Prensa Ibérica analyzes ICO assistance to victims

On October 29, the Valencian Community experienced one of the darkest episodes in its history. The damage caused to the regions of Utiel Requena, La Ribera and especially Horta Sud became largest natural disaster in the province of Valenciawhich claimed the lives of 216 people, to which must be added another 16 who are still missing.

More than two weeks have passed since the tragedy. Valencia faces the need to move towards the restoration and reconstruction of 75 municipalities. which were flooded due to the size of the area where the water spilled, which is home to almost 30% of the population of the province (845,371 people).

To this end, the government launched Immediate response plan, reconstruction and restart which includes measures to mitigate the economic impact are given. Among the approved initiatives is the Guarantee Line of the Ministry of Economy, Trade and Business, which will be administered by the Official Credit Institute (ICO).

So, ICO DANA guarantees They are a line of credit equipped 5 billion euros provide financing to households, self-employed people and companies that will enable them to return to normal life as quickly as possible. “The guarantee will be free of charge for both the financial institution and clients.“, as explained in the ICO.

At this moment, in the hall of the Business Confederation of the Valencian Community (CEV), the next Thursday, November 21from 11:30 there will be a meeting organized by the three newspapers Iberian Press of the Valencian Community, Levante-EMV, Information And Mediterranean.

On this day there will be a presentation of the ICO President, Manuel Illuecain which he will explain the main terms of the new line of guarantees for those affected by the dana in Valencia. This will open discussion with event participantswhere you can send your questions to the ICO President.

For those who cannot attend in person, You can follow the session live via

streamingthrough newspaper websites Levante-EMV, Information And Mediterraneanas well as Levante TV, Information TV and Medi TV.

This meeting will be the first in a series recovery forums organized by Prensa Ibérica in the Valencian Communitythrough its three newspapers, with the intention that the Valencian society would know first hand about all the assistance programs of the public administration for the reconstruction of the province.

Economic effect

At the same time, dana also meant huge economic effect in the area where a third of the companies and workers of the province of Valencia are concentrated. It is assumed that In total, 48,722 companies were affected by the hurricane.many of which belong to 123 business parks and industrial areas, which were mostly destroyed, in addition, the damage also exceeds the total amount; 370,000 workers and 68,000 self-employed.

At this moment, last Monday, the Council of Ministers promulgated and established the characteristics first section of 1000 million linewhich seeks to facilitate immediate access to households, self-employed people and companies so that they can cope with the damage caused as quickly as possible, without waiting for compensation and assistance from public administrations or the Insurance Compensation Consortium. “This is not about replacing direct assistance, but about anticipating it.

. Without liquidity there is no reconstruction, and they must arrive as soon as possible,” defended the ICO president.

Thus, the only guarantee for loans will be direct government assistance and insurance compensation. For my part, The state guarantees subjects 80% of the loan amountassuming the percentage of losses that will arise in case of non-payment.