Evaluatierapport (PDF, 6.47 MB) - Buitenlandse Zaken - Belgium

FINEXPO EVALUATION
Internationalisation, only the grants and loans for exports will be
considered and CARI (see below) 72 .
The FAD Internationalisation “grants and loans for export” has as
objective to grant financial support on concessionary basis to start
or consolidate development relevant projects in developing
countries, in the sectors education, sanitation, electrification.
These projects may –or may not- encompass the export of goods
of Spanish origin (tied and untied aid). Within the “grants and
loans for export” there are two operational forms:
Specific grant/loan for a specific transaction
Credit line for a package of linked activities (for example
a long-term programme for railway rehabilitation
Spain : CARI
Netherlands:
ORET
Only all countries identified by the OECD as developing countries
are eligible for this support 73 .
Objective: to provide financial back up support for the export of
Spanish goods and services.
The Contrato de Ajuste Recíproco de Intereses (CARI) or Interest
Make-Up System is a support to Spanish export of goods and
services, whereby for long-term transactions (over 2 years) the
interests are being fixed (tied aid). CARI is one of the subcomponents
of the FAD for internationalisation 74 . In line with the
FAD system, there are three different groups of clients:
Spanish exporters and foreign importers
Financial entities, like banks, credit cooperatives and
savings banks
Spanish (international) public entities and agencies
The operation is comparable to the FINEXPO interest stabilisation
modality (excluded from the present evaluation): the “Consensus”
interest rate’ 75 of each CARI-supported loan is compared every 6
month with the interest rate that the financial institution would
have obtained at market conditions. In the case the lender would
have obtained a higher rate in the market, the difference plus a
small administration fee is compensated by CARI.
The ORET programme was established in 1979 as a mixed credit
programme and its objectives changed over time. The objectives
formulated in 1998 remained unaltered until its finalisation in
2007. Those objectives were threefold: 1) to promote export of
Dutch goods and services 2) to promote employment in developing
countries by facilitating investment in the economic and social
infrastructure and 3) to improve the business climate in developing
countries (tied aid).
see
72 FAD Internationalisation has another instrument that indirectly supports the export of Spanish goods and services: the FEVinstrument
grants the costs for feasibility studies in developing countries up to an amount of € 300,000. Next to FEV, FAD
counts with special support instruments for micro-credits and for the water and sanitation sector.
73 For current OECD list, see: http://www.oecd.org/dataoecd/32/40/43540882.pdf. FAD –in accordance to OECD guidelinesdoes
not provide concessional credit to countries of which the GDP per capita exceeds USD 3,035 per annum (2009).
74 See: http://www.ico.es/web/contenidos/5/4/1604/index
75 The minimum rates, known as Consensus rates, are regulated by the Organisation for Economic Co-operation and
Development (OECD)
Final report – Appendix 8 – page 144