Funding Needs

The Flemish Community estimates the funding needs at 7.6 billion euros for 2023 and 3.9 billion euros for 2024.

The total funding needs of the Flemish Community are twofold:

Omhoog
New financing needs

The new funding needs remain high for the upcoming years: 6 billion euros in 2023 and 3.9 billion euros in 2024.

Refinancing requirements

External redemptions are low until 2024, excluding the outstanding Belgian Commercial Paper. Internal redemptions are expected to be reinvested in the Flemish Community by the consolidated public institutions.

Funding needs (2022-2027; in millions of euros)

2022 2023 2024 2025 2026 2027
Flemish Social Housing Company (VMSW) 612.14 582.55 563.98 539.72 565.33 639.41
Flemish Housing Fund (VWF) 860.55 1,143.47 885.87 921.47 958.25 999.62
School Invest 72.18 0.00 0.00 0.00 0.00 0.00
Lantis (BAM) 125.00 400.00 425.00 450.00 500.00 425.00
Deficit 2,244.11 1,942.89 1,058.41 1,169.95 451.17 0.00
Recovery plan 1,178.35 768.17 550.56 113.32 22.37 0.00
ESA 8 791.56 1,212.40 238.00 238.00 238.00 238.00
Mergers municipalities 141.55
Total new funding 5,883.89 6,049.48 3,863.37 3,432.46 2,735.12 2,302.03
Internal redemptions¹ 547.35 74.05 0.48 0.00 0.00 0.00
External redemptions 200.07 1,514.24 14.00 640.49 787.39 1,206.16
Total  6,631.31 7,637.77 3,877.85 4,072.95 3,522.51 3,508.19

¹As of 31/12/2021

The graph below shows the refinancing requirements based on the repayment schedule of the outstanding direct debt. The Flemish Community aims to develop a reference benchmark curve.

 

Repayment schedule direct debt (as of 31 December 2021; in millions of euros)