Spain

Spanish government steps in to support meat industry

Processing

A financing line to cover meat processors' business expenses generated by increased prices for raw material.

Posted on Feb 13 ,09:08

Spanish government steps in to support meat industry

The National Association of Meat Industries of Spain (Anice) has managed to convince the authorities to step in to support meat processors in the country as they are affected by the increased prices for pork. A financing line, specifically for the meat processing industry, enabled by the Ministry of Agriculture, Fisheries and Food (MAPA), the Official Credit Institute (ICO) and the State Public Limited Company of Agrarian Surety (Saeca), will cover liquidity needs or financial requirements for business activities and/or investments, as well as the expenses of the activity both in Spain and outside the national territory. The line will be open throughout 2020, being able to be extended until 2021 and includes loans and credit lines up to €1.6 million and five years of repayment. Financial institutions, savings banks, banks and credit cooperatives, act as mediators and manage the process of receiving the application, analyze the risks and give the green light to the granting of the credit, taking into account that, in this line, Saeca endorses the 50% of the operation, informs Retail Actual magazine.
Since the beginning of 2019, pork prices in the Spanish market have increased by 45.6% due to rising demand in China, putting the Spanish processing industry in a difficult situation.

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