The Regulations For the Fund For Internationalization of Spanish Companies Goes Into Effect

26 January 2011

On Thursday, January 20, 2011 the Spanish Official State Gazette published Royal-Decree 1797/2010 of December 30th, which approved the Regulations of the Fund for the Internationalization of Companies (hereinafter referred to by the Spanish acronym FIEM).

Given the grave situation of Spanish companies in the context of the worldwide financial crisis, Act 11/2010 was approved on June 28, 2010, thereby reforming the financial aid system for the internationalization of Spanish enterprises in an aim to reinforce and increase flexibility of official aid to the mainly small and medium-sized enterprises who export goods and services and invest abroad, providing them with a greater competitive edge in the international landscape.

The FIEM will be fed with funding allocated in the General State Budget Laws, as well as with reimbursements, remunerated transfers of loans and credits and income from commissions and accrued interests charged as a result of said financial assets. The FIEM funding will be paid and transferred to the Official Credit Institute, the State Financial Agent.

The Regulations include, amongst other aspects, the transactions and projects which are eligible for financing by the FIEM, the financing systems, the requirements and obligations that must be met by the beneficiaries and successful tenderers and the principles which apply to the selection and awarding of contracts and the objectives that each awarded contract must meet.

For further information, please contact Christian Krause: ckrause@mmmm.es