Background information

The Fund was created with Law 11/2010 of 28 June 2010 on the reform of the financial support system for the internationalisation of Spanish companies, as an instrument for the financing of official support for the internationalisation of Spanish companies. Enterprises that want to start exporting or expand business by enlarging their commercial networks or establish production units abroad are eligible to take part in this initiative. The FIEM Fund has experienced several changes since its creation, in order to adapt to companies’ needs and the requirements of the international context.

Content of measure

FIEM is a fund managed by the Secretariat of State for Trade, which offers medium and long-term credit to the Spanish supply customer for: i) export operations of goods and services of Spanish companies (FIEM Exports); ii) direct investment of Spanish companies abroad (FIEM Investment), and iii) projects under a ‘project finance’ scheme.

FIEM provides financing for Spanish companies' export or investment contracts abroad, acting as a bank without being a bank. The beneficiary of FIEM financing is the Spanish company's foreign client. The Fund's versatility allows it to finance projects carried out by Spanish companies in practically any country in the world, with very favourable financial conditions and low commissions.

FIEM finances medium and long-term operations (over 2 years). There is no minimum contract amount to be financed: the amount is limited only by FIEM's annual global approval ceiling (€500 million). The financial agent behind these operations is the ICO, the Spanish Official Credit Institute.

The main lines of action of the FIEM for the year 2024 are:

a) Financing the internationalisation of SMEs and small projects. Difficulties of access to finance for SMEs and small projects is a structural feature that defines one of the main market failures addressed by the FIEM. It is for loans of up to €10 million per contract carried out by a Spanish company.

b) ECO FIEM Line, FIEM's contribution to the energy transition and the Paris Agreement Goals: for projects to combat climate change (renewables, water, environment, recycling, etc.).

c) Non-reimbursable financing line for feasibility studies: offers grants to foreign public entities for the execution of feasibility studies or consultancies to maximise business opportunities for Spanish companies abroad.

Use of measure

In 2021, credits have been approved under the EMFF to finance 53 operations for a total amount of more than 481 million euros. Of these operations, 16 have been approved by the Council of Ministers, amounting to €429 million, including credits and credit lines, the latter amounting to €200 million. In 2021, 37 credits have been approved by Resolution of the Secretary of State for Trade, to be charged to FIEM Lines, for a total amount of 52 million euros. In 2022, credits have been approved under the FIEM to finance 54 operations for a total amount of more than 398.3 million euros. Of these operations, 7 have been approved by the Council of Ministers for a total amount of EUR 353.7 million. In addition, the Council of Ministers approved the extension of the FIEM SME Small Projects Line for a credit amount of EUR 100 million. For its part, in 2022, 47 credits were approved by Resolution of the Secretary of State for Trade, to be charged to FIEM Lines, for a total amount of 44.6 million euros.

Target groups

Workers	Businesses	Citizens
Does not apply to workers	Applies to all businesses	Does not apply to citizens

Actors and funding

Actors	Funding
National government	National funds Other

Social partners

Social partners' role in designing the measure and form of involvement:

	Trade unions	Employers' organisations
Role	No involvement as case not in social partner domain	No involvement as case not in social partner domain
Form	Not applicable	Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

• No involvement
• Main level of involvement: Unknown

Involvement

No involvement

Views and reactions

Unknown

Sources

• 29 June 2010: Law No. 11/2010 of 28 of June (www.boe.es)
• 07 January 2013: Eurofound (2012), Born global: The potential of job creation in new international businesses, Publications Office of the European Union, Luxembourg. (www.eurofound.europa.eu)
• 01 January 2018: Activity Report 2018 (comercio.gob.es)
• 01 January 2019: Activity Report 2019 (comercio.gob.es)
• 09 June 2020: Ministry of Industry, Commerce and Tourism (2020), The Government expands by 100 million more aid to SMEs for their internationalization, press release, Madrid, 9 June (www.mincotur.gob.es)
• 28 October 2022: Ruiz Iglesias, A. (2019), 'Los instrumentos de apoyo financiero a la internacionalización diez años después de la crisis'. ICE, Revista De Economía, (906) (doi.org)
• 31 December 2023: Financial Instruments activity report 2023 (www.mintur.gob.es)