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4. Companies Internationalisation Fund (FIEM for its initials in Spanish). This Fund was
established in 2010 under Act 11/2010. Its activity consists on providing reimbursable
financing for projects, under concessions or market terms, tied to the acquisition of
Spanish goods and services and to the execution of Spanish investment projects or
those of national interest. The Institute acts as a Government agent and the structuring,
administration and accounting for these operations is kept separate from all other
operations, in independent accounts maintained by the Institute and for what the ICO
is reimbursed for the cost of management in accordance with the General State Budget
for each year.
5. Water and Sanitation Cooperation Fund. It was created through the Sixty-First
Additional Provision of Law 51/2007, 26 December, of the 2008 General State Budget
to fund water and sanitation projects under the financing arrangements with the
national authorities of the Latin America Countries, considered a priority for the
Spanish cooperation.
6. Finance Fund to Local Entities, resulting from the 17/2014 Royal Decree-Law, of 26
December, measures of financial sustainability of the autonomous communities and
local entities and others of economic nature, in order to ensure financial sustainability
of the municipalities attached, by addressing its financial requirements. The equity of
the Fund is endowed by the result of the liquidation of the Fund for the Financing of
Payments to Suppliers (created by Royals Decrees 4/2012 and 7/2012), which
happens in all its rights and obligations, effective January 1, 2015. ICO plays the trader
role, without registering any of these operations on its accounting records. This activity
generates for the Institute a pertinent trading commission.
7. Finance Fund to Autonomous Communities resulting from 17/2014 Royal Decree-Law
of 26 December, measures of financial sustainability of the autonomous communities
and local entities and others of economic nature, in order to ensure financial
sustainability of the autonomous communities attached. The equity of the Fund is
endowed by the result of the liquidation of the Autonomous Region Liquidity Fund
(created by Royal Decree 21/2012), which happens in all its rights and obligations,
effective January 1, 2015. Also it included in the equity part of the funding mechanism
for payment to suppliers in the part corresponding to Autonomous Communities. ICO
plays the trader role, without registering any of these operations on its accounting
records. This activity generates for the Institute a trading commission.
8. ICO COVID-19 surety lines, established and regulated by RD Law 8/2020, of 17 March,
RD Law 25/2020, of 3 July, RD Law 11/2020, of 31 March, RD Law 34/2020, of 17
November and RD Law 5/2021, of 12 March. This regulation, developed through the
corresponding Agreements of the Council of Ministers, approved the establishment of
several State surety lines, subject to the regulation on EU State aids, for an amount
above 140,000 million Euros, in order to ease the maintenance of employment and
palliate the economic effects of the health crisis caused by the COVID-19. Sureties
were granted to financing granted by financial entities to ease the access to credit and
liquidity for businesses and employers (liquidity surety lines), as well as to face the
financial needs derived from the performance of new investments (investment surety
lines). Additionally, specific tranches were enabled, establishing sureties in issues of
promissory notes made by companies in the Alternative Fixed-Income Market (MARF).
Sureties have a term of up to 8 years. Lastly, a surety line was also contemplated for
lessees, in the modality of liquidity loans, guaranteed and subsidised by the State to
face the lease of the families’ main residences. By Council of Ministers Agreement of
June 21, 2022, the possibility of extending the maturity of guarantees managed on
behalf of the State, in the liquidity and investments lines, throughout the operations’
life, was enabled. In this activity, ICO acts on behalf of the State, exercising