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ANNOUNCED AS TEMPORARYNo
On 12 July 2019, the European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) signed a credit line agreement. Under the agreement, the EIB will contribute with EUR 300 million (approx. USD 338.6 million) in financing to support export activities carried out by Spanish SMEs and mid-caps. Additionally, the ICO will contribute with EUR 300 million, see related intervention.
According to the EIB: "The aim of this agreement is to promote the growth and competitiveness of small and medium-sized export-oriented Spanish firms in order to foster innovation – closely linked to international business – and create jobs." Additionally, the EIB Vice-President Emma Navarro stated in a press release: "access to external markets is key to enabling small Spanish businesses to grow and create jobs. This agreement will provide both the short and long-term financing required for them to internationalise their activities and represents a further step forward in the close partnership between the EIB and ICO in jointly boosting the growth of our companies."
Notably, this is the second credit line agreement between the EIB and ICO to promote SMEs' and mid-caps' export activities.
Instituto de Crédito Oficial is a state-owned bank whose function is to promote "economic activities contributing to growth, the development of the country and improving the distribution of the national wealth." Among other activities, the bank manages Spain's official funding instrument to promote Spanish exports and development aid.
A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.
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