- An exception is for a country at war
- More flexibility and less bureaucracy
- A box with a new mission
- Economic opportunity and political commitment
Measure, collected in Regulatory impact analysis brief report And in a text Draft royal decreePacking will be allowed Up to 200 million euros To finance projects developed by national companies in the war-ravaged country.
With this rule, the government provides a Uncaught exception in FIEM operationa tool created in 2010 to support the international expansion of the Spanish business fabric.
For the first time, this fund will be able to grant Non-refundable aid – This means, Direct subsidies– In addition to credits on more flexible terms.
The goal is according to the Ministry of Economy documents that I reviewed Digital confidentialityHe is “Adapting FIEM’s work to the economic and financial realities of Ukraine“and”It has flexible mechanisms for analyzing guaranteesIn operations with Ukrainian entities.
An exception is for a country at war
The royal decree in process amends three articles of the current regulations – Articles 10, 21 and 24 – for the purpose Accelerating the financing of projects related to the country’s reconstruction.
While this process continues, FIEM may accept guarantees”Without the need to conduct a specific financial solvency analysis“, according to the text of the project.
In total, it defines a The maximum risk is €100 million in repayable loans And others 100 million direct aid.
The Ministry explained that Spanish Office for the Reconstruction of Ukrainewas recently created within the section, “Responds to the strategic need of economic and trade policy between Spain and Ukraine“This is linked to the growing interest of Spanish companies in this market.
This office will be among its duties Mobilizing official financial instrumentslike FIEM itself, and is integrated into FIEM Committee To participate in decisions related to Ukraine.
The European context also influenced the decision. The ministerial document highlights the adoption of the measure “Accompanied by firm institutional commitment and support for European mechanisms such as the Ukraine Facility.Which will mobilize 50 thousand million euros between 2024 and 2027.”
In this context, Spain seeks Position yourself as a relevant actor In the process of reconstruction and economic recovery of the country.
More flexibility and less bureaucracy
The reform of FIEM regulations also has an internal goal: Simplifying administrative procedures And rationalize the use of public funds. According to the brief report, the standard “Reduces administrative burdensIt does not impose new obligations on economic operators.
In fact, the Ministry considers it so No prior public consultation will be necessaryBecause these are “specific adjustments” that only affect the internal performance of the fund.
The report explains that the royal decree complies with… Principles of good organization Contained in Law No. 39/2015 regarding unified administrative procedures, especially those related to it Necessity, effectiveness, proportionality, legal certainty, transparency and efficiency.
The text adds that this is justified “for a reason related to the public interest,” since it allows the adaptation of a state financial instrument to the current situation. Strategic priorities of Spanish trade policy regarding Ukraine.
On the economic level, the government confirms that this measure It will not have any impact on the budget,Since FIEM has sufficient own resources. And it exceeded its coffers 2.5 billion euros by the end of 2024According to the report, which ensures that credits and aid can be granted without resorting to new public funds.
A box with a new mission
he Company Internationalization Fundcreated by Law 11/2010It has been for more than a decade one of the main instruments of the state’s financial support for exports and foreign investment.
Its goal wasPromoting the export of goods and services by Spanish companies, as well as direct Spanish investment abroad“, in accordance with the controls regulating this.
With this royal decree, the executive authority expands its scope of permission Exceptional measures in the context of conflictThis is something that was not thought of in the original regulations.
EditIt offers exceptional flexibility in collateral analysis“And authorizes the use Non-recoverable resources In the “final” projects implemented by Spanish companies in Ukraine, “While the reconstruction process continues“With a cumulative limit of €100 million in donations.
The rule also strengthens coordination between institutions: it includes representatives of the Fund Management Committee in the Fund Management Committee. Spanish Office for the Reconstruction of Ukrainebesides those Institute of Official Credit (ICO)the Spanish Export Credit Insurance Company (CESCE)the Spanish Development Finance Company (COFIDES) and Spanish Agency for International Cooperation for Development (AECID).
Economic opportunity and political commitment
Ministry documents confirm that the measure comes within the framework of a double commitment: Economic, to promote the internationalization of Spanish companiesand Politically, to contribute to the recovery of a country devastated by war.
In the words of memory, the reconstruction of Ukraine represented “An economic and strategic opportunity for the Spanish business fabric“and”Contributing to the economic and social recovery of a country devastated by war“.
The royal decree will allow FIEM to operate more agilely.”To launch projects quicklyWithout compromising the financial stability of the Fund.
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