Finéa: New solutions for the development of and support to Moroccan and Spanish SMEs and VSEs
On 6 April 2015 at ICO headquarters in Madrid, the Instituto de Crédito Oficial (Official Credit Institute, ICO), represented by its Chairwoman, Mrs. Irene Guarrido, and the Caisse de Dépôt et de Gestion Group, through its subsidiary Finéa, represented by Mr. Said Laftit, Secretary-General and Chairman of CDG and Chairman of Finéa, and by Mr. Ali Bensouda, Director-General and CEO of Finéa, signed a partnership agreement aimed at facilitating the financing of Spanish companies, either individually or jointly with Moroccan companies, involved in projects initiated in Morocco.
This framework for partnership between the two institutions aims to strengthen support for Spanish and Moroccan SMEs and identifies the following areas for cooperation:
- Encouraging exchanges between the Parties for the development of support systems for SMEs in developing and promoting fund-raising mechanisms to bring in the financing and provide the guarantees needed for the development of SMEs and VSEs;
- Facilitating bilateral funding through the establishment: - Of a counter-guarantee system for financing Spanish companies operating in Morocco or which want to set up shop there. In that context, Finéa would act as a lender to the final beneficiary whereas ICO would provide Finéa with its counter-guarantee; - Of major joint financing operations necessitating a risk-sharing strategy: Finéa’s side of the deal will be carried out through the conventional methods currently in force, and ICO will finance its share by disbursing funds to the company in question; - Of a possible refinancing line through Finéa for Spanish SMEs with involvement in Morocco.
- Fostering relationships between Moroccan and Spanish companies to promote economic relations and exchanges of technology.
About Instituto de Crédito Oficial: Instituto de Crédito Oficial (ICO), a public credit institution with an asset volume of over 100 billion euros, enjoys the status of the Spanish State’s financial agency under the Ministry of the Economy and Competitiveness, which falls within the remit of the Secretary of State for the Economy and Support for Business. ICO is charged with supporting and promoting economic activities that contribute to growth and to better distribution of the national wealth, and most especially activities that deserve to be fostered by reason of their social, cultural, innovatory or environmental significance.