implementation of the treasury centralization of part of the Public Administration Units (UAP) in 2003, the Debt Cell also processes the treasury forecasts submitted by these UAP, to optimize the management of the net cash position of Wallonia resulting from the overall state of the Region and the overall state of those UAP. 

Finally, the Debt Cell is responsible for keeping the accounts for the welding loan, concluded as part of the guarantee granted by Wallonia to the loans contracted by the five Walloon public authorities for the administration of school buildings organized by the public authorities (SPABS). 


On December 5th, 2020, the rating agency Moody's modified the rating of Wallonia, namely: 

  • Long-term credit note (senior unsecured): A2 
  • Short-term credit note: (P) Prime-1. 
  • Perspective : negative

Funding programs of the Walloon Region

  • Local Programs (MTN)

Wallonia has two MTN (Medium Term Note) programs with BNP Paribas Fortis and with Belfius Bank. Historically, Wallonia uses its two programs for fixed rate, floating rate and / or structured rate borrowings with possible underlying hedge structure. 

  • EMTN Program

In 2012, Wallonia set up a Euro Medium Term Note (EMTN) program, together with BNP Paribas Fortis and ING (the co-arrangers).

The EMTN Program helps to increase Wallonia's visibility in the financial markets, to have fast and continuous access to the capital markets and to broaden its investor base via standard documentation of the European type.

Last update of the program occurred on May 20th, 2020 with a value of EUR 12 billion.

Besides the two co-arrangers, the other dealers on this program are, since the last update, Barclay's, Belfius Bank, CBC Bank, Goldman Sachs, HSBC France, KBC Bank, Landesbank Baden-Württemberg and Natixis.

  • Sustainable obligation issued by the Walloon Region

On April 25th, 2019, the Region issued its inaugural Sustainability Bond to finance eligible expenditures in social and environmental domains. 

This inaugural bond issue allowed to raise a total amount of € 1 billion at very attractive financial conditions, split in two tranches of EUR 500 million each, on two maturities (2026 – 2034).

On April 1st, 2020, the Region issued a second Sustainability Bond, raising EUR 500 million with a 10 years maturity (2030). Alongside this operation, the Region also increased the size of its 2034 bond by EUR 200 million, reaching a total of EUR 700 million on this maturity.   

The table below summarizes the size of the different programmes of Wallonia on 01/03/2021. 

Programs Banks


(€ million)

MTN Belfius 2.500
MTN BNP Paribas Fortis 1.250

BNP Paribas Fortis



Total (in nominal) 23.750

Cashier contract

Since 1st January 1991, Wallonia has its own cashier, who holds a centralized treasury position and ensures among others the execution of all operations and the daily consolidation of all the accounts opened by Wallonia. 

On 31st May 2017, the Walloon Government agreed to extend the contract concluded on 17th July 2012 with its cashier (Belfius Bank), starting on January 1st, 2018 for a new period of five years and with an overall account debit facility of € 3.25 billion.

For further information, please send your questions to Debt Cell on following email address: