LatinNews Daily - 17 April 2020

* The head of economic and trade affairs at Spain’s embassy in Mexico, Álvaro Pastor Escribano, has said that Spain will offer financial assistance to Spanish companies operating in Mexico due to the lack of help from the Mexican government in response to the economic impact of the coronavirus (Covid-19) pandemic. Speaking at a videoconference held by the Spanish chamber of commerce in Mexico (Camescom), which groups some 6,500 companies that operate in Mexico, Pastor said that this assistance includes a credit line of €100bn (US$108bn) from the Instituto de Crédito Oficial (ICO), a state-owned bank attached to Spain’s ministry of economy and business, a new credit line of €2bn from the Spanish export credit agency (Cesce), which manages export credit insurance on behalf of the Spanish state, as well as the possibility of accessing from abroad €10bn in extra credit from the ICO. According to Pastor, companies eligible to access this financing must be Spanish companies based abroad, firms that have operations in Spain, or that able to demonstrate over 30% of Spanish capital or investment by Spanish companies.

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