City of Brussels lends three million euros to Brussels Expo
The City Council of Brussels has approved a loan of three million euros for Brussels Expo, the operator of the Heysel Palaces. The loan should help Brussels Expo to carry out its day-to-day operations. “In the past eighteen months, Brussels Expo has lost 92 million euros in turnover due to the corona crisis,” said Brussels mayor Philippe Close.
The three million euro loan granted by the city of Brussels must be repaid by Brussels expo within a period of 5 years after the deposit date. The loan has an annual interest rate of 0.4 percent. The only single agreement for financing the daily operation and activities.
N-VA councilor Mathias Vanden Borre immediately asks himself the question that Brussels Expo is really “broken” and can no longer pay its employees. Municipal councilor Bianca Debaets (CD&V) believes that the city of Brussels just gives a blank check without perspectives of approach. “Are we ever going to see the money again?” David Weytsman wonders.
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It is the first time that Brussels Expo has to call on its shareholder. According to the statutes, the working capital must be guaranteed by the city of Brussels, Mayor Close explains.
“Unfortunately, we had to fire people. That is what the Brussels mayor says. “I don’t think it will be the last time that Brussels Expo will need support. This will also be the case in the 2022 budget.”