The financing line for SMEs is expanded by 100 million, charged to the Fund for the Internationalization of Companies
MADRID, 27 Dic. (EUROPA PRESS) –
The Council of Ministers approved this Wednesday the creation of a new financial instrument, the Co-investment Fund (FOCO), which will be endowed with 2,000 million euros from the European ‘Next Generation EU’ funds to attract foreign investment to Spain in sectors strategic.
The Co-investment Fund is one of the new instruments to provide financing with European ‘Next Generation EU’ funds included in the Addendum to the Recovery Plan, whose management has been entrusted to the public company Cofides, as detailed by the Ministry of Economy, Trade and Company in a statement.
Through this fund, capital investments will be made primarily, always under a co-investment regime with foreign investors, both public and private. Co-investors must contribute, for each operation, an investment volume at least equivalent to that of the Fund.
The Fund may make direct investments in companies and will also take equity stakes in investment vehicles that support new investments in Spain in the target sectors.
In addition, the Government has agreed to expand by 100 million euros the provision of the financing line for SMEs and small export and investment projects, charged to the Fund for the Internationalization of Companies (FIEM).
The ‘FIEM SME’ line was approved by the Council of Ministers in June 2017 and its financial envelope has been expanding due to the growing interest of Spanish companies.
The number of operations attributed to this line has grown each year since its approval, highlighting the 32 operations in 2022 and the 33 operations in 2021, compared to the 19 operations accumulated in the previous three years.
So far in 2023, 38 operations have already been charged, for a value of 45 million euros and it is expected that approximately 50 operations will be reached by the end of the year and a charge for a value of 55/60 million euros.
Likewise, other operations carried out by the Fund for the Internationalization of Companies (FIEM) were also adopted at the Council meeting. Two of them will promote the presence of companies in Africa and contribute to the development of the African continent within the framework of the ‘Horizon Africa’ strategy of the Ministry of Economy, Commerce and Business.
Specifically, the green light has been given to the granting of a repayable loan for the construction, maintenance and transfer of the largest water desalination plant with the latest technology in North Africa.
The FIEM financing will be a maximum of 250 million euros to develop one of the most relevant desalination infrastructures in all of Africa through the services and supplies of Spanish companies.
Likewise, a line of credit has been approved for the Angolan Ministry of Finance worth 30 million euros on concessional terms to finance small private projects in Angola for the acquisition of Spanish goods and services. Spanish exports to Angola are expected to increase and will be an incentive for Angolan companies to acquire more Spanish products.
In addition, a third operation has been approved for the construction of a shrimp processing plant in Ecuador financed by this fund up to 16,439,400 euros.
