IMPLEMENTATION LEVEL

NFI

AFFECTED FLOW

Outflow (subsidised)

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 12 Jul 2019 | Removal date: open ended

Export subsidy

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 ICO 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. The EIB will contribute with an additional 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, Chairman of the ICO Jose Carlos García de Quevedo stated in a press release: "this new operation between our two institutions will strengthen ICO’s role as the go-to organisation for financing Spanish businesses. Today’s agreement with the EIB will enable us to provide liquidity to Spanish firms so that they can grow, export and be more competitive, thus helping to create jobs and generate economic growth in Spain."

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. 

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

Please report this page in case you detect an inaccuracy in its content.