Funding Needs

The Flemish Community estimates the funding needs at 9.6 billion euros for 2024 and 5.7 billion euros for 2025.

The total funding needs of the Flemish Community are twofold:

Omhoog
New financing needs

The new funding needs remain high for the upcoming years: 6.6 billion euros in 2024 and 5.0 billion euros in 2025.

Refinancing requirements

External redemptions are low in 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 2024-2027 (as of 15 March 2024; in millions of euros)

2024 2025 2026 2027
Flemish Social Housing Company (VMSW) 753.07 753.16 727.58 750.64
Flemish Housing Fund (VWF) 1,282.31 970.89 1,010.84 1,043.21
Lantis (BAM) 612.12 644.70 733.74 696.56
Deficit 2,547.91 2,053.11 748.95 0.00
Recovery plan 460.25 57.20 0.00 0.00
Rest 895.00 496.50 273.09 356.50
Total new funding 6,550.66 4,975.56 3,494.20 2,846.91
Internal redemptions¹ 1,377.69 65.50 98.50 0.00
External redemptions 1,677.94 640.45 817.35 1,326.12
Total  9,606.29 5,681.51 4,410.05 4,173.03

¹As of 31/12/2023

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 2023; in millions of euros)