as with a convertible bond, i.e. a bond convertible into shares. It sounds as though the regional development entity can take equity interests in the companies it sponsors. I agree with "Allegro" that context is required. There is an English entry in LinkedIn on the Brussels regional development agency:
http://www.linkedin.com/company/sdrb-soci-t-de-d-veloppement... and the French Monetary and financial code, Article R516-21, defines the French counterpart:
http://droit-finances.commentcamarche.net/legifrance/60-code...
I hope this helps.
The translation workplace 
peer agreement (net): +1
