State to State Loan (SSL) combined with a commercial credit procedure
Procedure for tied State-to-State loans
For projects for which State-to-State loans are applied for, companies must compile a dossier on the basis of the standard questionnaire jointly drawn up by Finexpo and the Del Credere Office. The economic aspects of the project and its relevance for development can be examined on the basis of this questionnaire.
- The company and the bank submit the dossier to Finexpo.
- The Finexpo Committee delivers its opinion.
- If the opinion is favourable, the dossier is submitted to the Council of Ministers (if appropriate, after checking the prices).
- If the Council of Ministers’ opinion is favourable, the agreement on the State-to-State loan and power of attorney for signing are drawn up.
- The commercial contract is signed by the company and the authorities of the recipient country and the State-to-State loan agreement is signed by the authorities of the recipient country and the competent Belgian ambassador.
- 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 undertaking to Finexpo and the invoices are paid by the National Bank of Belgium after Finexpo has given its approval.