Foreign transactions > Official support
Official support for exportations
Funding and financial support to exporters is fundamental for the development of foreign trade.
12 Dic 2013 - Transhunter.com
Countries seek to help its exporters through so-called official documentary export credits, offering them at interest rates below the normal market rate and extending the maturity of the same, which is more difficult to achieve from private entities.
Nevertheless these government loans are also regulated and agreed upon by the OECD (Organisation for Economic Cooperation and Development) member countries so as to establish a set of standards and requirements establishing the bases for funding, the minimum interest rate, the maximum periods of depreciation, eligible operations and maximum amounts of loans, therefore avoiding that said loans conflict with free competition.
Currently, in Spain, the only existing way to officially finance exports through the ICO (Official Credit Institute) by the CARI system (Reciprocal Interest Adjustment Contract), which authorizes credits in the medium to long term, at fixed interest rates, with an operating margin for them, and said operations are authorized by the DGPC (Governmental Department for Political and Foreign Investments).
Also within these type of financings are the FAD (Development Assistance Fund) loans, created to expedite the granting of credit lines and financing of developed countries and therefore benefiting the export of goods and services to other lesser developed countries.
Governments also support exports from their own countries by granting fiscal benefits, such as bonuses, deductions, tax refunds and exemptions, as well as subsidies the consulting and participations in fairs, exhibitions, etc. of exporting companies.
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Given that exports are a key element of the equilibrium of trade balance, all countries try to promote them and help them by means of promotional activities, consultations, aids, tax benefits and officially supported financing regulated governmental agencies established for this purpose.