MADRID, 6 Sep. (EUROPA PRESS) -
The Council of Ministers has approved this Tuesday the authorization to the Official Credit Institute (ICO) to receive, charged to the resources of the Fund for the Internationalization of the Company (FIEM), up to 2.14 million euros as compensation for the work administration of FIEM credits during 2021.
Law 11/2010, on the reform of the financial support system for the internationalization of Spanish companies, establishes that the ICO will be compensated for this work, since it manages and administers on behalf of the State the credits granted under the FIEM.
The General State Budgets (PGE) provide that this compensation be made from the resources of the FIEM itself, with the prior authorization of the Council of Ministers.
The costs to be compensated derive from ICO's activity as FIEM's financial agent, in charge of formalizing, administering and accounting for operations.
During 2021, credits charged to the FIEM were approved to finance 53 operations for a total amount of 481 million euros. Of this amount, 429 million correspond to operations approved by the Council of Ministers, including credits and lines of credit --the latter amounting to 200 million--; the remaining 52 million euros corresponds to operations approved by Resolution of the Secretary of State for Commerce, relating to operations imputed to FIEM Lines.