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At the end of the 1970s, Belgium experienced the decline of its traditional industries and the beginnings of federalisation. Particularly in Wallonia, the economic recession pointed to the need for greater involvement by the public authorities. The Economic Reorientation Act of 4 August 1978 led to the creation of the regional development companies, entrusting them with a threefold mission, namely to:
- finance developing companies,
- set up new companies,
- carry out intervention operations (delegate missions) decided on by the Walloon government and financed by it.
The S.R.I.W. was set up on 22 October 1979, with a capital which was increased regularly until 1991, in particular with a stake being acquired by the Crédit Communal de Belgique in 1990. Subsequently, further growth in S.R.I.W.’s financial resources came solely from the results of its own activities. This enabled it to pursue a policy of taking stakes, granting loans and financing the creation of new companies. At the request of the Walloon government, it also carried out numerous missions for turning around companies which had got into difficulties.
As part of its delegate mission the S.R.I.W. also participates in setting up specialised intervention bodies. These include: SOWAGEP (company for managing missions carried out on behalf of the Walloon Region), SPAQUE (protection and quality of the environment), and “fourth-generation investment companies” (SIBS, HOCCINVEST, MONS BORINAGE INVEST and OSTBELGIENINVEST). It also set up agencies covering certain fields, such as FINANCIERE WALLONNE DES PMI(for financing small businesses), CD TECHNICOM (company for the development of communication technologies), SOFIBAIL (Walloon company for financing real estate projects), and most recently SOWECSOM (Walloon company for the social market economy).
On 06 May 1999, the S.R.I.W. Articles of Association were amended by a decree removing the “delegate missions” from its objects, thus concentrating on its activities as a holding company.
In addition to this basic activity, the S.R.I.W. was entrusted with two other strategic areas of activity, namely:
- specialised subsidiaries,
- 4 development centres.
On July 11, 2002, a decree created the Walloon company for financing and bringing guarantee to SMEs - the SOWALFIN. This company offers Walloon SMEs not only co-financing through the banking network (a former function of the Financière Wallonne des PMI) but also a guarantee to obtain bank loans or venture capital through Walloon INVESTS. For further information, visit the sowalfin website : www.sowalfin.be.
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