Dans son action, le Ministère de la Fédération Wallonie-Bruxelles soigne le développement durable avec l’intervention d’une Direction spécialement consacrée et d'un plan dédicacé à cette cause importante

« The economic and financial crisis has severely strained our economies in the last few years. In these times when certainties were seriously shaken, trust often remains the fundamental value that cements a relationship. In this context, we wanted and continue to give our partners reasons to believe and invest in our activity. »

Sébastien YERNA, Managing Director

A Healthy Situation in the way out of the Financial Crisis

Like other public entities that experienced a cut in their resources, the Federation Wallonia-Brussels suffered from the crisis and borrowed to balance its budget and to ensure its public service role. Its debt remains however largely controlled, as attested by a "debt/revenue" ratio measured in late 2016 at 58.41%, a "debt service / revenues" ratio broadly maintained below 2%, as well as a budget stability programme established in 2009 and afterwards adjusted as a function of the effective economic growth and the remediation efforts which were required.

A Solid and Strenghtened Institutional Framework

The finances of the Federation Wallonia-Brussels are managed under a special financing law, inscribed in the process of federalisation of the country, a law (revised in 2014) that ensures and guarantees the collection of 99% of its general revenues, uniformly distributed throughout the year, and that provides considerable decision autonomy in financing matters, as well as complete predictability in revenues. As from 1st July 2014 the 6th reform of the Belgian State strengthens the powers of the Federation while the reform of the special financing law ensures the transfer of the necessary resources to support these powers.

Careful and Responsive Management, Investor-Oriented Management

Prudent management of the debt and treasury of the Federation aims to minimize the risks inherent to financial activity by imposing organizational and administrative procedures in line with good practices in effect in other public entities, or even ahead of them.

Responsive management of finances of the FWB has led to the use of effective financial instruments allowing to address new investors. For example, the Federation has been an innovator in setting up its EMTN programme, allowing it to develop new horizons in financing since 2003.

In recent years, new issues such as “Zero Coupon”, “Inflation Linked” and “Linked to the OLO 8 Yr Evolution”, sometimes with very long maturities, appeared in the debt portfolio of the Federation.

The principal watchwords of its financial strategy – Communication, transparency, Flexibility and Reactivity – convey an investor-oriented vision and dynamic. These strategic choices enabled the FWB to obtain the 2nd rank in the category “most impressive sub-sovereign borrower”, in the context of the Awards 2014 granted by GlobalCapital. For the 2015 GlobalCapital Awards, the Federation obtained the third rank in the same category.

A High Quality Financial Rating

The Aa3/P1 rating of the FWB (identical to that of the sovereign state) reflects the strength of the finances of the institution and its performance as a debtor.

Investing in the Federation Wallonia-Brussels

Investing in the Federation means choosing a dynamic and high quality issuer in an asset class, that of « sub-sovereign », which now offers quality, liquidity, low volatility, and ensures good diversification, while producing spreads with an excellent risk/yield ratio.

Investing in the FWB means also choosing a socially responsible debt issuer whose securities may be classified as SRI, the Federation being noted "Robust", with a score of 57/100, for all the criteria used by the extra-financial rating agency Vigeo, which ranked the Federation 4th in a panel of 30 comparable European entities in November 2016.

Investing in the FWB means finally supporting the development of education, culture, early childhood, health, sport... in a socially responsible approach.