ANNOUNCEMENT 28 Nov 2008In November 2008, the government of Spain announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
Real Decreto-Ley 9/2008. To be found at
On 28 November 2008, the Spanish Government created a State Fund for Local Investment ("Fondo Estatal de Inversión Local") with an endowment of EUR 8 billion. The stated goal of the Fund is to promote investment in construction projects at the community-level with a special emphasis on projects that promise the creation of new jobs.
According to the founding decree, eligible projects must not have a value above EUR 5 million. This maximum volume lies below the threshold of EUR 5.278 million above which Spanish law requires tenders to be published in the Official Journal of the European Union. Given this restriction, it is probable that the Fund will only provide financing to projects not tendered across the European Union. Foreign bidders are less likely to have the information necessary to capitalise on the commercial opportunities created by this fund and are therefore almost certainly discriminated against.