Spanish FIEM Fund March April 2018

Transcription

1 Spanish FIEM Fund March April 2018

2 Index Official financial instruments to support the internationalization of Spanish companies FIEM: basic characteristics financial conditions Examples of FIEM projects Contacts

3 1.- Official financial instruments to support the internationalization of Spanish companies 1 2 Equity and quasi-equity Credit CARI/FIEM FIEX/FONPYME 3 Assurance (FRRI)

4 Index 2 FIEM: BASIC CHARACTERISTICS FINANCIAL CONDITIONS

5 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

6 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 Currency: all officially quoted currencies by the ECB, however mainly euro or dollar

7 2.-FIEM TARGET COUNTRIES IN 2018 In America: Argentina, Brazil, Canada, Chile, Colombia, United States, Mexico, Peru and Uruguay. In Asia: Bangladesh, China, South Korea, Philippines, India, Indonesia, Japan, Kazakhstan, Myanmar, Pakistan, Thailand, Uzbekistan and Viet Nam. In Oceania: Australia and New Zealand In Middle East: Israel, Iran, and Gulf Cooperation Council Countries Mediterranean countries: Morocco, Turkey y Egypt. Europe: Georgia and Serbia HIPC countries: Côte d Ivoire, Senegal, Rwanda, Uganda, and Tanzania TOTAL: 42 COUNTRIES (The listed countries are merely indicative)

8 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 March -14 April 2018):

9 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

10 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)

11 2.-FIEM Credit Lines Credit line in commercial terms for small investment or export projects: Endowment: 50 millions Maximum size of the financed project: 3 millions Currency: euro or dollar Approval: FIEM Committee Special conditions: (Maximum repayment terms 8 years, minimum rate required CC3 for CESCE or C+ for COFIDES, HIPC excluded) Credit line FIEM-Facilidades UE: Endowment: 50 millions Maximum amount of credit financed by FIEM (in general) 30 millions Multicounty credit line Untied credit Co-financed with EU (Blending) Public or private beneficiary EVATIC line: Endowment: 20 millions Repayable credit for technical assistance, engineering and consulting services Currency: euro or dollar 2 Tranches (Concesional, commercial terms) depending on the size of the operation Approval: FIEM Committee HIPCs excluded

12 Euros Balance FIEM Leverage effect from 2011 to Crédits Aproved Value of the contracts linked to the credits The total amount of FIEM credits approved in the period amounts to million (in blue) The value of the contracts linked to these funding amounts to million (in green)

13 Index 3 Examples of FIEM projects

14 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

15 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

16 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

17 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

18 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

19 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

20 Index 4 Contacts

21 Contacts Ministry of Economy, Industry and Competitiveness Paseo de la Castellana, , Madrid, España Mediterranean Countries, Africa and the Middle East. South America and North America countries. Europe and Asia Pacific. (European countries out of the EU) European countries in the EU More information in Deputy Directorate for Financial Development for Internationalization.

22 THANKS FOR YOUR ATTENTION