Amortizations may continue to be reinvested in new loans until 2036, although the date to formalize them ends in 2026
MADRID, 27 (EUROPA PRESS)
The Official Credit Institute (ICO) foresees that the 40,000 million euros in loans from the addendum to the Recovery, Transformation and Resilience Plan will be operational and will begin to reach companies around the summer.
After the Council of Ministers approved this Tuesday an agreement instructing the ICO to implement five instruments through which 40 billion euros will be channeled, the Institute estimates that these loans will be operational around the summer.
And once this first step has been proposed by the Government, the idea is that the corresponding ministries sign a specific agreement with the ICO to convey or channel the five instruments proposed to mobilize the loans.
Furthermore, banks and risk capital management entities have to adhere to the implementation of these resources on a voluntary basis.
FIVE INSTRUMENTS
The new framework involves the launch of the ICO-Verde facilities, endowed with 22,000 million euros; ICO-Companies and Entrepreneurs, with 8,150 million; ICO-Housing, with 4,000 million; ICO-Audiovisual Hub, with 1,712 million and the Next Tech Fund, with 4,000.
However, the ICO assures that, if in the future the possibility arises that the resources that remain to be executed from the Next Tech and Audiovisual Hub funds are channeled through the recently announced ‘Technological Sepi’, the Institute will collaborate to that is carried out in accordance with the criteria established.
One of the essential characteristics of these lines is that they will be able to be channeled through different types of instruments that ICO has at its disposal.
This ranges from lines of mediation with the financial sector, direct loans from ICO, acquisition of bonds issued by companies, or even direct participation in their capital, as explained by the Minister of Economy, Commerce and Business, Carlos Body. , in the round after the Council of Ministers.
However, the ICO has stressed that the State does not take a stake in these companies and has assured that there is no intervention by the ICO for a deployment of funds based on public-private collaboration.
70-75% WILL BE MOBILIZED BY FINANCIAL INTERMEDIARIES
All in all, of the 40 billion euros, between 70 and 75%, will be mobilized in public-private collaboration through financial intermediaries.
Banks, for example, may finance up to 100% of the investment project through mediation lines, while the ICO may finance up to 70% of the project.
In venture capital investments by private managers, the ICO may not exceed 49% of the total size of the fund or 49% of the financing rounds.
EX-ANTE VERIFICATION AND EX-POST EVALUATION
For the deployment of these resources, an ex-ante verification procedure will be established in accordance with the requirements of the European Commission. That is, financing will not be granted until all checks are carried out on the conditions imposed on the final recipients.
According to the ICO, a simpler system has been designed, without prejudice to the necessary rigor, based on responsible declarations, for operations of less than ten million euros, which is a threshold that the European Commission uses in many of its programs.
Thus, through a more or less automated system, all these conditions can be validated in a short period of time before granting financing. And, to do this, the ICO will contract technical assistance through bidding with the cooperation of State contracts that will be centralized to unify criteria based on each of the facilities.
The requirements that are demanded of companies are that the projects and investments, in addition to being finalists in accordance with each objective of the instrument, are economically viable. Furthermore, depending on the instrument that the company wants to use, it must have green or digital labeling. In other cases, this labeling will not be necessary, since they are more generic objectives.
Subsequently, an ex-post control is necessary, which will be carried out in audits, for which technical assistance will also be hired.
The objective is to be able to begin formalizing operations in the coming months until August 31, 2026. After that date, amortizations can continue to be reinvested in new loans for the next ten years, until 2036.
2024-02-27 18:08:07
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