The federal government will consider both the strategic importance of, and potential dividends from, state-owned shares before any sale, Finance Minister Jan Jambon (N-VA) said on Tuesday in Parliament.
Addressing the House's Finance Committee, Jambon referred to a new fund aimed at bolstering the defence budget. This defence fund, he said, might be financed with dividends from state-owned shares in companies such as Ethias, Proximus, bpost, Umicore, or Belfius, and possibly with the proceeds from the sale of some of these shares.
Jambon did not provide many details, noting that some companies are publicly traded, and the intention was not to lower share prices.
He stressed that the government would weigh both potential returns and the strategic value of these holdings.
Sectors such as energy are deemed strategically important. “Selling strategic participations to buy bombs and grenades is not a good idea,” Jambon asserted.
The Deputy Prime Minister advocates further developing Belgium’s defence industry through the defence fund.
He referred to European plans favouring domestic arms production and purchases, stating, “We must ensure that ‘Buy European’ also means ‘Buy in this country’.”
Jambon also noted that the sale of shares does not directly reduce debt and results in the loss of dividends for the state. The local anchoring of companies, such as Belfius, is significant.
“Belfius delivers excellent results, operates in all segments, and has its headquarters in Belgium. This anchoring is valuable, and any operations should consider this,” Jambon stressed.
The core cabinet will meet on Wednesday at 9.30 am to discuss the defence budget and the general budget. The government, which hopes to get an additional €4 billion for defence by this summer, aims to submit the budget to Parliament by mid-April.
