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Spanish FIEM Fund
FIEM:23
Official financial instruments to support the
internationalization of Spanish companies1
4
Index
Examples of FIEM projects
basic characteristics
financial conditions
Contacts
1.- Official financial instruments to support the internationalization
of Spanish companies
1
3
2
Equity and quasi-equityFIEX/FONPYME
Credit CARI/FIEM
Assurance
FIEM:2 BASIC CHARACTERISTICS
FINANCIAL CONDITIONS
Index
2.-FIEM | BASIC CHARACTERISTICS
� Supports:
� exports of goods and services
� direct investment
� Origin in FAD (FIEM since January 2011), improved and extended
� Subject to the Arrangement on Officially Supported Export Credits (OECD
Consensus)
� Approval: FIEM Committee. Council of Ministers
� Financial Agent: ICO
2.-FIEM | BASIC CHARACTERISTICS
� Contractors: Spanish companies (wide
interpretation)
� Beneficiaries: Non-resident public or private
entities
� Guarantees: Sovereign, sub-sovereign, private,
project finance...
� Excluded sectors: Health, basic education and
defense, paramilitary and police equipment
� Eligible countries: case-by-case basis
2.-FIEM | Financial Conditions
Financing in commercial terms
• Interest rate: CIRR + CESCE equivalent premium
• Funding limits established by OECD consensus
• Repayment terms: up to 8.5 years for developed countries.
Upper limits for certain sectors
• OECD Commercial interest rate CIRR (monthly validity)
• CIRR rates currently valid (15 Feb. - 14 Mar. 2017):
2.-FIEM | Financial Conditions
Tied concessional (soft) financial support
• Restricted to lower-middle income
countries according to World Bank's
classification
• Minimum Concessionality level
(grant element): 35%
• Least developed countries (LDCs):
50% minimum
• HIPC countries: Financing is
possible, but exceptional
• Special Financing lines for studies:
EVATIC
2.-FIEM | Financial Conditions
• Senior debt, FIEM does not participate in equity
• Independent analysis (due diligence)
• Guarantees for the operation:
– Country
– Public or Private debtor
– Project (project finance)
• Currency: Mainly Euro or USD (the law allows exceptionally
other currencies)
Balance 2011 – 2016
The total amount of FIEM credits approved in the period amounts to
1.453 million € (in green)
The value of the contracts linked to these funding amounts to 2.594
million € (in blue)
0
500.000.000
1.000.000.000
1.500.000.000
2.000.000.000
2.500.000.000
3.000.000.000
FIEM leverage effect from 2011 to 2016
3 Examples of FIEM projects
Index
3.-PROJECTS Sadara Petrochemical plant in Saudi Arabia
- Exporter: Técnicas Reunidas
- Participation in the construction of 3 petrochemical plants in JIC (Jubail
Industrial City), the largest industrial center in Middle East
- FIEM Credit: 300 million USD with Project Finance guarantee
3.- PROJECTS CERCIKAYA IN TURKEY
- Exporter: Acciona Windpower
- Full supply of turbines for a wind farm of 57 MW in the region of
Cercikaya in Turkey
- FIEM credit: 19 million EUR
3.-PROJECTS CONSTRUCTION AND EQUIPMENT OF THREE
LABORATORIES QUALITY CONTROL OF FISHERY PRODUCTS IN
KENYA– Engineering and building equipment and training of personnel involved in
the production and handling of fish and laboratory
– Contract between MAKIBER and Kenyan Ministry of Fisheries. Sovereign
guarantee
– Concessional financing: € 5.7 million
3.-PROJECTS DRIVING SIMULATOR FOR DRIVING SCHOOLS IN BRAZIL
- FIEM Credit of 32 M€. Bank financing of 14,4M€
- Project Finance Guarantee and additional ones such as:
- Corporate Guarantee from Everis Spain S.L.U.
- Pledge on the income of Pro simulador
- Driving simulators as guarantee to mitigate the risk of Exchange rate.
- Key element of the Demand Analysis: the use of the driving simulators is compulsory
according to Brasilian law
3.-PROJECTS CONSTRUCTION AND OPERATION OF A GAS
PIPELINE IN MEXICO
- Debtor: Pipeline of Morelos (SPV composed by
Elecnor, Elecnor México and Enagás)
- FIEM Credit of 50 M de $
- Contract awarded by International Tender
- Contracts: Gas transport with the Federal
Electricity Commission, Interconnection with
PEMEX, Construction with Elecnor México, O&M
with Elecnor y Enagás
3.-Projects PLASTIC INJECTION FACTORY FOR PRODUCING
HANGERS AND AUTOMOBILE COMPONENTS IN INDIA
- Developer: Plásticos Erum, SME leader in the manufacture of hangers
- Clients: INDITEX, H&M, El Corte Inglés, Decathlon, Carrefour, Hugo Boss etc.
- Investment of 1.282.125 €
4 Contacts
Index
Contacts Ministry of Economy, Industry and Competitiveness
Paseo de la Castellana, 162
28046, Madrid, España
www.comercio.gob.es
Deputy Directorate for Financial Development for
Internationalization.
Deputy Directorate for Trade Policy for Mediterranean
Countries, Africa and the Middle East.
Deputy Directorate for Trade Policy for South America
and North America countries.
Deputy Directorate for Trade Policy for Europe and Asia
Pacific.
THANKS FOR YOUR ATTENTION