The Minister of Economy, Trade and Business, Carlos Budde, confirmed that the demand for the financial safety net launched by the Institute of Official Credit (ICO) to support companies affected by US tariffs has not grown significantly. This assessment was associated with a positive interpretation of the scope of trade restrictions in the Spanish business fabric. As Europe Press reported, the Corps shared this data with the Congressional Economics Committee, where it detailed recent actions taken by the department and explained the use of authorized resources.
According to Europa Press, the minister explained that the ICO has already mobilized 160 million euros in guarantees through 24 operations designed to provide liquidity to companies affected by trade barriers imposed by the United States. The central government intends to allocate a total amount of 5,000 million euros for these cases, with the first tranche authorized amounting to 1,000 million euros. Of this initial mass, lower demand has translated into 160 million mobilizations so far.
The Authority determined that although the financial infrastructure created by the ICO has significant capacity, the low utilization so far allows us to consider that the real impact of the US tariffs was not as widespread as feared on Spanish companies. As Europe Press reported, the minister noted that “fortunately, at the moment, the safety net we are putting in place is not in great demand, and this has a positive interpretation regarding the potential impact that the current conditions have on our companies.”
Furthermore, among the measures adopted, the head of the economy detailed the introduction of a specific ICO growth line aimed at mitigating the impact of tariffs, which was included in the latest annex to the recovery plan, known as the DANA annex. Europe Press reported that this initiative is awaiting Congressional approval and will receive 180 million non-refundable euros, and its goal will be to expand the response to potential grievances arising from North American trade policy.
To complement the financial support for companies exposed to global turmoil, the head of the economy explained that a plan has been published that focuses on improving competitiveness and enhancing the foreign presence of national companies. As reported by Europa Press, this roadmap was developed in cooperation with autonomous communities and aims to provide personalized assistance to more than 1,600 companies that could be affected by changes in international trade.
Information provided by Europa Press indicated that the Ministry of Economy’s strategy, developed in collaboration with the International Trade Office and the Regional Administrations, seeks to protect the Spanish business fabric in the face of adverse situations arising in the global context. In addition to immediate financial support through guarantees and non-refundable lines, individual assistance is being envisaged for thousands of companies operating in international markets and facing challenges deriving from the new trade measures.