Interest rate stabilisation

Your client may be granted a fixed interest rate if it fulfils all of the conditions below.

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Your client may be granted a fixed interest rate if it fulfils all of the conditions below:

  • You are an SME or a large business.
  • You export infrastructure or investment products and related services to any country.
  • Your client does not wish to pay cash, but wishes to have a deferment of payment in the form of a loan, and if the deferment is at least two years.
  • This loan is issued in euros, USD or Yen.
  • The loan does not exceed 100 million euros.
  • The project is covered by Credendo.

Your client may then be granted a fixed interest rate for the entire loan period by availing itself of interest rate stabilisation. It will then have the assurance of being able to repay the loan amount at the same interest rate throughout the entire loan period. This may provide an advantage over competitors who are not able to offer these payment terms.

Commercial Interest Reference Rate 

The fixed interest rate guaranteed to the buyer under interest rate stabilisation is the Commercial Interest Reference Rate (CIRR) (CIRR). The CIRRs for the different currencies are determined each month by the OECD on the basis of specific economic parameters and are notified to the Member States.

In the case of stabilisation, Finexpo intervenes based on the difference between the guaranteed stabilised rate (CIRR) and the interest rate at which banks obtain refinancing on the short-term market (Euribor or Libor), increased by a bank commission. Currently, this margin is 0.75%.


Contrary to tied State-to-State loans, for untied State-to-State loans it is the aid-receiving country which itself has to apply for a State-to-State loan. The questionnaire to be used for submitting the application for this purpose is different from that used for tied State-to-State loans. A Belgian undertaking which has identified a project in a less developed country can of course help an applicant in completing the questionnaire and indicating the technical specifications relating to the project. However, as a public request for tenders has to be issued for the project, it is not certain that the Belgian undertaking in question will be the successful bidder. The tender procedure will be monitored by Enabel.

  • The applicant country submits the dossier to Finexpo via the embassy.
  • The Finexpo Committee delivers its opinion.
  • If the opinion is favourable, the dossier is submitted to the Council of Ministers.
  • If the Council of Ministers’ opinion is favourable, the State-to-State loan agreement and power of attorney for signing are drawn up.
  • The State-to-State loan agreement is signed by the authorities of the recipient country and the competent Belgian ambassador.
  • The public request for tenders is issued/Tender procedure monitored by Enabel.
  • The recipient country, in consultation with Enabel, selects an undertaking to carry out the project.
  • The National Bank of Belgium opens the loan account (for payment to the company); the National Bank of Belgium asks the recipient country to send in the appropriate documents (payment order and specimen signatures). 
  • The recipient country sends the payment order and specimen signatures of the authorised persons.
  • The project is implemented, the invoices are sent by the company to Finexpo and the invoices are paid by the National Bank of Belgium after verification by Enabel and after Finexpo has given its approval.