ANNOUNCEMENT 28 Nov 2008

In November 2008, the government of Spain announced a change in private-sector financial support.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 1 neutral
  • 0 liberalising
Inception date: 28 Nov 2008 | Removal date: open ended
Still in force

State loan

On 28 November 2008, the Spanish Government created a State Fund for a Dynamic Economy and Employment ("Fondo especial del Estado para la dinamización de la economía y el empleo") with an endowment of EUR 3 billion. The stated goal of the Fund is to spur economic growth in designated strategic sectors and to finance projects with a high impact on job creation.
 
According to the founding decree, eligible projects must not have a value above EUR 5 million. Projects above this value may only be awarded for security reasons and need a special permit from the Interior Ministry. This maximum value 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, bidders from outside Spain are less likely to know about the relevant application or tendering procedures and other international obligations on state purchasing practices may not apply. The potential for discrimination against foreign commercial interests is very high.